Stewart Kenny Net Worth: How Rich Is Ex Paddy Power Boss?

Stewart Kenny, one of the original founders of Paddy Power and a man worth an estimated $10 million as of 2025, is once again raising eyebrows in the gambling industry. While new government regulations on online slots are set to roll out this year, Kenny says they still don’t go far enough to truly protect vulnerable punters. And when Kenny talks, the industry listens — after all, this is someone who helped build one of the most influential betting empires in the world before stepping away on principle.

At 72 years old, Kenny is not just a retired executive counting his earnings. He’s been an outspoken critic of the very industry he helped shape, especially when it comes to the rise of online gambling. His latest concern? The speed at which online slots operate.

“It’s Not Just About Stakes — It’s About Speed”

From April, players over the age of 25 will be limited to £5 per spin on online slots, while those aged 18 to 24 will be capped at £2 per spin starting in May. The move follows a sweeping review of the 2005 Gambling Act, an overhaul designed to make gambling safer amid the digital revolution.

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But according to Kenny, limiting stakes isn’t enough. In a recent Radio 4 documentary series Changing the Odds, Kenny argues that the “repeat dose” effect — where spins happen within seconds — is fueling the addictive nature of online slots.

“It’s the speed that really makes them dangerous,” Kenny says. “Punters can place bet after bet without even processing the loss.”

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He points out that alongside the rapid gameplay, slots bombard users with bright lights, loud noises, and those infamous near misses — all classic hallmarks of products designed to keep people hooked.

A Billion-Dollar Industry With a Growing Problem

Online slots are big business. According to fresh data from the Gambling Commission up to December 2024, online slot profits surged by 15% year on year, reaching a staggering £709 million. The sheer number of spins is equally shocking — in the last quarter alone, there were 23.9 billion spins, an all-time high.

While many in the industry argue that the majority of players gamble responsibly, Kenny sees a growing risk in the digital migration of gambling. “The internet is addictive by design,” he warns. “When you combine that with gambling, you’ve got a cocktail that’s too strong.”

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The Evolution of Flutter Entertainment

Paddy Power, the brand Kenny helped found back in the 1980s, has since merged with Betfair to become Flutter Entertainment — now one of the largest betting companies in the world. Kenny stepped down from the board in 2016, citing concerns that the company wasn’t doing enough to shield at-risk customers from gambling harm.

Since then, Flutter has taken steps to show leadership in responsible gambling. The company has introduced deposit limits for under-25s and implemented a voluntary £10 stake limit on its own slot products, ahead of new legislation. In response to Kenny’s latest comments, Flutter stated it has “evolved significantly” since his departure and said it has been “a vocal and constructive supporter” of the Gambling Act Review.

Interestingly, Flutter also noted that Kenny has, on occasion, praised some of their more recent initiatives — proof that while he’s critical of the sector, he’s not blind to progress.

A Personal Connection to Gambling Culture

Despite his criticisms, Kenny isn’t anti-gambling. He still enjoys a flutter himself, regularly betting on horse and dog racing — forms of gambling he believes are less predatory compared to fast-paced online casino games. “I have no problem with betting,” he says. “But online slots are a different beast.”

What worries him most is how the industry draws in younger gamblers. “When a kid opens a sports betting account at 18, the next thing you know, they’re being offered free spins and pulled into the online casino world,” Kenny explains. “That’s where it becomes dangerous.”

He’s even candid about his personal stakes in this issue. “I’ve always been relaxed about my kids opening betting accounts,” he says. “But I’d be horrified if my grandkids got sucked into online slots.”

The Government’s Role

While betting firms often bear the brunt of public criticism, Kenny is quick to point the finger at policymakers too. “This isn’t just on the bookies,” he says. “The government and regulators have the power to enforce safer gambling practices. It’s their job to create an environment where people can enjoy a bet without falling into harm.”

The Department for Culture, Media, and Sport highlights that some speed-related measures were already put in place in 2021, including a minimum spin time of 2.5 seconds and the removal of autoplay and “turbo spin” features. However, Kenny suggests even more drastic action may be needed.

A Watershed Moment for Gambling Reform

The new white paper on gambling reform has been described by the Betting and Gaming Council as a “once-in-a-generation” opportunity to reset the conversation. And with the UK’s online gambling industry valued at over £15.6 billion — now just behind the United States globally — the stakes are higher than ever.

Kenny’s warnings feel timely. While his ties to Paddy Power are in the past, his voice still carries weight. The bigger question now is: will lawmakers and betting giants take these warnings to heart and push for deeper change?

As Kenny puts it: “It’s about finding a balance. You can have entertainment without addiction — but only if the right guardrails are in place.”