Born in Pittsburgh, Pennsylvania where his father, John "Peanuts" O'Flaherty, played for the Pittsburgh Hornets, O'Flaherty later moved to Toronto, Ontario where he played in the MTHL with the North York Rangers. He was selected by the Toronto Maple Leafs in the 1970 NHL Amateur Draft and played a single year there before being claimed by the Vancouver Canucks during the Intra-League Draft. While serving the Canucks O'Flaherty registered three consecutive 20-goal seasons and appeared in a total of 438 regular season games in 1971–1979. When he scored 25 goals in 1974-75, it was the most in a season by an American-born player, breaking the previous mark of 23, set by Tom Williams, in 1962-63. O'Flaherty's record was broken in 1978-79 when Tom Rowe scored 31 goals for the Washington Capitals.
O'Flaherty played for the United States at the inaugural 1976 Canada Cup. He had one assist in four games.

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