Fylakouris was born on March 4, 1947 and played for Panathinaikos for ten years in the 1960s and 1970s. He was a member of the team that played in the final of the European Cup of Champions in 1971 at Wembley Stadium. Late in his career he also had a stint with Ethnikos Piraeus.
After his playing day were over, Fylakouris coached Greek-American clubs in the US and was also coach for Panachaiki and interim coach for Panathinaikos in 2005. Known for his sense of humour, he is still very popular with fans of the green club.