Matt King to step down as CEO of FanDuel

FanDuel Group chief executive Matt King will leave the business once a suitable successor is identified.

He has served as CEO of the sports betting and daily fantasy sports operator since his return to the company in 2017, having previously served as its chief financial officer between 2014 and 2016.

FanDuel parent Flutter Entertainment said in a statement Wednesday that King has agreed to remain with the business while a search for his replacement is underway, with the change in leadership likely to affect the timing of any potential US listing.

“I would like to take this opportunity to thank Matt for his considerable contribution in helping to make FanDuel the US market leader it is today,” said Peter Jackson, CEO of Flutter Entertainment.

“FanDuel has achieved so much in the three years since PASPA was repealed and that is due in no small part to Matt's leadership and the strong team built around him. While we will be sorry to see him leave, he leaves the business in great shape. We are starting the process of looking for a new CEO for FanDuel and we remain focused on maintaining our leadership position in the US market.”

Commenting on his decision to leave the business, King said: “It has been a privilege to lead FanDuel over the last four years through what has been an incredibly exciting period for the company. With FanDuel well positioned for the next chapter of its growth and always an entrepreneur at heart, now is the time for me to take on new opportunities as the next step in my career.

“I want to thank Peter and the whole Flutter team for their unwavering support since acquiring FanDuel three years ago. I have no doubt that the business will continue to go from strength to strength and I wish all of my colleagues the very best for the future as they pursue the next stage of growth.”

Shares in Flutter Entertainment plc. (LSE:FLTR) closed 4.88 per cent lower at 13,355.00 pence per share in London Tuesday, prior to this morning’s announcement.