FanDuel CEO’s Exit Pauses IPO Plans

Flutter Entertainment said the boss of its US FanDuel operation had resigned and that his departure would affect the timing of a potential listing for the business in the US.

The FTSE 100 gambling group said Matt King had agreed to stay on while it looked for a replacement. He is leaving after four years in which FanDuel became the US market leader for online sports betting and gaming, Flutter said.

Flutter said King’s departure would affect the timing of a potential listing for FanDuel and that it would keep the option under review. King’s departure is a blow to Flutter and the company did not say what his plans were.

The owner of Paddy Power and Betfair said in March it was considering listing a stake in FanDuel in the US, which is increasingly opening up to sports betting. Flutter owns 95% of FanDuel after investing in the business in 2018 and increasing its stake in December. Rupert Murdoch’s Fox Sports owns 2.5% and is in a legal dispute with Flutter over Fox’s option to buy a bigger stake.

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Peter Jackson, Flutter’s chief executive, said: “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. 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.”