- Flutter Entertainment has announced that FanDuel CEO Matt King will be stepping down.
- Flutter Entertainment has warned this will delay the potential public listing of FanDuel.
- Matt King will remain as CEO until a replacement is selected.
NEW YORK – Popular sportsbook and daily fantasy sports operation FanDuel will be seeing some changes soon as CEO Matt King announces he is stepping down from the company.
Flutter Entertainment confirmed King’s pending departure in a press release, also expressing that King stepping down will delay the company’s efforts to make FanDuel a publicly traded company.
King will remain with the legal sports betting operation until a new CEO is selected. King has been CEO for four years, including all three years that PASPA has been repealed.
Matt King Leaves FanDuel
Matt King has been with FanDuel since 2014, taking over as CEO in 2017 after FanDuel cofounder Nigel Eccles left the company.
“It has been a privilege to lead FanDuel over the last 4 years through what has been an incredibly exciting period for the company,” said King. “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 3 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.”
Flutter is working to replace King quickly, as the company wants to push FanDuel to become public and has already expressed that this will delay things.
King isn’t the only longtime member of the FanDuel imprint to be stepping down, as both Divyesh Gadhia and Peter Rigby announced leaving their positions as Non-Executive Directors during a recent Flutter boardroom meeting. Nancy Dubuc was then appointed as a Non-Executive Director.
As the company is moving to become traded on the NASDAQ, there seem to be many changes happening behind the scenes. Matt King, however, is leaving the company in good standings, with FanDuel currently the market leader in sports betting.
“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 “FanDuel has achieved so much in the 3 years since PASPA was repealed and that is due in no small part to Matt’s leadership and the strong team built around him.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.”
No decision has been made as to who will replace King, but fans can expect this to happen quickly as Flutter aims to move back onto plans to list FanDuel.
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