Wednesday 12 May 2021 8:07 am

CEO of Flutter sports betting platform FanDuel steps down

Sports betting and gaming group Flutter Entertainment has confirmed this morning its FanDuel chief executive officer will exit the top position after four years leading the sports gaming platform.

Despite handing in his notice, Matt King has chosen to remain with FanDuel until a successor has been found.

“It has been a privilege to lead FanDuel over the last four years through what has been an incredibly exciting period for the company,” King said, adding that, “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.”

Formerly Irish bookmaking merger Paddy Power Betfair, the group has been eyeing the benefits of listing a small stake in FanDuel in the US.

However, King’s departure will impact the timing of any potential US listing. The board will continue to keep this option under review.

As the holding company for PokerStars, Sky Bet, Sportsbet and FOX Bet, Flutter was up 0.26 per cent this morning at 13,390.

“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,” Flutter Entertainment CEO, Peter Jackson, said.