Flutter Entertainment has confirmed that Matt King, chief executive officer of FanDuel Group, has signalled an intention to leave the group after an almost four year tenure.
During his time in the position, within which he has agreed to remain while a search process is undertaken to appoint a successor, FanDuel lauds King as overseeing “the transformation of the business from online daily fantasy sports operator to the market leader in US online sports betting and gaming”.
King served as chief financial officer of FanDuel from 2014-2016, before becoming an equity partner and the president of regional operations and corporate development at Cottingham & Butler.
He re-joined FanDuel in November 2017 when Nigel Eccles, who co-founded the company in 2009, announced a decision to step down from the board of directors and leave the group.
“It has been a privilege to lead FanDuel over the last 4 years through what has been an incredibly exciting period for the company,” King noted.
“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.”
As previously announced, the Flutter board has been assessing the potential merits of listing a small stake in FanDuel in the US, with the firm last month saying that “no decision has yet been made”.
Following the news of King’s impending exit, Flutter acknowledges that it “will affect the timing of any potential US listing” but adds that the board will continue to keep the option under review.
Peter Jackson, CEO of Flutter Entertainment, explained: “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.
“FanDuel has achieved so much in the three years since PASPA was repealed and that is due in no small part to Matt’s leadership and the strong team built around him.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.”