The New York-based online sports betting and gaming site FanDuel is looking for a new chief executive after its current CEO decided to step down. According to a statement released on May 12, Matt King resigned from his position as FanDual CEO after four years in the post.
FanDual is a subsidiary of Irish betting giant Flutter Entertainment. Although King will remain with the company until his replacement is found, the CEO’s departure will delay FanDual’s potential US listing.
Flutter Entertainment acquired FanDuel in 2018 after the Professional and Amateur Sports Protection Act, signed into law by President Bush in 1992, was overturned. The bill prevented the majority of the US states from offering legal sports betting. Initially, Flutter Entertainment bought a 58% stake in FanDuel but, as of December 2020, it increased its ownership stake to 95% with the intention to expand its US business.
Not only has King’s impending departure slowed down the company’s plans for expansion, but after the news went public, Flutter Entertainment’s London-listed shares fell by more than 3%. However, that’s unlikely to affect the company’s bottom line after it reported a total revenue of £1.485 billion in the first quarter of 2021, marking a 32% increase compared to the previous year’s £1.126 billion.
Thanks to King’s efforts in the past four years, the operator became one of the most recognized names in the US sports betting market. King’s approach to running the business involved providing gambling fans with a personalized and engaging experience, which is why FanDuel platforms are often ranked among the very best casino apps on the market, known for their sleek design and high level of customizability.
Even though the reasons behind King’s decision to leave the company remain unclear, there seems to be no bad blood between him and the Flutter Entertainment Board.
“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 FanDuel has achieved so much in the three years since PASPA was repealed, and that is due in no small part to Matt’s leadership and the strong team built around him.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. […], “ said Peter Jackson, the CEO of Flutter Entertainment.