Flutter-owned FanDuel on the hunt for new CEO as Matt King steps down

FanDuel chief executive Matt King is to step down from the New York-based online sports betting and gaming site after four years at the helm.

The move may impact the timing of a proposed listing of a small stake in FanDuel in the US.

The US company, which is a subsidiary of Irish betting giant Flutter, will now begin the search for a new chief executive.

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

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Mr King will remain with the company while the company undertakes the appointment process for his successor.

"FanDuel has achieved so much in the three years since PASPA was repealed and that is due in no small part to Matt's leadership and the strong team built around him," said Flutter chief executive Peter Jackson. "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, which owns 95 per cent of FanDuel, said it would continue to keep the option of a share listing “under review”. It originally bought into the company to give itself a foothold in the US following a 2018 federal supreme court ruling there that ended widespread sports betting bans.