Matt King is to relinquish his role as CEO of FanDuel Group after four years at the helm of the DFS and sports betting firm. The announcement, delivered by parent company Flutter Entertainment, also confirmed that he will remain on board until a replacement is found.
The statement read: “During his four years as CEO, Matt has overseen the transformation of the business from online daily fantasy sports operator to the market leader in US online sports betting and gaming. Matt has agreed to remain with FanDuel while a search process is undertaken to appoint his successor.”
As previously announced, the Flutter Board has been assessing the potential merits of listing a small stake in FanDuel in the US. Whilst King’s departure will affect the timing of any potential US listing, the Board said it will continue to keep this option under review.
Commenting on King’s decision to step down, Peter Jackson, CEO of Flutter Entertainment PLC said: “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 FanDuel has achieved so much in the three years since PASPA was repealed and that is due in no small part to Matt’s leadership and the strong team built around him.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.”
King responded in the statement: “It has been a privilege to lead FanDuel over the last four years through what has been an incredibly exciting period for the company. 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.”
News of King’s departure follows on from recent boardroom changes at Flutter in which Divyesh Gadhia and Peter Rigby stepped down as Non-Executive Directors, while Nancy Dubuc was appointed as a Non-Executive Director. The previously announced appointment of Holly Koeppel as a Non-Executive Director will take effect this week.
King was the first guest to take the mic earlier this year on the ‘SBC Leaders Podcast’, broadcast on GamblingTV – a podcast series that gets to know the people driving global gaming’s biggest developments.
Speaking to Kelly Kehn, SBC’s Global Relationships Director, he discussed his approach to FanDuel’s ambitions to become US wagering’s dominant mass-market player – developing a comprehensive strategy to overcome multi-state operating complexities within a rapidly changing nascent marketplace.