FanDuel CEO Steps Down: Speculation on Public Listing Delay

Recently, popular New Jersey online sportsbook, FanDuel, announced that the Chief Executive Officer of its business, Matt King, will soon exit the company and the leading betting group has warned his exit would potentially delay FanDuel’s potential U.S. listing on Wall Street’s NASDAQ index.

Shares of FanDuel’s parent company, Flutter Entertainment (also owner of U.K. sportsbook and online casino brands like PokerStars, Paddy Power and Betfair), fell more than 3% after news of King’s imminent departure broke.

“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,” the former FanDuel boss, King, said in a hastily prepared statement.

Flutter announced that it was grateful for King’s service, as he has been the Number One at FanDuel for four years, and he had overseen the company’s incredible growth sport in the online sports betting and online casino business after the U.S. Supreme Court’s 2018 lift on a ban on sports betting made the United States the next big global growth jurisdiction.

Flutter’s statement went on to say that King’s departure could possibly affect the timing of the FanDuel stock into the U.S. Market and onto the NASDAQ index through an IPO. Originally pencilled in to take place in July, Flutter claims it is still seeking to get the FanDuel IPO deal done ASAP despite an ongoing dispute with Fox which has an understanding that it has an option to buy 18.5% of FanDuel at a discounted rate.

Flutter Entertainment admitted that the IPO listing could be delayed through a press release;

”As previously announced, the Flutter Board has been assessing the potential merits of listing a small stake in FanDuel in the U.S. Whilst Matt’s departure will affect the timing of any potential U.S. listing, the Board will continue to keep this option under review,” the media statement said.

According to the statement, Flutter announced that King would remain in his role with FanDuel while the company search for his replacement.

The FanDuel CEO search & King’s legacy

Flutter’s Peter Jackson, the company’s Chief Executive Officer (CEO) said the company has already begun the quest to find a new CEO for FanDuel;

“I would like to take this opportunity to thank Matt for his considerable contribution in helping to make FanDuel the U.S. 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,” Jackson said his own media release.

King, has been part of the FanDuel family since 2014 and its CEO since November 2017, while overseeing the company’s transition from an exclusively Daily Fantasy Sports business to a becoming to the national leader in online sports betting, all-the-while going head-to-head with its DFS competitor DraftKings for domination in the online sportsbook industry.

“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 U.S. market,” Jackson concluded.

King is reportedly on the look-out for a new opportunity to remain in the online sports betting industry.

The vacancy to lead the team at FanDuel is expected to attract a number of high-quality and high-profile online sports betting industry executives, with the company currently the number one sportsbook in the United States in terms of both sports betting handle and revenue generated.

Watch this space for details on the announcement of the new FanDuel CEO when it occurs.

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