–Flutter Entertainment said Matt King will leave as FanDuel’s CEO
–Mr. King’s departure will affect the timing of a possible US listing of the FanDuel stake
– London-listed Flutter stocks fell on the news
By Matteo Castia and Adria Calatayud
Flutter Entertainment PLC announced on Wednesday that Matt King, CEO of the US FanDuel subsidiary, is leaving the company and that his departure will affect the timing of a possible US listing of a stake in FanDuel.
The Dublin-based sports betting and gambling group, which also includes the PokerStars, Paddy Power and Betfair brands, announced in March that its board was considering the potential benefits of listing a small stake in FanDuel in the US
The board will continue to consider this option, but Mr. Kings will affect the timing of a potential listing, Flutter said.
London-listed Flutter shares fell 1.8% at 0719 GMT to 13,115 pence.
Mr. King has announced that he will be leaving the group and will step down as soon as a successor is named CEO of FanDuel after four years. Flutter said it was starting to look for a replacement.
FanDuel was acquired by Flutter in 2018, which was then called Paddy Power Betfair.
Flutter invested heavily in the US after sports betting became legal in some states following a Supreme Court ruling in May 2018. As more states legalized sports betting, the company expanded its US operations, recently launching in Michigan and Virginia.
Last month, the company announced that US revenue and average monthly player numbers more than doubled to $ 396 million and $ 1.6 million, respectively, in the first quarter. Flutter’s US business is now double the size of its Australian business and is approaching international operations.
In 2020, Flutter reported US sales of $ 800 million and loss before interest, taxes, depreciation, and amortization of $ 148 million due to investments.
Write to Matteo Castia at email@example.com and Adria Calatayud at firstname.lastname@example.org
(END) Dow Jones Newswires
May 12, 2021 3:52 AM ET (7:52 AM GMT)
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