As Flutter Entertainment considers an IPO, its U.S. sportsbook, FanDuel, announced that CEO, Matt King will step down. According to Action Network, the decision reflects personal reasons not business.
Under King, FanDuel evolved into a mobile sports betting juggernaut, often beating daily fantasy sports rival, DraftKings. Flutter acknowledged King’s decision to leave could impact the timing of the U.K.-based company’s entry into the U.S. stock market through the IPO, anticipated to happen this summer.
The King decision comes amid an arbitration case with Fox over an option to purchase 18.5 percent of FanDuel. Fox’s part of the mix, Fox Bet and PokerStars, accounts for 8.4 percent of Flutter’s U.S. revenue.
When Flutter bought 58 percent of FanDuel in 2018, King, who took over the top spot in 2017, cashed out and did so again when Flutter added another 37 percent. Those cash outs may have contributed to King’s decision to leave.