--Flutter Entertainment said Matt King is leaving as CEO of FanDuel

--Mr. King's departure will affect timing of potential U.S. listing of FanDuel stake

--London-listed shares in Flutter fell on the news

 

By Matteo Castia and Adria Calatayud

 

Flutter Entertainment PLC said Wednesday that Matt King, chief executive officer of its U.S. FanDuel subsidiary, is leaving and that his departure will affect the timing of a potential U.S. listing of a stake in FanDuel.

The Dublin-based sports-betting and gambling group--which also owns the PokerStars, Paddy Power and Betfair brands--in March said its board was assessing the potential merits of listing a small stake in FanDuel in the U.S.

The board will continue to keep this option under review, but Mr. King's will affect the timing of any potential listing, Flutter said.

London-listed shares in Flutter at 0719 GMT were down 1.8% at 13,115 pence.

Mr. King has given notice to leave the group and will step down once a successor is appointed after four years as FanDuel CEO. Flutter said it is starting the process of looking for a replacement.

FanDuel was acquired in 2018 by Flutter, which was then called Paddy Power Betfair.

Flutter has been investing heavily in the U.S. after sports betting became legal in some states following a Supreme Court ruling in May 2018. As more states have legalized sports betting, the company has been expanding its U.S. operations, and recently launched in Michigan and Virginia.

Last month, the company said its revenue and average monthly players in the U.S. more than doubled in the first quarter to $396 million and 1.6 million, respectively. Flutter's U.S. business is now twice the size of its Australian operations and is closing in on its international division.

In 2020, Flutter reported U.S. revenue of $800 million and a loss before interest, taxes, depreciation and amortization of $148 million due to investments.

 

Write to Matteo Castia at matteo.castia@dowjones.com and to Adria Calatayud at adria.calatayud@dowjones.com

 

(END) Dow Jones Newswires

May 12, 2021 03:52 ET (07:52 GMT)

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