Matt King, chief executive of Flutter Entertainment-owned FanDuel Group, has announced his intention to step down from his role and leave the business.
King has led FanDuel for the past three-and-a-half years, and oversaw the deal that meant FanDuel became part of the Flutter business in May 2018.
He will remain with FanDuel while a search process is undertaken to appoint his successor.
“It has been a privilege to lead FanDuel over the last four years through what has been an incredibly exciting period for the company,” King said. “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 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.”
Flutter chief executive Peter Jackson added: “FanDuel has achieved so much in the three years since PASPA was repealed and that is due in no small part to Matt’s leadership and the strong team built around him.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.”
Flutter noted that the King’s departure will likely delay a potential initial public offering (IPO) of FanDuel in the US.
Flutter in March said it was considering an IPO for FanDuel and spinning out the business as a separately traded business to trade on a US exchange.
However, Flutter also said an IPO was one of a number of options that it had been looking at and that no final decision had been made.