King oversaw FanDuel’s transformation from online daily fantasy sports operator to the market leader in US online sports betting and gaming, Flutter highlighted.
The London-listed company meanwhile noted its prior plans to list a ‘small stake’ of the FanDuel business in the United States and said that Kings departure will affect the timing of such a plan, but it will keep the proposal under review.
“I would like to take this opportunity to thank Matt for his considerable contribution in helping to make FanDuel the US market leader it is today,” said Peter Jackson, Flutter Entertainment group chief executive.
“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 US market.”
King, meanwhile, added: “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 want to thank Peter and the whole Flutter team for their unwavering support since acquiring FanDuel 3 years ago.”
King is to remain in his role until his successor is appointed.
Stockbroker Davy, in a note, said King’s decision would clearly be a disappointment for the group.
“Flutter Entertainment’s US business has secured a strong leadership position in the exciting US market, with King at the local helm,” analyst Michael Mitchell said.
“In our view, the role is likely to attract a high calibre set of interested candidates, attracted by the opportunity to lead the best positioned US operator, complete with a series of structural advantages and unparalleled industry expertise at group level.”