Flutter Entertainment, the parent company of FanDuel, announced Amy Howe, the current president, will also assume the duties of interim CEO in the wake of Matt King’s resignation.
Howe, who joined FanDuel in 2021 after a stint as Global COO of Live Nation Entertainment, will take on the role after King officially leaves the company on July 16, per a press release.
“Together with our talented leadership team and organization, I am focused on continuing the momentum we have built across the business,” Howe said, according to the release. “I am confident that our unique advantages in product innovation, marketing, operational excellence, and wide market access will allow us to flourish as online gaming grows across the U.S.”
Previous to her time with Live Nation, Howe cut her teeth as a partner at McKinsey and Company.
King, according to a Daily Telegraph report, is expected to take on a role with Tom Ricketts, the billionaire who owns the Chicago Cubs. That report conflicts a Sportico story from last month that had King landing with Fanatics.
The same Telegraph report also confirms what Sports Handle first surmised in the wake of King’s resignation: The FanDuel IPO is delayed, almost certainly until 2022 while the company searches for a permanent replacement as CEO.
"…has ruled out a lucrative float of its market-leading US sports betting brand until 2022."
Gambling giant Flutter delays £13bn FanDuel float until next year' https://t.co/aQSWnlu5mU
— Alfonso Straffon 🇨🇷🇺🇸🇲🇽 (@astraffon) July 12, 2021
The FanDuel IPO — in which the company would be spun off from Flutter in the U.S. — is also being held up due to an ongoing legal battle with FOX concerning the latter’s ability to have a stake of FanDuel.
In a 2019 deal with The Stars Group (TSG), FOX was allowed to purchase up to 50% of TSG’s U.S. assets. Flutter then purchased TSG a few months later, and FOX received an option to buy an 18.5% stake in FanDuel.
Flutter is arguing FOX has to pay “fair market value” to acquire its stake later this year, but FOX is stating it should be allowed to acquire its shares at the same price Flutter paid for them in December 2020.
While the legal machinations continue, FanDuel continues to gobble market share across the U.S. (and worldwide) sports betting landscape.
In the first quarter of 2021, the company generated nearly $400 million in the United States alone, a 135% year-over-year increase.
King, who had been CEO for four years, leaves behind a company on the move.
“Matt leaves the business in a position of real strength, and we wish him well for the future,” said Flutter Entertainment Global Chief Executive Peter Jackson. “The interim appointment of Amy, working alongside the wider FanDuel leadership team, will support the key focus on growing the business and retaining our number one position in the U.S. market.”
Flutter shares in London fell 1.5% on the news in mid-day trading. Shares of Flutter are down fractionally since King announced his intentions to leave the company in May.