May 12, 2021 at 05:14PM

Flutter Entertainment’s FanDuel had plans to go public, but the exit of its chief executive officer (CEO) has stalled the initial public offering (IPO), Morningstar reported.

Matt King stepped down from his CEO post at FanDuel, a position he’s had for the past four years. A search for his successor is currently underway.

“As previously announced, the Flutter board has been assessing the potential merits of listing a small stake in FanDuel in the U.S. Whilst Matt’s departure will affect the timing of any potential U.S. listing, the board will continue to keep this option under review,” Flutter said, per Morningstar.

King was instrumental in taking FanDuel from being a digital operator for fantasy sports into a “market leader in online sports betting and gaming,” the company said.

Flutter CEO Peter Jackson told Morningstar that the company “will be sorry to see him leave,” but that King’s exit “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 U.S. market,” Jackson said.

Flutter’s stock prices tumbled some 3 percent in Dublin trading after the news of FanDuel’s delayed IPO and the exit of King. 

“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,” King said in a statement, according to RTE.

FanDuel said in March that it is focusing on fraud prevention as well as introducing faster payouts. The company posted 81 percent revenue growth last year. In a PYMNTS interview, Trent Striplin, FanDuel’s director of customer finance, said that despite the pandemic, customer behavior has been largely unchanged. However, getting paid faster is a continuing desire. Payouts are currently refunded back to the credit cards used or in person via cash. 

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