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Flutter says departure of US chief could affect FanDuel float plans

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Betting giant Flutter Entertainment has said that plans to float its US business could be delayed after the boss of the sports betting arm decided to step down.

The Paddy Power owner saw shares dip on Wednesday morning after it said FanDuel Group chief executive Matt King is set to leave.

Mr King has led FanDuel, which was acquired by Flutter in 2018, for the past four years.

The company has rapidly expanded as states across America have steadily eased their sports betting regulations, growing to become the biggest operator in the country.

In March, Flutter said it was considering spinning off a stake in FanDuel on the US stock market.

On Wednesday, Flutter told shareholders that “Matt’s departure will affect the timing of any potential US listing”.

Chief executive Peter Jackson said: “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.

“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.”

Mr King said: “It has been a privilege to lead FanDuel over the last four years through what has been an incredibly exciting period for the company.

“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 three years ago.

“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.”

Shares in Flutter fell by 2.5% to 13,015p in early trading on Wednesday.