FanDuel IPO On Back Burner As Company Names Interim CEO

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FanDuel has named current president Amy Howe as its interim CEO from next week.

Howe replaces current CEO Matt King, who announced he was leaving FanDuel back in May. King’s final day will be Friday.

Howe will then take over the top job on an interim basis, as the company continues its search for a full-time appointment.

Who is Amy Howe?

Howe joined the operator in February from Live Nation Entertainment, where she was global chief operating officer (COO) of Ticketmaster. Prior to that, Howe was a partner at consulting firm McKinsey.

As FanDuel president, she oversaw the commercial aspect of the business. She will take on more of an operational role as interim CEO.

Howe said she aimed to build on the momentum across the business:

“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 US,” Howe said.

Where next for Matt King?

As for King, he is heading to sports apparel company Fanatics.

He will oversee a push into sports betting, per the NY Post.

Fanatics has already been kicking the tires on potential sports betting M&A targets, per industry chatter.

What does this mean for FanDuel IPO?

The CEO shakeup has had major implications on FanDuel. For one, Flutter has put off a potential FanDuel IPO until at least 2022, per a report from The Telegraph.

Flutter declined to comment.

The company’s ongoing arbitration with Fox also likely played a role in the IPO delay, as well as wider market conditions.

Analysts pegged a FanDuel IPO at around $35 billion when first mooted back in March, but valuations have been dropping across the sector since then.

Regardless of the IPO, FanDuel continues to lead US sports betting market share. It has even extended its lead in recent months, by some metrics.

FanDuel in ‘position of real strength’

“Matt leaves the business in a position of real strength, and we wish him well for the future,” said Flutter CEO 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 US market.”