Flutter Entertainment stayed in-house to appoint a new FanDuel CEO, sticking with interim leader Amy Howe.
London-listed Flutter announced its appointment of Howe as permanent CEO early Monday morning in the United Kingdom. Flutter stock remained steady after news of the appointment, climbing 2% as of Monday afternoon local time.
Howe joined FanDuel as president less than two years ago. Most recently before FanDuel, Howe served as global COO for Ticketmaster.
FanDuel CEO assisted in transition
Howe replaces Matt King, who resigned in July 2021 after nearly four years at the helm. King led the company in its transition from daily fantasy sports outfit to early US sports betting market leader.
Howe spent time as president overseeing FanDuel sportsbook, casino, horse racing, and DFS. During her tenure, the company maintained its place as the leader in US market share, fluctuating between 40-50% as new states come online.
“I am delighted to confirm the appointment of Amy as our new US CEO,” Flutter CEO Peter Jackson said in a release. “Since joining the business at the start of this year she has done an excellent job of leading our commercial functions and ensuring that we execute well at this critical phase of growth for our business.
“The expansion of the US market represents the single most exciting opportunity for Flutter today. Amy’s track record of leadership and experience in scaling a digital business will be invaluable as we look to grow our leadership position there.”
Will new CEO get FanDuel IPO back on track?
King’s departure this summer shelved Flutter’s intent to offer a portion of its holding via a FanDuel IPO. A company statement made clear that delay when King left:
As previously announced, the Flutter Board has been assessing the potential merits of listing a small stake in FanDuel in the US. Whilst Matt’s departure will affect the timing of any potential US listing, the Board will continue to keep this option under review.
Howe’s appointment could restart those discussions in time to seize on a supercharged market in the US industry. Previous valuations pegged FanDuel around $35 billion earlier this year.
“Since joining the business, I have been very impressed by the quality of our team and the strategic advantages we enjoy in terms of brand reach, product quality and the broad expertise we leverage from being part of the wider Flutter Group,” Howe said in the release. “That said, we must avoid complacency and remain (focused) on executing on our long-term strategy to build the embedded value of the business.”
Howe spent 15 years at prestigious consulting company McKinsey, where she was a partner. Her focus areas included growth strategy, restructuring and turnarounds, organizational transformation, and commercial and operational excellence.
Former CEO back in US sports betting
King resurfaced at apparel company Fanatics shortly after his departure from FanDuel. He appears ready to lead the company into numerous new verticals, including sports betting and trading cards.
Fanatics this summer joined one of the six bids to operate mobile NY sports betting. The company teamed to apply with platform provider Kambi and Penn National Gaming’s Barstool Sportsbook.
FanDuel linked with DraftKings, BetMGM, and Bally Bet in its New York sportsbook bid. The New York State Gaming Commission will select winners later this year.
