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One month after it was announced Matt King would leave FanDuel, it appears the CEO of the sports betting and technology company has found his next gig.
Sportico reported Monday that King will land at Fanatics, a sports e-retail giant. It’s uncertain when exactly he’ll arrive at the Jacksonville, Fla.-based company. The sports business news site cited anonymous sources, who noted King would join once he leaves his FanDuel perch this summer.
King wasn’t the only high-profile sports executive to become a Fanatic. Sportico announced earlier in the day that Tucker Kain, the president of business enterprise for the Los Angeles Dodgers. That article said Kain would be tasked with helping the company branch into new verticals.
Over the past year, Fanatics has seen its valuation jump by more than double in less than a year. CNBC noted it went from $6.2 billion to $12.8 billion as of March.
Fanatics has data on 80 million customers, who might be a little passionate about sports and certain teams, and the expectation is the company will look to leverage that data – as well as their relationships with sports franchises and leagues – into other business ventures.
Naturally, one possible venture that springs to mind would be sports betting. To what extent King could be involved in such a venture would be determined by any potential non-compete clauses with FanDuel or its parent, Flutter Entertainment.
FanDuel Remains on Fast Track
King is leaving FanDuel as that company remains in growth mode. In the past month, the company has announced an exclusive partnership to provide odds information to the Associated Press. The deal means FanDuel will get brand name exposure through articles published by the international wire service.
In addition, FanDuel also has an eye on expanding into Georgia. Sports betting’s not legal there yet, but Atlanta’s a talent-rich market, and the company eyes the city for a product development hub that could employ 900 workers over a five-year span.
Last week, the company announced it would open that technology campus in Atlanta’s Ponce City Market, a converted Sears store that offers nearly 650,000 square feet of premium office space.
The Flutter brand is also a potential spin-off candidate. However, the Irish-based gaming giant acknowledged last month that King stepping down may “affect the timing” of such a move.
Where Will FanDuel Go Next?
FanDuel is in a tight race with such operators as DraftKings and BetMGM for market share in the US sports betting industry. According to its fourth-quarter 2020 results, FanDuel held about a 40 percent market share in the states where it offered its online wagering product.
Beyond the internal growth, FanDuel also has the opportunity to expand its sports betting footprint this year and next as states like Arizona, Louisiana, and Maryland prepare to launch in their states.
New York, where FanDuel has a retail presence, is set to release its online sports betting solicitation, and it’s highly certain the company will compete for the right to offer its app in what would likely become the country’s top sports betting market.
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