{"id":190,"date":"2021-05-17T15:50:21","date_gmt":"2021-05-17T12:50:21","guid":{"rendered":"https:\/\/xxbet-company.com\/fanduel-ceo-departure-could-affect-spin-off-timing\/"},"modified":"2021-05-17T15:50:21","modified_gmt":"2021-05-17T12:50:21","slug":"fanduel-ceo-departure-could-affect-spin-off-timing","status":"publish","type":"post","link":"https:\/\/xxbet-company.com\/de\/fanduel-ceo-departure-could-affect-spin-off-timing\/","title":{"rendered":"FanDuel CEO Departure Could Affect Spin-Off Timing"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_34 counter-flat ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Inhaltsverzeichnis<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1'><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/xxbet-company.com\/de\/fanduel-ceo-departure-could-affect-spin-off-timing\/#Not_Best_Timing_for_Flutter_FanDuel\" title=\"Not Best Timing for Flutter, FanDuel\">Not Best Timing for Flutter, FanDuel<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/xxbet-company.com\/de\/fanduel-ceo-departure-could-affect-spin-off-timing\/#Things_Getting_Testy\" title=\"Things Getting Testy\">Things Getting Testy<\/a><\/li><\/ul><\/nav><\/div>\n<p>Flutter Entertainment (OTC:PDYPY) has announced the departure of FanDuel CEO Matt King. It\u2019s news that could impact the timing of the Irish gaming company\u2019s plan to list part of the online sports betting giant on a US exchange.<\/p>\n<figure aria-describedby=\"caption-attachment-173436\" data-style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" class=\"wp-image-173436 lazyload\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/king-142x107.jpg?x38396\" data-src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/king-142x107.jpg?x38396\" alt=\"FanDuel CEO\" width=\"1200\" height=\"901\" data-srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/king-142x107.jpg 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/king-1024x769.jpg 1024w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/king-768x576.jpg 768w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/king.jpg 1279w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" data- title=\"\"><img loading=\"lazy\" class=\"wp-image-173436\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/king-142x107.jpg?x38396\" alt=\"FanDuel CEO\" width=\"1200\" height=\"901\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/king-142x107.jpg 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/king-1024x769.jpg 1024w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/king-768x576.jpg 768w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/king.jpg 1279w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" title=\"\"><figcaption class=\"text-description\">FanDuel CEO Matt King pictured at a FanDuel event above. He\u2019s leaving the company and that could affect a spin-off. (Image: <em>MarketWatch<\/em>)<\/figcaption><\/figure>\n<p>King has been with FanDuel for four years, joining the firm before the 2018 <a href=\"https:\/\/www.casino.org\/news\/ohio-officials-weigh-in-on-1b-net-revenue-record-at-racinos\" rel=\"nofollow noopener\" target=\"_blank\">Supreme Court ruling<\/a> on the Professional and Amateur Sports Protection Act (PAPSA). In that time, he\u2019s overseen a transition from daily fantasy sports (DFS) upstart to what\u2019s now the largest online sportsbook in the US. No reason was given for his decision. He\u2019s expected to remain with the company during the search for his successor.<\/p>\n<blockquote class=\"main-blockquote\">\n<p><strong>As previously announced, the Flutter board has been assessing the potential merits of listing a small stake in FanDuel in the US,\u201d<\/strong> said the company in a statement.<\/p>\n<\/blockquote>\n<p>\u201cWhilst Matt\u2019s departure will affect the timing of any potential US listing, the board will continue to keep this option under review,\u201d the statement continues.<\/p>\n<p>Flutter acquired its initial stake in FanDuel three years ago, upping its ownership of the sports wagering outfit to 95 percent last December <a href=\"https:\/\/www.casino.org\/news\/flutter-is-raising-its-fanduel-stake-to-95-percent-in-4-2-billion-deal\/\" rel=\"nofollow noopener\" target=\"_blank\">in a $4.175 billion deal<\/a> with Fastball Holdings LLC. Boyd Gaming (NYSE:BYD) owns the other five percent.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Not_Best_Timing_for_Flutter_FanDuel\"><\/span>Not Best Timing for Flutter, FanDuel<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Not only does King\u2019s decision to leave FanDuel come as the parent company mulls selling part of the business to public investors, but it also arrives amid a legal spat with Fox Corp. (NASDAQ:FOXA) related to that potential transaction.<\/p>\n<p>In late March, the media firm <a href=\"https:\/\/www.casino.org\/news\/fox-suing-flutter-on-price-of-18-6-percent-fanduel-stake\/\" rel=\"nofollow noopener\" target=\"_blank\">filed a suit against Flutter<\/a> in New York\u2019s Judicial Arbitration and Mediation Services (JAMS) regarding the pricing of an 18.5 percent slice of FanDuel it has rights to acquire.<\/p>\n<div class=\"callout\">\n<p>The crux of that matter is the following: Fox wants pricing similar to what Flutter paid to Fastball for the aforementioned 37.2 percent of FanDuel. Based on that, the broadcaster would pay $2.08 for 18.6 percent of the sportsbook operator. However, Flutter wants to charge what it believes is fair market value \u2014 a price that\u2019s almost certainly higher than the $2.08 billion Fox is willing to pay.<\/p>\n<\/div>\n<p>Investors are pushing Flutter to unlock value via a FanDuel spin-off, betting the market capitalization would be larger than that of rival DraftKings (NASDAQ:DKNG). That\u2019s because FanDuel commands a larger share of the US online sports wagering market.<\/p>\n<p>Although DraftKings stock <a href=\"https:\/\/www.casino.org\/news\/draftkings-stock-hammered-as-three-analysts-cut-price-targets\/\" rel=\"nofollow noopener\" target=\"_blank\">is currently in a tailspin<\/a>, 18.6 percent of the company\u2019s current market value is $3.48 billion, meaning there\u2019s a still sizable gap between where Fox and Flutter want to be on the FanDuel stake.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Things_Getting_Testy\"><\/span>Things Getting Testy<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>King\u2019s decision to leave FanDuel also comes as acrimony between Fox and Flutter is increasingly palpable.<\/p>\n<p>Recently, reports surfaced that if the Irish company didn\u2019t meet the media conglomerate\u2019s terms, Fox would yank FanDuel advertising from its airwaves. Flutter CEO Peter Jackson shot back, saying Fox isn\u2019t a major source of FanDuel\u2019s marketing spend.<\/p>\n<p>Late last month, the Flutter boss threw more fuel on the fire, saying the FOX Bet and PokerStars brands <a href=\"https:\/\/www.casino.org\/news\/fox-bet-out-of-fanduel-ipo-says-flutter-ceo-jackson\/\" rel=\"nofollow noopener\" target=\"_blank\">won\u2019t be included<\/a> in a possible FanDuel spin-off. He described those businesses as \u201cstruggling.\u201d<\/p>\n<p>The post <a rel=\"nofollow noopener\" href=\"https:\/\/www.casino.org\/news\/fanduel-ceo-matt-king-is-leaving-spin-off-could-be-affected\/\" target=\"_blank\">FanDuel CEO Departure Could Affect Spin-Off Timing<\/a> appeared first on <a rel=\"nofollow noopener\" href=\"https:\/\/www.casino.org\/news\" target=\"_blank\">Casino.org<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Flutter Entertainment (OTC:PDYPY) has announced the departure of FanDuel CEO Matt King. It\u2019s news that could impact the timing of the Irish gaming company\u2019s plan to list part of the online sports betting giant on a US exchange. FanDuel CEO Matt King pictured at a FanDuel event above. He\u2019s leaving the company and that could <a href=\"https:\/\/xxbet-company.com\/de\/fanduel-ceo-departure-could-affect-spin-off-timing\/\" class=\"more-link\">&#8230;<\/a><\/p>","protected":false},"author":1,"featured_media":191,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/posts\/190"}],"collection":[{"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/comments?post=190"}],"version-history":[{"count":0,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/posts\/190\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/media\/191"}],"wp:attachment":[{"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/media?parent=190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/categories?post=190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/tags?post=190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}