He has agreed to remain with the company while a search is undertaken to appoint a successor.

During his four years as CEO, King has overseen the transformation of FanDuel from “an online daily fantasy sports operator to the market leader in US online sports betting and gaming,” a statement from Flutter read.

“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,” said Flutter Entertainment CEO Peter Jackson.

“FanDuel has achieved so much in the three years since PASPA was repealed and that is due in no small part to Matt's leadership and the strong team built around him. While we will be sorry to see him leave, he leaves the business in great shape.”

The Flutter board is currently assessing the potential merits of listing a small stake in FanDuel in the US, an option that remains under review despite the impending departure of King.

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