FanDuel, the US fantasy sports and betting company, is seeking a new chief executive after Matt King decided to step down.

It is thought that the development could delay plans for a public listing of a stake in the firm.

King has headed up FanDuel, which is 95 per cent owned by Ireland-based betting giant Flutter, for four years, as it has sought to build up a presence in the liberalising US market.

This has included establishing physical and online sports betting operations in states where, as a result of the 2018 repeal of the Professional and Amateur Sports Act, the activity is now legal, and partnerships with the likes of golf’s PGA Tour and sports broadcaster Turner Sports.

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

He will remain with the company while it conducts the process for appointing a successor.

Flutter, whose other assets include Paddy Power and Betfair, was reported to be pursuing an initial public offering for FanDuel, and said today it would “continue to keep this option under review”.

In a statement, Flutter chief executive Peter Jackson said: “FanDuel has achieved so much in the three years since PASPA was repealed and that is due in no small part to Matt’s leadership and the strong team built around him.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. We are starting the process of looking for a new CEO for FanDuel and we remain focused on maintaining our leadership position in the US market.”