According to a release sent to the London Stock Exchange today, Richard Flint has decided not to seek reelection as a director of Flutter at its 2024 Annual General Meeting (AGM).
The AGM of Flutter Entertainment is set to be held on May 1, 2024. Flint will step down as a director at the end of the event.
Flint was appointed to the Board in March 2020, following the merger between Flutter Entertainment Inc. and The Stars Group Inc.
He previously served as the executive chairman of Sky Betting & Gaming until October 2019. Prior to that, he held the position of Chief executive officer of the company for 10 years before TSG acquired it in 2018.
John Bryant, the chair of the committee that oversees the changes to the Board, commented on them:
The board wishes to acknowledge Richard’s contribution in the growth of Sky Bet since 2001. “We wish him continued success.”
Flint leaves the UK market with Flutter leading in “the race”
Flint’s resignation comes as Flutter looks to be ahead of the game in terms of the UK white paper that will be released in April 2023.
Peter Jackson, the chief executive of Flutter believes that Flutter is doing just that. He said: “We have been very clear about the fact that we are leading the race in the UK.
We are ahead because we were ahead and other people have caught up. “The team is performing very well in UK.”
Jackson’s claims were made during Flutter Q3 Earnings Call in November.
UK & Ireland revenues were up 11.2% in Flutter Q3 to PS566m ($721.4m/EUR657.8m). Retail revenue increased by 9.1%, but online revenue grew 11.5%.
Flutter, a Dublin-based company, also stated that the continued growth in the US was their main driving force. The group revenue increased by 7.6% to PS2.04bn.
Flutter’s US success despite changes
Flint’s departure from Flutter’s Board in early 2024 is in line with the personnel changes that occurred in 2023.
Jonathan Hill, the Group’s chief operating officer, resigned from its board of directors in April. John Bryant replaced Gary McGann, who was leaving the company’s board in September.
Mary Turner left her position as non-executive Director during the same period. Turner’s position as the chairperson of the Workforce Engagement Committee also ended.
FanDuel, owned by Flutter, ensured that the company achieved an impressive growth rate in Q3 of 2023.
FanDuel, acquired in May 2018 as a daily fantasy sport operator, has evolved into the leading US provider of online sports betting and casino.
FanDuel has now become Flutter’s largest revenue source. US revenues reached PS668m (£668m) in Q3, an increase of 11.7%, and more than PS100m over the second highest contributor Flutter’s UK and Ireland businesses.