Richard Flint to step down from Flutter board of directors
Flutter Entertainment’s AGM is scheduled to take place on 1 May 2024, with Flint expected to step down from the board at the conclusion of the meeting.
Flint joined the board in March 2020 following the merger of Flutter Entertainment and The Stars Group Inc (TSG).
He formerly served as executive chair of Sky Betting & Gaming, until October 2019, having previously held the position of chief executive officer for 10 years until the company was acquired by TSG in 2018.
Commenting on the board changes, chair of the group John Bryant said:
“The board wish to thank Richard for the considerable value and strategic insights he has brought to Flutter during his tenure and acknowledge his tremendous contribution to the development of the Sky Bet business since its inception in 2001. We wish him success in the future.”
Flint exits with Flutter “leading the race” in UK
Flint’s decision to step down comes with Flutter looking to get ahead of the curve in regards to the UK’s white paper, released in April 2023.
Chief executive Peter Jackson believes Flutter has done exactly that, stating: “We’ve been pretty clear that we’re leading the race from the UK perspective.
“We got ahead of the changes and others are catching up, which would infer we’re ahead. The team are executing very well in the UK.”
Jackson made the claims on Flutter’s Q3 earnings call in November.
In Flutter’s Q3 results, UK & Ireland revenue was up 11.2% to £566m (€657.8m/$721.4m). Online revenue in the region grew 11.5% to £494m, while retail edged up by 9.1% to £72m.
Dublin-based Flutter also said ongoing US growth was its main driver. Group revenue increased 7.6% year-on-year to £2.04bn.
Flutter’s US success despite changes
Flint’s departure in early 2024 follows the trend of personnel changes on Flutter’s board in 2023.
Group chief operating officer Jonathan Hill stepped down from the company’s board in April. John Bryant then replaced the outgoing Gary McGann as chair in September.
Mary Turner also left the company during the same month, departing her role as non-executive director. Turner’s role as chair of the workforce engagement committee also came to an end.
In spite of the upheaval at the company, Flutter-owned FanDuel ensured the company achieved impressive growth in Q3 2023.
Acquired in May 2018, when still a daily fantasy sports operator, FanDuel has grown into a leading provider of sports betting and online casino in the US.
FanDuel is now Flutter’s main revenue generator. US revenue reached £668m in Q3, up 11.7% and over £100m more than the next highest contributor – Flutter’s UK and Ireland business.