Job losses at FanDuel after Eccles’ exit

FanDuel has reportedly made a number of redundancies since Matt King replaced founder Nigel Eccles as chief executive last month.

The troubled daily fantasy sports operator is largely based in New York, but also maintains a significant presence both in Edinburgh, where it was founded, and Glasgow.

According to a report in Legal Sports Report, the scope and focus of the layoffs remains unclear. It is believed that most of the redundancies have come on the product side of the business.

FanDuel has endured a tough couple of years following rapid expansion in 2014 and 2015. It has been affected by the outlawing of daily fantasy sports in a number of US sports and its proposed merger with DraftKings fell through earlier this year.

It posted a loss of £186m (€157m) in its latest set of accounts.

In a statement to Legal Sports Report, FanDuel said: “With the Supreme Court hearing oral arguments regarding PASPA (the Professional and Amateur Sports Protection Act) and audiences increasingly watching sports through alternative platforms like ours, FanDuel restructured the operational functions within its core business yesterday to enable employees to maximise product innovation and delivery, and capitalise on the momentum across the sports tech industry.”

King returned to FanDuel last month after working as chief financial officer at the company from 2014 until 2016.

Before his return, King served as president of regional operations and corporate development at Cottingham & Butler and was also a director at Kohlberg, Kravis, Roberts and Co., as well as a consultant at McKinsey & Company.

Related article: FanDuel chief executive exits, former CFO returns