Flutter Entertainment, the FTSE 100 gambling group, has begun approaching candidates to become its next chairman.

Sky News understands that Flutter, whose brands include Sky Bet and Paddy Power, has hired Russell Reynolds Associates, the search firm, to identify a successor to Gary McGann. City sources said the company hoped to name Mr McGann’s replacement later in 2023.

The search will represent the latest boardroom change at a company which now has a market value of almost £20bn, placing it among the 30 largest listed companies in Britain.

Flutter recently named Paul Edgecliffe-Johnson as its new finance chief, replacing Jonathan Hill. The company is run by Peter Jackson, the former Travelex and Worldpay executive.