FanDuel CEO Amy Howe exits; Christian Genetski promoted

Flutter Entertainment replaced its U.S. leadership after FanDuel CEO Amy Howe departed. FanDuel President Christian Genetski was promoted to CEO. Dan Taylor, formerly CEO of Flutter International, moves to a new role as President of Flutter Entertainment and will oversee FanDuel alongside the group’s international operations. The company tied the changes to softer sportsbook performance and a push into prediction markets.

Group CEO Peter Jackson said the rearrangement aims to sharpen focus on the U.S. sportsbook and strengthen ties between U.S. and international teams. He told analysts that the timing was right to install new leadership and emphasized there is no change in the company’s overall strategy.

Flutter reported first-quarter group revenue of $4.3 billion, up 17% year over year, and adjusted EBITDA of $631 million, up 2%. U.S. revenue rose 6% to $1.76 billion. Within the U.S., sportsbook revenue was essentially flat, increasing 1% to $1.14 billion, while iGaming revenue grew 19% to $564 million. U.S. adjusted EBITDA declined 26% to $119 million.

Executives attributed weaker sportsbook results to several factors including investment in prediction markets, costs from entering new states, and lower customer activity after an NFL period with customer-friendly outcomes. FanDuel ended last year with fewer active customers than expected. In the first quarter average monthly players fell 6% and sportsbook handle dropped 9%.

Flutter outlined a sportsbook improvement plan focused on loyalty mechanics, promotional changes and product upgrades ahead of the NFL season. The company highlighted expanded same-game parlay options, the rollout of a sportsbook loyalty program, new “BetProtect+” wager insurance products and planned World Cup soccer features. Jackson said underlying metrics such as average monthly players, handle and structural revenue margin improved through the quarter.

The company is increasing investment in prediction markets. FanDuel Predicts expanded nationwide in the quarter for financial, economic and commodities contracts, and sports-event contracts are now available in 18 states that do not offer sportsbook betting, including California, Texas and Florida. Flutter launched a “One App” in April allowing users to access sports betting or prediction markets depending on state rules, and management expects to introduce a market-making platform in coming months. Jackson warned the legal environment for sports-event contracts remains uncertain and said the company expects to operate under that uncertainty until the Supreme Court offers clarity.

Flutter reiterated that losses from prediction-market investment are likely to be toward the upper end of its previously disclosed $250 million to $300 million adjusted EBITDA range for the business. CFO Rob Coldrake said spending will increase in the second quarter for the FIFA World Cup and rise again in the third quarter for the NFL season, while the company will remain disciplined in capital allocation.

Management reported limited cannibalization of the sportsbook from prediction markets to date, noting prediction-market users tend to be younger, lower-value and more entertainment-focused than core sportsbook customers. The company also said prediction markets may introduce recreational users to the broader wagering ecosystem.

After the quarter Flutter trimmed its full-year 2026 guidance. The group now expects approximately $18.3 billion in revenue, down from $18.4 billion, and adjusted EBITDA around $2.87 billion at the midpoint, down from $2.97 billion. Net income for Q1 was $209 million, down 38% year over year. Diluted EPS fell to $1.23 and adjusted EPS to $1.22. Flutter attributed the profit decline to higher interest expense from acquisitions, increased depreciation and amortization, investment in prediction markets and costs related to new-state launches.

The group returned $190 million to shareholders through its ongoing buyback program through May 1 and reported leverage of 3.7x at quarter end, which it expects to reduce by year-end. Flutter reported U.S. market shares of about 39% in online sports betting and 27% in iGaming and said it will continue investing in both sportsbook and prediction-market businesses under the new leadership structure.