Flutter Removes FanDuel CEO; Kalshi Raises $1B, Valued at $22B

Flutter removed FanDuel CEO Amy Howe after five years and named President Christian Genetski to lead FanDuel as the U.S. sportsbook prepares product updates ahead of the World Cup and NFL seasons.

FanDuel has reported slower sportsbook growth, faces growing competition from prediction-market platforms and is operating under pressure from a sliding parent-company stock price. Flutter plans to expand its role in market-making for prediction markets, increasing the company’s trading exposure to those products.

Kalshi announced a $1 billion funding round on Thursday that values the prediction-market operator at $22 billion. The round is Kalshi’s third in seven months and follows previous raises that roughly doubled the company’s valuation each time, producing about a tenfold increase over the past year.

Company figures show roughly 85% of Kalshi’s trading volume comes from sports-related contracts, and multi-leg parlay-style contracts account for a growing share of activity. Kalshi reported about one profitable trader for every 2.9 users over the past month. Analysis of a rival platform found 67% of trading gains concentrated among 0.1% of accounts.

Critics point out those user-outcome patterns resemble other forms of retail trading and sports wagering, where a small share of accounts capture most profits. An industry analyst questioned comparisons between prediction markets and traditional sportsbooks on social media.

In state policy news, Michigan lawmakers omitted a proposed per-wager tax of 25 to 50 cents from the state budget after concerns that a per-bet surcharge could reduce wagering and shift costs to consumers. Industry observers say a similar tax in another state was followed by higher fees for bettors and lower bet volumes.

On the track, Golden Tempo, the 23-1 winner of the Kentucky Derby trained by Cherie DeVaux-the first woman to saddle a Derby winner-will not run in the Preakness Stakes. No Kentucky Derby runners are scheduled for the upcoming Preakness.

In entertainment, Netflix announced an eight-episode drama set in the contemporary Las Vegas casino business with Martin Scorsese as executive producer, writers Brian Koppelman and David Levien, and Oscar Isaac cast as a hotel and casino boss. The series is expected to debut this year.

Background: FanDuel is the largest U.S. sportsbook brand owned by Flutter. Prediction markets let users trade contracts on the outcomes of real-world events and have attracted investor funding and regulatory scrutiny. Kalshi’s recent funding rounds have driven a rapid increase in its reported valuation.