Flutter Entertainment has announced that FanDuel will enter a new period of transition following the departure of Amy Howe as Chief Executive Officer of its North America business.

The leadership change accompanies the NYSE/LSE gambling group’s Q1 2026 results, as Flutter seeks to re-engineer FanDuel’s position across US sportsbook, iGaming and its entry into prediction markets.

FanDuel quickly became Flutter’s biggest asset and revenue generator in the years since its acquisition in 2019. However, Flutter’s share price has been struggling lately, dropping 54% since the start of 2026, prompting senior leadership changes.

Howe will be replaced by Christian Genetski as FanDuel CEO. Genetski had previously held the role of President, and has been working with FanDuel since 2015. 

Another leadership change sees Dan Taylor, CEO of Flutter International, take on the newly created role of President of Flutter Entertainment, working closely with Group CEO Peter Jackson.

“I would like to thank Amy for her contribution to Flutter and FanDuel and recognise the impact she has had on the business since joining in 2021,” Jackson said, announcing Howe’s departure.

“During this time, FanDuel has experienced periods of strong performance alongside meaningful change and transformation. We wish her every success for the future.”

The reasons for Howe’s departure were not made clear during the announcement. However, an SEC filing confirming the leadership changes for federal regulators noted that Howe would be receiving a $4.37m severance package – the equivalent of 24 months of salary and potential bonus, to be paid over the next 12 months.

This is in addition to a vesting schedule for a series of Flutter stock options that Howe had acquired during her tenure as CEO.

Positive start to 2026

Group accounts, covering both US and International operations, detailed a positive start to 2026 trading, with Flutter reporting corporate revenues of $4.3bn (£3.5bn), up 17% on Q1 2025 comparatives of $3.66bn.

Headline growth was achieved despite Flutter recording a 3% decline in average monthly players to 14.3 million, a metric continuing to adjust following the closure of the Junglee India business in August 2025.

Benefitting from advanced M&A integrations within its International division and a “positive swing” in sports results, Flutter posted adjusted EBITDA of $630m, up 2% on Q1 2025’s $616m.

However, period trading saw net income decline by 38% to $209m (Q1 2025: $335m), as accounts were impacted by higher operating costs, amortisation charges linked to acquisitions and restructuring costs within the US business. Elevated expenses also saw Flutter’s interest-related payments double to $156m.

Despite continued bottom-line pressures, Flutter highlighted improved profitability metrics through cash flow generated from operating activities of $333m, compared to $188m in Q1 2025.

Peter Jackson commented: “Flutter’s Q1 performance was encouraging, with Group revenue increasing 17% year-on-year. This reflected positive signs from our US sportsbook improvement plan, where performance was ahead of our expectations in March. Group performance also benefited from our local hero acquisitions in Italy and Brazil, and excellent underlying SEA (Southern Europe and Africa) growth.”

FanDuel to fix ‘soft sportsbook’ status

Turning to the US division, Flutter stated that FanDuel has initiated a “sportsbook improvement plan” aimed at revitalising stagnant sportsbook revenues of $1.14bn.

The recovery of sportsbook performance has become a strategic priority as Flutter flagged concerns over declining KPIs tied to “sportsbook softness”. Sportsbook handle declined by 9%, while sportsbook AMPs fell by 6%, reflecting continued customer churn first observed during 2025.

Soft sportsbook results continued to be offset by FanDuel’s iGaming growth, which generated revenues of $564m, up 19% year-on-year from $472m in Q1 2025. FanDuel’s iGaming momentum was supported by a 10% increase in AMPs, reflecting the successful migration of PokerStars customers onto the FanDuel platform, alongside stronger engagement with its loyalty and incentives programme.

Flutter added that learnings from FanDuel’s stronger iGaming performance will be incorporated into its sportsbook revitalisation programme. The initiative includes the rollout of enhanced loyalty rewards, the “Bet Protect+” insurance mechanic, expanded Same Game Parlay functionality and greater product personalisation. 

Despite changes, leadership stands by “enhanced generosity” of FanDuel sportsbook that as a determining factor of its market share leadership in the US (39% GGR share).

UK adjustments begin for 40% era

In its heritage market of the UK-&-Ireland, Flutter saw marginal revenue growth of 2% to $900m. Period results were significantly subdued by an 11% decline in sportsbook income due to unfavourable sports results and key migrations impacting Sky Bet’s performance.

As of Q2, Flutter’s UK&I portfolio will begin adjustments to the new 40% tax rate on Remote Gaming Duty (RGD). Leadership cited that strategic adjustments have already been undertaken across key brands such as tombola and Paddy Power to sustain iGaming growth.

Continued portfolio-wide adjustments will position the group to absorb higher taxation through operational efficiencies, improved product engagement and anticipated market share gains from weaker competitors reducing promotional activity.

Peter Jackson further warned that elevated UK taxation could accelerate consumer migration toward unregulated operators, stating:

“As the leading scale operator in the UK, Flutter is very well-placed to deliver both material first order mitigation and benefit from second-order effects, including market share gains over time.

“However, a consequence of the increase in gaming taxes will be to drive some UK customers toward unregulated operators, where there is no player protection.”

Viva Italia: Sisal takes early 31% market share

On the international front, Flutter hailed the first accounts of its enlarged Italian portfolio formed of Snai, Sisal, PokerStars and Betfair Italia. Italy is viewed as the principal growth driver within Flutter’s newly enlarged Southern Europe & Africa (SEA) segment, which generated revenues of $940m during Q1 2026.

Leadership underscored strong Italian momentum, as Flutter International delivered key product and platform upgrades across Snai and Sisal to strengthen its position within Italy’s evolving online gambling regime.

Momentum was highlighted by Sisal achieving a stand-alone 31% online market share in Italy, supported by expanded games inventory, exclusive content and upgrades to its sportsbook platform.

Flutter further signalled to investors that Italy now represents the group’s most important European expansion opportunity. Italy’s new iGaming regime  is viewed as a strategic growth market, to buoy the International Unit as the UK market rebalances under a new tax regime.

Jackson underscored that Flutter objective to build-up a local portfolio that will take outright leadership of Italian online gambling by 2026:

“We have benefited from our local hero acquisitions in Italy and completed key integrations between Sisal and Snai to strengthen its long-term position in Europe’s most competitive regulated online market.”

Brazil: Betnacional to make a World Cup charge 

In Brazil, Flutter is preparing for Betnacional to pursue aggressive market share gains ahead of the FIFA World Cup, following a sustained period of investment to establish the brand as a domestic “local champion” within the newly regulated Bets regime.

Q1 trading saw Brazil generate revenues of $74m, representing year-on-year growth of 722%, primarily driven by Flutter’s acquisition of NSX and the continued expansion of Betnacional across sportsbook and iGaming verticals. 

Leadership highlighted that Betnacional average monthly players increased by more than 40% during the period, supported by elevated product and marketing investment as Flutter continues to scale its Brazilian operations.

Key upgrades will see Betnacional enhanced by Flutter’s proprietary pricing capabilities, unlocking access to deeper betting markets, expanded Same Game Parlay functionality and upgraded promotional mechanics ahead of the FIFA World Cup.

Jackson stated that Flutter continues to invest “with conviction” in Brazil ahead of the FIFA World Cup, as Betnacional’s customer base expanded rapidly following continued sportsbook and iGaming product enhancement.

This morning, all eyes will be on the US, however, as news of Howe’s departure sends shockwaves through the North American betting industry and through the stock markets….