There has been a shake-up in the US iGaming industry, with Flutter Entertainment confirming the departure of Amy Howe, Chief Executive Officer of FanDuel, effective immediately.
Being described as a ‘Separation Agreement’ in a SEC filing, Flutter didn’t provide a reason behind Howe’s exit from the US iGaming brand. Still, the operator did note that Christian Genetski, President of FanDuel, will assume responsibility for leading the FanDuel business, in addition to his current role.
The SEC filing also detailed a noticeable severance package for Howe of $4.37m, the equivalent of 24 months of salary and potential bonus, to be paid over the next year. It also includes a vesting schedule for Flutter stock options acquired over Howe’s tenure.
Howe’s departure comes as Flutter announces its financial performance for the first quarter of 2026, reporting an increase in overall revenue and adjusted EBITDA for the period, but it has also decreased its full year 2026 revenue and adjusted EBITDA midpoint guidance.
Flutter also announced that Dan Taylor, CEO of Flutter’s international division, will take on the newly created President of Flutter Entertainment role alongside his current responsibilities.
Amy Howe: ‘Been a privilege to lead FanDuel’
Howe said on her exit: “It has been a privilege to lead FanDuel over the past five years. I’m incredibly proud of the business we’ve built and the talented team behind it, as well as the entertainment experiences we deliver to our customers every day.
“Together, we have established a clear leadership position in the market, strengthened our product and brand, and built strong foundations for future growth. With the business well positioned for what comes next, I believe this is the right moment to hand over to new leadership to build on that progress and capture the opportunities ahead.
“I leave with great confidence in the team and the future of FanDuel and I look forward to seeing its continued success.”
During Howe’s time at the helm of FanDuel, the brand became one of the top-performing iGaming operators in the US market, but it has recently been facing challenging headwinds with the rise of prediction markets.
Peter Jackson, Group CEO of Flutter, said: “With significant growth potential ahead, we have decided this is the right moment for new leadership at FanDuel. 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.
“During this time, FanDuel has experienced periods of strong performance alongside meaningful change and transformation. We wish her every success for the future.”
Genetski will now take over leading FanDuel, having been with the brand since 2015. As President, he oversees corporate strategy, business development, strategic partnerships, as well as legal, regulatory and government affairs functions.
Meanwhile, Taylor has been with Flutter for more than a decade, holding senior leadership positions across multiple markets and brands. He will now be responsible for the commercial delivery of Flutter’s global brand portfolio.
Jackson added: “I’m delighted that Christian will lead the business. He has a strong track record at FanDuel and deep market knowledge, and we are confident he will build momentum and continue strengthening FanDuel’s position as the leading online sportsbook and iGaming operator in the US.
“He will work closely with Dan, who brings extensive global industry and commercial expertise to his new role. We remain focused on delivering Flutter’s strategy and converting our scale, technology and customer offering into sustained, profitable growth.”
Flutter Q1 performance
Howe’s exit from FanDuel came on the same day on which Flutter announced its Q1 earnings, declaring a 17% year-on-year increase in overall revenue to $4.3bn (Q1 2025: $3.7bn), attributing it to a ‘positive swing’ in sports results as well as strong iGaming growth.
There was a slight uptick in adjusted EBITDA to $631m (Q1 2025: $616m) following revenue growth, new state launches and FanDuel Predicts investment.
However, the group’s net income for the period declined by 38% YoY to $209m (Q1 2025: $335m) ‘due to increases in interest expense, net, and depreciation and amortisation, primarily as a result of M&A, partly offset by a higher non-cash Fox Option benefit’.
US Q1 results
- Revenue: $1.8bn – up 6% YoY (Q1 2025: $1.7bn).
- Sportsbook revenue: $1.14bn – up 1% YoY (Q1 2025: $1.13bn).
- iGaming revenue: $564m – up 19% YoY (Q1 2025: $472m).
- Segment adjusted EBITDA: $119m – down 26% YoY (Q1 2025: $161m).
International Q1 results
- Revenue: $2.5bn – up 27% YoY (Q1 2025: $2bn).
- Sportsbook revenue: $1.1bn – up 22% YoY (Q1 2025: $880m).
- iGaming revenue: $1.4bn – up 32% YoY (Q1 2025: $1.1bn).
- Segment adjusted EBITDA: $587m – up 13% YoY (Q1 2025: $518m).
Flutter also updated its full year 2026 guidance, as it now expects $18.305bn with adjusted EBITDA of $2.865bn at the midpoint, down from previous guidance of $18.4bn and $2.97bn in revenue and adjusted EBITDA, respectively. The updated guidance now reflects a 12% revenue and a 1% adjusted EBITDA growth YoY.
Jackson noted: “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 growth.
“While we made good progress during the quarter, there remains more to do to ensure the improving US sportsbook trends continue and we announced today the management changes we are making to best position us for our next phase of growth.
“The core fundamentals of our business remain strong, and I am confident that we have the right strategy, structure and global portfolio of local hero brands to capitalise on the significant long-term growth opportunity ahead. I look forward to further progress as we move through the rest of 2026.”
