A positive opening to FY2026 trading for Flutter Entertainment has been overshadowed by the confirmation that Amy Howe has resigned as CEO of FanDuel.
Leadership changes in North America were announced as Flutter declares that FanDuel will enter a ‘revitalisation programme’, primarily focused on the re-engineering of its “soft sportsbook” status to improve profitability.
The directive is marked as imperative for FanDuel to assert and stamp its dominance in US iGaming and to enter the Prediction Markets arena with confidence to scale against the upstarts of Kalshi and Polymarket.
The US scenario dominated the analysts’ call of the NYSE/LSE gambling group, which sidelined the positive narrative of Flutter International gaining a 27% increase in revenues to $2.54bn and EBITDA contribution of $587m.
As US changes are undertaken, Flutter cites that, unlike any competitor, the company maintains a “global engine”, which in 2026 will be turbocharged by growth in Brazil and Italy in particular.
Group CEO Peter Jackson noted: “Our performance in Italy has been extremely strong,” as its new Italia portfolio of SISAL, SNAI, Betfair.it and Pokerstars carries a combined engagement of 2 million active accounts.
“We are the clear number one operator online, outgrowing the market and our main competitors.” – In which SISAL has poached a standalone 31% market share of Italy’s new online gambling regime.
“This performance is even more remarkable given the drag from the ongoing integration of SNAI business,” that sees leadership project the objective to become Italy’s outright market leader by close of 2026.
Leadership cites that Flutter has many growth narratives to count on, yet analysts choose to focus on the reengineering of FanDuel and its engagement with US audiences.
Peter Jackson and CFO Robert Coldrake returned to the familiar territory of dissecting FanDuel’s growth strategy, which remains under constant scrutiny in light of changes in the competitive dynamics of US wagering.
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.
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.
Analysts repeatedly pressed management on the financial implications of entering the Prediction Markets arena, with concerns raised over whether FanDuel would be forced into an increasingly expensive acquisition battle against PM operators.
This April, FanDuel launched its “consolidated One app” that combines US sportsbook with a its new prediction markets platform.
Coldrake confirmed that Flutter spent “circa $40m in Q1” on prediction market initiatives, which management described as an initial “testing and learning phase focused on generosity, customer acquisition and marketing mechanics. Yet analysts were warned that spending would rise significantly into the second half of the year.
Despite concerns that FanDuel may be forced into an escalating promotional battle, management insisted that the group would maintain discipline. “We will remain very disciplined in terms of our investment around prediction markets,” Coldrake stressed, noting that Flutter would continue to measure spend against CAC and LTV returns.
Entering the arena, Leadership notes that it has reserved an investment envelope of approximately $250m–$300m to develop its prediction markets offering in 2026
The issue of generosity was again raised by analysts questioning whether FanDuel’s enhanced loyalty mechanics and promotions were effectively a defensive response to PM competition in non-regulated sportsbook states.
Customer-led optimisation of FanDuel
Jackson rejected the suggestion that Flutter was altering its core margin posture: “There’s no change in our strategy or posture in the business,” Jackson responded, instead framing the generosity push as a return to FanDuel’s “customer-first approach” that sees FanDuel top the US podium.
Jackson highlighted that products such as Bet Protect+ had generated “twice the sub levels of engagement that we had expected”, while new loyalty tiers and social betting promotions were already improving sportsbook KPIs sequentially.
Attention also turned to Flutter’s broader sportsbook optimisation programme, which has seen the closure of FanDuel Picks, the winding down of FanDuel TV Racing and the shutdown of Betfair Mexico operations as of January 2026. Analysts questioned whether Flutter was entering a wider rationalisation phase.
Coldrake described the decisions as “relatively easy from a capital allocation perspective”, noting that management wanted investment directed “towards the highest return areas”.
“This is a constant focus for us in terms of optimisation and efficiencies,” he said, underlining that Flutter’s priority remained “improving the economics of the core FanDuel sportsbook and igaming ecosystem.”
Keeping a cross-Atlantic balance
Just one question was directed at International performance, as analysts sought reassurance on UK & Ireland following the migration of Sky Bet customers onto Flutter’s new consolidated platform. Sky Bet’s sportsbook performance was identified by Jackson as “the biggest drag on performance in the UK”, though management insisted that migration KPIs were now strengthening rapidly.
Jackson pointed to “the highest customer acquisition volumes for five years” at Sky Bet, while revealing that Sky Gaming had surpassed one million customers for the first time in March.
“We’ve now got great product for the Sky customers,” Jackson said, adding that Flutter was beginning to see “green shoots” emerge following the migration disruption.
The transition in North America will now be led by Christian Genetski, who assumes operational leadership of FanDuel following Howe’s departure. Jackson moved to reassure investors that the leadership reshuffle was intended to sharpen execution rather than signal strategic panic.
“Christian Genetski has proved to be an exceptional leader,” Jackson stated. “He has been instrumental in scaling the FanDuel business to market leadership.”
Flutter believes FanDuel still possesses the structural advantages required to dominate the next phase of US wagering, alongside any disruptions caused by Prediction markets. Leadership underlines that Flutter tells its own story both in the US and international arenas.
