Howe ousted
Amy Howe replaced as FanDuel CEO
Christian Genetski, president, steps up to take over top job.
Flutter CEO maintains the move does not signal a change of strategy.
Q1 earnings call sees FY26 guidance lowered to reflect predictions investment.
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Howe out
Everyone’s high on consolation: Amy Howe has been ousted as CEO at FanDuel after five years at the top, with president Christian Genetski taking over the top job.
Genetski has been with FanDuel for more than 11 years (with just shy of four years as president) and was responsible for corporate strategy, business development and government affairs.
The news broke on CNBC before the market closed in New York last night, with Flutter’s shares falling 4% in late trading.
But it’s plain to see that they can’t comfort me: Howe said she was “proud of the business we’ve built” since she joined in 2021 and the “clear leadership position” it has established.
“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’d pay the devil to replace her; She won’t walk away empty-handed. An SEC filing confirmed Howe will receive $4.37m, representing 24 months’ base salary plus annual bonus.
I need a drink and a quick decision: Peter Jackson, CEO at FanDuel parent Flutter Entertainment, said he was “delighted” Genetski would be taking over and that he has a “strong track record at FanDuel and deep market knowledge.”
Now it’s up to me, ooh, what will be: “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 added.
I better learn how to face it: On the Q1 earnings call last night, Jackson said there was “no change in our strategy or posture in the business” with Howe’s departure.
He added later: “There’s no change in strategy. I think we’ve got clarity.”
“I think we’re putting customers first, and we’re getting back on the front foot, and we’re starting to see the sequential benefits of that.”
My face ain’t looking any younger: Flutter’s Q1 earnings release showed FanDuel revenue rising 6% YoY to $1.76bn but with a 26% YoY fall in adj. EBITDA, which the company ascribed to the recent launch in Alabama and continued investment in the FanDuel Predicts product.
For Flutter overall, revenue rose 17% to $4.3bn but adj. EBITDA stalled somewhat, up only 2% to $631m and dragged down by the FanDuel fall.
International revenue rose 27% to $2.54bn while adj. EBITDA rose 13% (5% constant currency) to $587m.
For more on Flutter’s Q1 earnings, see today’s Earnings Extra edition (PRO subscribers only).
They can never be what she was to me: Alongside the news of Howe’s departure and Genetski’s promotion, Flutter also announced that Dan Taylor, who heads the international business, is to take on the additional newly created role of president for Flutter Entertainment.
Jackson positioned Taylor’s expanded remit as helping to “sharpen” the focus on the US sportsbook.
He added that it would strengthen the connection between the US and international divisions, and “fully leverage the group’s expertise, capital and strategic ambition.”
Get up in the morning, look in the mirror: Flutter has struggled in the past year as FanDuel’s position as #1 in the US has come under threat, with rivals DraftKings and Fanatics taking share against the backdrop of the threat posed by the rise of prediction markets.
As a consequence, the share price has fallen by nearly 60% in the past 12 months.
The market cap as of last night stood at $17.2bn vs. its high last summer of over $50bn.
Oh why, what went wrong? Jefferies said Howe’s departure was “maybe less of a surprise” given the poor outcome for FanDuel in Q4 when the company saw a marked sportsbook handle deceleration.
Handle grew just 3% YoY, far below expectations, even as sportsbook revenue surged 35% on a net revenue margin of 8.9% (+220bps YoY).
The company said at the time the disconnect was driven by what management termed the “recycling” effect as high gross revenue margins reduced the amount of money flowing back to customers as winnings.
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Facing facts: Despite the insistence that strategy is unchanged, Jackson did not shy away from the operational issues that have dogged FanDuel. The company entered 2026 with a smaller player base after the NFL season, when, as Jackson put it, “persistently high gross revenue margins negatively impacted customer activity.”
The Q1 earnings reflected that overhang. Active monthly players (AMPs) were down 1% YoY and revenue grew just 6%.
Asked by the analysts for a deeper diagnosis of what had gone wrong, Jackson said the fix was about returning to fundamentals rather than a rethink.
“I would describe the intentions of the team as being one where we’re getting back to a focus on the customer-first approach.”
“This isn’t about a sort of fundamental change in posture of margin and generosity or anything like that.”
Spring cleaning: Jackson outlined several initiatives that have already been launched. A new sportsbook loyalty program began rolling out in April, which Jackson said had drawn “a very positive response from the initial cohort of customers.” A full rollout is planned ahead of the next NFL season.
Bet Protect+, described by Jackson as “an industry-first generosity mechanic” that lets customers insure their bets for a small fee, has seen “adoption rates double our expectations and [is] continuing to grow.”
The company has also leaned into opportunistic, social-media-friendly payouts during events such as March Madness.
“It’s engaging and it gets you on the front foot from a sort of social perspective, and that’s important to do.”
Product hygiene improvements were also flagged: iOS launch times under two seconds, full-screen streaming for key sports and simplified SGP building.
Uncertain smile: A significant portion of the call dealt with FanDuel’s push into prediction markets, where the company spent roughly $40m in Q1 and launched a unified ‘one app’ in early April that serves sportsbooks in regulated states and prediction markets elsewhere.
Jackson said the app “allows us to leverage FanDuel’s strong nationwide brand awareness.”
He acknowledged delivery challenges, attributing them principally to “our ability to access the range of content” rather than front-end product issues.
On the legal uncertainty hanging over the category, Jackson conceded that until there is an understanding, “ultimately what the Supreme Court says,” Flutter and the rest of the OSB market were “gonna live with this uncertainty.”
Tight at the back: CFO Rob Coldrake added that the company would “remain very disciplined in terms of our investment around prediction markets.” However, for FY26 the company lowered revenue guidance by 1% at midpoint to $18.3bn and adj. EBITDA by 4% at midpoint to $2.9bn.
Coldrake acknowledged consensus may need to shift weighting toward the back half.
He pointed to a “slightly lower player base that we started the year off with” as a Q2 headwind, alongside World Cup marketing and prediction market spend ramping up.
“We’ve not moved from where we previously were,” he claimed.
“Actually, we always said that we’d have some sequential improvement as we move through the year, and we’re starting to see that at the start of Q2.”
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Earnings calendar
May 7: Genius Sports, Full House, Inspired, Wynn, Codere Online, DraftKings (earnings)
May 8: DraftKings (call)
May 11: Super Group (earnings)
May 12: Super Group (call), Brightstar, Catena Media, DoubleDown Int.
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