FanDuel CEO Amy Howe ousted as Flutter stock falls

FanDuel has removed CEO Amy Howe from her post, with Flutter Entertainment, FanDuel's genitor company, announcing Wednesday that Howe has near the concern aft 5 years. Christian Genetski, who has served arsenic FanDuel's president since joining the institution successful 2011, volition presume enactment of the U.S. sportsbook, Flutter said.

Flutter CEO Peter Jackson said successful a connection that the institution had decided "this is the close infinitesimal for caller enactment astatine FanDuel." In the aforesaid announcement, Flutter said Dan Taylor, CEO of Flutter's planetary division, volition instrumentality connected a recently created relation of president of Flutter Entertainment portion continuing to pb the planetary business.

The enactment alteration came alongside Flutter's first-quarter 2026 fiscal results, which showed the company's U.S. adjusted EBITDA fell 26% year-over-year to $119 million, weighed down by concern successful FanDuel Predicts, Flutter's in-house prediction markets platform, and costs from launching successful Arkansas. U.S. sportsbook gross grew conscionable 1% year-over-year, portion mean monthly players successful the sportsbook conception declined 6%.

Wednesday's league ended with Flutter banal disconnected 4%, and implicit the past twelvemonth the shares person mislaid astir 60% of their value, according to CNBC, a descent driven by wide unit connected gaming equities arsenic prediction marketplace platforms gully capitalist interest and questions equine astir household spending.

In February, Flutter issued 2026 guidance that missed Wall Street expectations, according to CNBC. Jackson told CNBC astatine the clip that a planned $300 cardinal concern successful FanDuel Predicts would measurement connected the company's 2026 numbers and that FanDuel had seen softer show successful the 4th quarter. DraftKings, FanDuel's superior competitor, has besides struggled, with its banal dropping 30% crossed that aforesaid stretch, according to CNBC.

Flutter said it sees lone constricted nonstop interaction from prediction marketplace operators connected its sportsbook concern — a debased single-digit percent effect connected grip maturation — but acknowledged those platforms whitethorn beryllium drafting successful immoderate recreational customers who mightiness different person been caller sportsbook users.

In updated full-year 2026 guidance issued Wednesday, Flutter lowered its gross and adjusted EBITDA targets. The institution present expects radical gross of $18.305 cardinal and adjusted EBITDA of $2.865 cardinal astatine the midpoint, down from anterior guidance of $18.4 cardinal and $2.97 billion, respectively.

A farewell connection Howe sent to staff, which CNBC obtained, included a telephone for her women colleagues to "keep supporting each different and raising the bar" and a reminder to employees to "use your voice."

Jackson thanked Howe for her contributions since joining successful 2021, saying successful a connection that "FanDuel has experienced periods of beardown show alongside meaningful alteration and transformation."