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FanDuel has removed CEO Amy Howe from her post, with Flutter Entertainment, FanDuel's parent company, announcing Wednesday that Howe has left the business after five years. Christian Genetski, who has served as FanDuel's president since joining the company in 2011, will assume leadership of the U.S. sportsbook, Flutter said.
Flutter CEO Peter Jackson said in a statement that the company had decided "this is the right moment for new leadership at FanDuel." In the same announcement, Flutter said Dan Taylor, CEO of Flutter's international division, will take on a newly created role of president of Flutter Entertainment while continuing to lead the international business.
The leadership change came alongside Flutter's first-quarter 2026 financial results, which showed the company's U.S. adjusted EBITDA fell 26% year-over-year to $119 million, weighed down by investment in FanDuel Predicts, Flutter's in-house prediction markets platform, and costs from launching in Arkansas. U.S. sportsbook revenue grew just 1% year-over-year, while average monthly players in the sportsbook segment declined 6%.
Wednesday's session ended with Flutter stock off 4%, and over the past year the shares have lost nearly 60% of their value, a slide driven by broad pressure on gaming equities as prediction market platforms draw investor concern and questions mount about household spending.
In February, Flutter issued 2026 guidance that missed Wall Street expectations. Jackson told CNBC at the time that a planned $300 million investment in FanDuel Predicts would weigh on the company's 2026 numbers and that FanDuel had seen softer performance in the fourth quarter. DraftKings, FanDuel's primary competitor, has also struggled, with its stock dropping 30% across that same stretch.
Flutter said it sees only limited direct impact from prediction market operators on its sportsbook business — a low single-digit percentage effect on handle growth — but acknowledged those platforms may be drawing in some recreational customers who might otherwise have been new sportsbook users.
In updated full-year 2026 guidance issued Wednesday, Flutter lowered its revenue and adjusted EBITDA targets. The company now expects group revenue of $18.305 billion and adjusted EBITDA of $2.865 billion at the midpoint, down from prior guidance of $18.4 billion and $2.97 billion, respectively.
A farewell message Howe sent to staff, which CNBC obtained, included a call for her women colleagues to "keep supporting each other and raising the bar" and a reminder to employees to "use your voice."
Jackson thanked Howe for her contributions since joining in 2021, saying in a statement that "FanDuel has experienced periods of strong performance alongside meaningful change and transformation."