The established U.S. market leader in online sports betting is making a major leadership change, as FanDuel CEO Amy Howe left the company Wednesday with a sizable severance package.
FanDuel President Christian Genetski ascends to the top spot in the Flutter-owned property, the company announced in a news release. The news shaved about 6% off Flutter ($FLUT) stock, dropping the share price to $99 before a slight rally in after-hours trading.
The operator also revealed that Dan Taylor, CEO of Flutter’s international arm, will become President of Flutter Entertainment, while maintaining oversight of international operations.
“I’m confident this gives us the right structure for long-term success,” Flutter CEO Peter Jackson said of the CEO change during Wednesday’s earnings call.
Flutter announced the leadership transition shortly before releasing its Q1 earnings report. The multi-national operator reported a 6% Q1 increase in U.S. revenue year-over-year to $1.76b, driven largely by strong iGaming growth in both revenue and average monthly players (AMP).
Overall, Flutter slightly lowered full-year guidance to $18.3b with adjusted EBITDA of $2.865bn at the midpoint. That is a minor dip from its prior guidance of $18.4b and $2.97bn in revenue and adjusted EBITDA, respectively.
Did FanDuel push out CEO?
CNBC reported earlier Wednesday that the company “ousted” Howe from her position, citing lowered 2026 guidance and continued downward pressure on Flutter’s stock price.
“I would like to thank Amy for her contribution to Flutter and FanDuel and recognize the impact she has had on the business since joining in 2021,” Jackson said in the press release. “During this time, FanDuel has experienced periods of strong performance alongside meaningful change and transformation. We wish her every success for the future.”
The Flutter release announcing Howe’s exit did not specify on whose terms the parties separated. However, a subsequent SEC filing documenting the leadership change for federal regulators detailed a notable severance package for Howe – something not typical under a fully voluntary resignation.
Howe’s severance package includes $4.37 million, or the equivalent of 24 months of salary and potential bonus, to be paid over the next year. It also details a vesting schedule for a series of Flutter stock options acquired over Howe’s term with the company.
Howe: a ‘privilege’ to lead FanDuel
Howe departs after five years at the helm of FanDuel. The company solidified its position as the most successful U.S. online sports betting operator in that time, but most recently faced headwinds from prediction markets and their regulatory uncertainty, as well as diminishing OSB and iGaming market expansion.
“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,” Howe said in a prepared statement. “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.”
Howe previously served as CEO of Live Nation and worked in consulting with McKinsey.
Who is the new FanDuel CEO?
Genetski joined the operation in 2015, according to the company release. His role as company president includes oversight of “FanDuel’s corporate strategy, business development, strategic partnerships, as well as its legal, regulatory and government affairs functions.” Flutter credits Genetski with leading its efforts to legalize sports betting and iGaming at the state level across the country as FanDuel’s former chief legal officer
Genetski’s experience also includes work as Senior Vice President and General Counsel of the Electronic Software Association, as co-founder of a boutique law firm, and as a federal prosecutor in the U.S. Department of Justice’s Computer Crime and Intellectual Property Section.
Jackson referred to Genetski as an “exceptional leader” during the earnings call, on which only analyst Jordan Bender of Citizens asked Flutter leadership a question about the CEO transition.
“Now is the right time for us to put in place new leadership in the business,” Jackson said. “We’re excited to see what Christian and Dan can do.”
Further responding to Bender’s questions, Jackson added, “There’s no change in our strategy or posture of the business.”
