Less than a week after releasing a quarterly earnings report and announcing the departure of a key executive, Flutter CEO Peter Jackson said the company will “sharpen our focus” in a bid to solidify its U.S. market position.
On Monday, Flutter and J.P. Morgan teamed up to host a fireside chat to discuss Flutter’s Q1 earnings report, its current operations and outlook for the rest of the fiscal year and beyond. The discussion, moderated by J.P. Morgan Executive Director of U.S. Gaming and Lodging Equity Research Daniel Politzer, included two key executives at Flutter.
Jackson and CFO Rob Coldrake were featured in a fireside chat that also included J.P. Morgan’s Executive Director and Head of European Leisure, Hotels, and Gaming Equity Research, Estelle Weingrod.
Flutter acknowledges room for improvement
Flutter reported $4.3bn in revenue in Q1 2026, a 17% increase compared to the same period last year. Its adjusted EBITDA during the quarter posted slight year-over-year growth of 2% to $631m. Despite the revenue and adjusted EBITDA growth, Flutter reported lackluster results for its Q1 net income and average monthly players (AMPs).
Flutter posted a net income of $209m in Q1 2026, down from $335m in Q1 2025. The company pinned the dip on tax changes in certain U.S. markets, as well as costs to launch in Arkansas.
“We know we didn’t operate as effectively as we should have done,” said Jackson during the fireside chat. “There’s a bunch of organizational changes that we’ve made, which I think really will sharpen our focus on execution and delivery, which ultimately has been one of our challenges.”
New CEO takes over at FanDuel
The changes Jackson mentioned included parting ways with FanDuel CEO Amy Howe.
Howe is leaving FanDuel after leading the gaming giant for five years. The company lowered its full-year guidance for 2026 to $18.3b.
The severance package agreed upon by Flutter and Howe includes $4.3m, equaling 24 months of salary and potential bonus, as well as scheduled vesting stock options. Flutter will pay out the severance over the next year.
Flutter’s U.S revenue, comprised of FanDuel, reached $1.7bn in Q1 2026. By comparison, the company generated $1.6bn from its U.S. operations in Q1 2025.
Flutter’s commitment to US customers
Flutter wants to continue bolstering its operations in the U.S. by rewarding customers. The company has established and retooled a FanDuel loyalty program that is gaining traction.
Last October, FanDuel debuted its Casino Rewards Club to players in select markets. The program provides customers with access to benefits by accumulating points earned through real-money wagering. The rewards club also offers limited exclusive bonuses.
“We’re feeling good about it. We’ve got customers beating the door down wanting to be included in the loyalty program,” continued Jackson.
FanDuel launched its iGaming rewards program after identifying what it saw as a generosity gap.
“If we look back at last year, it was very evident, with the benefit of hindsight, that we were slightly inefficient in our generosity approach,” said Coldrake.
Earlier this year, FanDuel expanded its loyalty program to select regulated online sports wagering markets where it holds a gaming license. The operator plans to offer the program in all licensed online sports wagering markets by the start of the 2026 NFL season.
“We’ve got our team from sports betting working with our financial team to make our generosity deployment more efficient, so we get more bang for our buck in the U.S.,” continued Coldrake.
Flutter has laid out a blueprint for its plans for the rest of 2026 and beyond, with a focus on execution and putting its offerings in the hands of its customers worldwide efficiently.
“This customer-centric approach is something that we will really lean heavily into,” added Jackson. “We’ve got to keep the momentum going in iGaming as well.”
Flutter prediction market entry paying off, execs say
Flutter is one of several gaming operators solidifying a footprint in North America’s burgeoning but controversial prediction market industry. Last year, FanDuel entered the space in 2025 through the launch of its prediction market platform with CME Group.
Flutter will continue investing in FanDuel’s prediction market offerings, with plans to put in between $60m and $70m in prediction markets by the end of the year. Flutter sees an opportunity to generate revenue through event contracts by being able to make markets.
Flutter is also aiming to bolster FanDuel’s prediction market operations by applying for registration as a futures commission merchant with the National Futures Association. Approval would allow FanDuel to work with other exchanges to offer event contracts.
“I’m very excited about the money we can make in market making, using a sort of core capability that we’ve shown time and time again around the world,” added Coldrake.
The market making adds to an already favorable return for FanDuel in the space.
“We’re probably one of the few people who’s making any money out of prediction markets at the moment,” said Jackson.
FanDuel’s investment in prediction markets adds to the $20m it plans to invest in Arkansas’s online wagering market, which welcomed FanDuel and DraftKings in March.
