On Wednesday, Flutter Entertainment made a significant announcement regarding leadership changes within the company. Peter Jackson is set to step down from his role as Chief Executive Officer on September 30, just three months after Amy Howe was ousted from her position as CEO of FanDuel. Jackson will also leave Flutter's board of directors and will be succeeded by Dan Taylor, who has served as President of the company’s International division since 2020 and was appointed CEO in May 2026.
Jackson reflected on his tenure during a Q2 earnings call on August 5, stating, "After nearly nine years as CEO, this is the right time to hand over to Dan. It’s been an enormous privilege to lead this business, and I do so with tremendous confidence in Flutter’s future, in the team we’ve built, and in Dan’s leadership."
Since assuming the CEO position in January 2018, Jackson oversaw critical transformations at Flutter, shifting its focus from the UK and Irish markets to a leadership role in the U.S. with FanDuel. Key milestones during his leadership include:
– The acquisition of FanDuel in 2018, leading to its rapid expansion in the U.S. following the repeal of PASPA.
– Flutter's 2019 rebranding from Paddy Power Betfair.
– The integration of The Stars Group in 2020.
– The launch of FanDuel Predicts in 2025.
– The successful transition of Flutter’s stock from the London Stock Exchange to the New York Stock Exchange.
"One thing I’ve always tried to do throughout my time as CEO is to take a long-term view of how we create value for shareholders," Jackson added during the earnings call. "That has sometimes meant making decisions that weren’t universally welcomed in the moment because we believed they would strengthen the business over the long term."
The announcement of Jackson's departure arrives amid troubling times for Flutter, as the company's stock price has suffered a significant decline on the NYSE. Stock values plummeted from $308 in late August 2025, which placed Flutter as the most valuable publicly listed gambling company, to just $105 by August 4, marking a 66% decline within a year. This downturn follows various challenges, including substantial changes to tax regulations in the UK and Europe, alongside increased competition from sports betting-style prediction markets in the U.S. The company's financial reports reveal net losses of $160 million in FY24 and $400 million in FY25.
As for FanDuel, Flutter reported a drop in U.S. revenue of 6%, totaling $1.68 billion for the quarter ending June 30. Jackson and Chief Financial Officer Rob Coldrake attributed this decrease to "customer-friendly" sports results, with FanDuel's U.S. sportsbook revenue falling by 15% to $1.04 billion. In contrast, FanDuel's online casino revenue showed a positive growth of 14% year-over-year, and Jackson expected at least one additional state to legalize iGaming by the end of 2027 to further bolster this revenue stream.
Flutter's U.S. adjusted EBITDA saw a steep decline of 70%, down from $400 million to $119 million, although this figure was still regarded as better than expected due to investments in prediction markets and new state launches. Analyst Jordan Bender confirmed that the U.S. reported EBITDA was 13% above his projections.
Since the latter part of last year, FanDuel has expanded into several jurisdictions across North America, including online sports betting in Missouri in December 2025, Arkansas in March 2026, and Alberta in July 2026. Overall, Flutter reported a global net loss of $296 million compared to a profit of $37 million from the previous year, which executives attributed to planned investments in prediction markets and marketing for the FIFA World Cup, while the total company EBITDA fell by 45% to $508 million. Consequently, Flutter revised its full-year revenue guidance downward by $395 million to a midpoint of $17.91 billion, and adjusted EBITDA outlook reduced by $210 million to $2.655 billion.
Despite the current setbacks, Jackson expressed confidence in Flutter’s long-term outlook in the U.S. He noted that the company aims to balance FanDuel’s existing state-regulated gaming operations with new ventures into prediction markets.
According to Flutter’s earnings report, FanDuel remains the leading online sportsbook and casino in America, holding 39% and 27% shares of the gross gaming revenue market, respectively. He emphasized the company’s potential for further investment under Christian Genetski, who will take over as CEO of FanDuel. Jackson said, "We recognize that this weighs on near-term earnings, but we’re convinced it’s the right thing to do to maximize long-term shareholder value."
Jackson stated, "The U.S. leadership changes we recently implemented are working. I’m encouraged by progress in Q2. In the U.S., we’re delivering sequential improvement in key sportsbook metrics alongside sustained iGaming growth… The choices we’re making today, from investing in the U.S. to expanding our term with FanDuel Predicts, will deliver sustainable long-term value for our shareholders."
Bender highlighted Flutter as being at a pivotal point regarding its product strategy and overall direction. He predicted gains in market share during a critical period for sports betting operators, while emphasizing the need for management to demonstrate an ability to reestablish Flutter’s global leadership.
An important aspect of Wednesday's update was FanDuel Predicts’ operations. Jackson noted minimal cannibalization from the broader prediction markets sector affecting the existing customer base in regulated sportsbook states, estimating a low single-digit impact.
Ahead of the World Cup, FanDuel Predicts enhanced its sports offerings by introducing contracts with Crypto.com. Jackson stated that Flutter reached an agreement with its joint venture partner CME Group to shift all sports and novelty event contracts to Crypto.com while maintaining access to CME’s financial markets. FanDuel Predicts initially partnered with CME Group in December 2025 and expanded nationwide shortly after.
Going forward, FanDuel plans to scale its parlay-style combination markets across various prediction platforms. Flutter executives expressed optimism about the transition to an all-in-one app model, akin to DraftKings’ ‘super app’ strategy, which would integrate sports betting, iCasino, and prediction markets by jurisdiction.
Finally, Jackson and Coldrake revealed that Flutter anticipates generating about $50 million in revenue from its own market-making operations by the end of 2026. Coldrake stated, "Our ambition here is to establish a leading position in this space by leveraging the pricing, risk management, and trading capabilities we've developed over the years. As combo volume increases, we're better placed to take advantage of that, and we see it as an attractive, high-margin segment."
Despite the potential provided by Predicts, Jackson reiterated that Flutter and FanDuel primarily expect their business to rely on regulated sports betting, viewing prediction markets as supplementary to their overall revenue.
