Flutter Entertainment announced a major leadership restructuring in its U.S. operations, with FanDuel CEO Amy Howe departing on May 6 and receiving a severance package of approximately $4.37 million. The move comes as the company released its Q1 2026 earnings, which revealed sluggish U.S. growth despite strong group performance.
Severance Details and Departure Terms
According to a press release and SEC 8-K filing, Flutter and Howe agreed to her departure on April 30, with the formal Separation Agreement signed May 5 and her employment terminating May 6. Howe will receive $4,370,828 in severance, equivalent to 24 months of her $1.03 million base salary plus bonus opportunity. Additionally, she will receive time pro-rated and fully vested equity awards and up to 12 months of company-paid health insurance. The "Value Creation Award" granted to Howe in October 2021 will also vest on a pro-rata basis under existing terms.
New Leadership Structure
Replacing Howe is Christian Genetski, who has served as FanDuel President since 2015. Genetski will assume leadership of the U.S. business while retaining his responsibilities for corporate strategy, business development, strategic partnerships, legal, regulatory, and government affairs. In a parallel move, Flutter created a new group-level role, appointing Dan Taylor as President of Flutter Entertainment alongside his existing position as CEO of Flutter International. Taylor will oversee FanDuel in addition to the international portfolio that includes Paddy Power, Betfair, Sportsbet, PokerStars, and Sisal.
Q1 Performance and Market Reaction
Flutter reported group revenue of $4.3 billion for Q1 2026, up 17% year-over-year. However, U.S. revenue grew only 6% to $1.76 billion, with U.S. sportsbook revenue up just 1%. CEO Peter Jackson told Reuters that the decision to depart was not Howe's, stating: "It's no secret that FanDuel has underperformed, but looking forward, we've got to get the right team in place to support the business." In Flutter's official statement, Jackson added: "With significant growth potential ahead, we have decided this is the right moment for new leadership at FanDuel."
During Howe's tenure, FanDuel captured a 39% share of the U.S. sportsbook gross gaming revenue market and 27% in iGaming. The platform achieved its first profitable quarter and reached a peak valuation of $31 billion. Despite these milestones, Flutter shares have fallen approximately 57% over the past year amid broader selloffs in gaming stocks and concerns over the prediction-markets sector. The company is also evaluating a potential delisting from the London Stock Exchange to consolidate around its NYSE listing, a topic discussed during Wednesday's earnings call.
Industry Context and Outlook
Howe joined FanDuel in February 2021 from Ticketmaster, where she served as President and COO. Her departure follows that of Mike Raffensperger, FanDuel's President of Sports, who also left the company recently. Flutter has lowered its FY 2026 EBITDA guidance from $2.97 billion to $2.87 billion, reflecting expectations of ongoing U.S. headwinds. The restructuring is seen as a strategic pivot to revitalize FanDuel's growth trajectory as competition from DraftKings and others intensifies. Investors are now watching closely to see if Genetski and Taylor can reignite momentum and whether Flutter will proceed with its London delisting to streamline its corporate structure.