FanDuel Reports Mixed Q1 Results, Changes Leadership

Flutter Entertainment’s latest earnings report landed at a complicated moment for FanDuel.

While the company posted strong online casino growth and improving sportsbook trends, the quarter was overshadowed by the abrupt exit of FanDuel CEO Amy Howe, lingering concerns about sportsbook momentum, and Flutter’s escalating push into prediction markets. The abrupt departure of Howe was first reported by CNBC just ahead of the first quarter earnings call and the company didn’t give a formal reason for her exit, positioning it as part of a wider leadership transition.

Flutter CEO Peter Jackson emphasized the company’s long-term confidence in FanDuel despite a slower start in sportsbook growth.

“FanDuel’s number one position within [the U.S.] represents one of the most significant growth opportunities in our industry, and it is essential that we have the right structure and leadership in place to fully capitalize on it,” Jackson said during the earnings call.

Q1 by the numbers

Flutter’s total company revenue rose 17% year over year to $4.3 billion, while adjusted EBITDA increased 2% to $631 million, according to Flutter’s earnings release.

U.S. revenue climbed 6% to $1.76 billion, with FanDuel maintaining its leading market positions in both sportsbook and iGaming.

The company said FanDuel held a 39% gross gaming revenue market share in online sports betting and 27% in iGaming during the quarter. Online casino operations remained a standout performer with revenue up 19% year over year.

Sports betting recovery efforts underway

Flutter said sportsbook performance continued to feel the effects of customer churn and unfavorable betting trends that emerged during the NFL season late last year. However, executives said internal metrics improved steadily throughout the quarter.

The company has launched a sportsbook “improvement plan” centered on promotions, loyalty offerings and product upgrades designed to strengthen customer engagement.

Among the initiatives were expanded “early win” promotions during March Madness, a phased rollout of FanDuel’s sportsbook loyalty program and the introduction of Bet Protect+, which allows customers to insure parlays for a fee.

“The initial response has been excellent, with adoption rates double our expectations and continuing to grow,” Jackson said of the Bet Protect+ program.

Flutter also highlighted product improvements including enhanced same-game parlay functionality, expanded streaming features and new soccer-focused offerings planned ahead of the FIFA World Cup this summer.

“The 2026-2027 NFL season launch will be a major milestone, with further improvements planned for the FIFA World Cup,” Jackson said.

Prediction markets become a bigger focus

During the call, Flutter executives spent significant time discussing and answering multiple questions from analysts about prediction markets, which have become a competitive and regulatory battleground. Jackson said cannibalization from prediction market operators remains constrained so far, but FanDuel is investing heavily in the category through its FanDuel Predicts product and newly launched “One App” experience.

“We launched the FanDuel One app at the start of April, dynamically serving customers sports betting in sportsbook states or prediction markets in non-sportsbook states. This now allows us to leverage FanDuel’s strong nationwide brand awareness, where just One App delivers access to an increasingly compelling sports experience.”

Flutter expanded sports prediction markets into 18 non-sportsbook states during the quarter, including California, Texas and Florida. The company framed prediction markets as a long-term strategic opportunity especially in states where sports betting remains illegal or tightly restricted.

Online casino accelerates at FanDuel

Even with “modest” revenues the first quarter, FanDuel’s online casino business continued to expand rapidly. Flutter said direct casino engagement and higher player frequency helped drive strong iGaming performance.

“In iGaming, FanDuel delivered another strong quarter of growth with AMPs [average monthly players] up 10%,” the company stated in its shareholder letter. “Expansion of our direct casino player base, coupled with improved player frequency among higher-value cohorts, drove revenue growth of 19% year-over-year.”

The company also completed the migration of PokerStars customers onto the FanDuel platform in April, a move designed to improve product integration and cross-state poker liquidity.

New leadership at FanDuel

With Howe exiting after serving as FanDuel CEO since 2021, Flutter named FanDuel President Christian Genetski to lead the business

Flutter International CEO Dan Taylor was also appointed to the newly created role of president of Flutter Entertainment.

Jackson said the changes are intended to sharpen focus on U.S. sportsbook operations and better align FanDuel with Flutter’s global business.

“These changes will sharpen our focus on the U.S. sportsbook, strengthen the connection between our U.S. and international divisions, and fully leverage the group’s expertise, capital, and strategic ambition.