Flutter revenue up, profits down in Q1; FanDuel CEO out
Hours after announcing the May 6 firing of FanDuel CEO Amy Howe, parent company Flutter Entertainment released its first-quarter earnings. They were mostly declines compared to the first quarter of 2025, and full-year 2026 guidance was curbed.
One bright spot was revenue, up 17 percent to US$4.3 billion. United States revenue reached over US$1.7 billion, driven by a 19 percent spike in igaming win and a one percent improvement in sports betting results.
However, profit shrank by 38 percent, falling to US$209 million. Monthly average players declined by three percent to 14.4 million.
Although Flutter exceeded first-quarter guidance by US$90 million, it cut back on projections for the remainder of 2026. Full-year revenue was trimmed from US$18.4 billion to US$18.3 billion. Cash flow expectations were lowered from US$3 billion to US$2.9 billion. Unfavorable sports results were blamed, as was the cost of launching FanDuel in Arkansas.
Cash flow improved two percent to US$631 million, but profit margins shriveled from 9.1 percent to 4.9 percent. The company’s leverage ratio stood at 3.7 times cash flow.
The double-digit revenue boost was attributed to better sports outcomes for Flutter and “strong igaming growth,” despite a loss business due to the banning of online gambling in India.
Flutter also announced the scrapping of two products. FanDuel Picks is being retired, as is the FanDuel TV racing network, in order “to optimize costs and ensure investment is focused on those areas that are expected to generate the greatest returns.”
In executive moves, Howe was supplanted by FanDuel President Christian Genetski. International division CEO Dan Taylor was named president of Flutter Entertainment. “Dan’s track record of driving growth and executing complex strategies makes him ideally suited for this expanded role,” said CEO Peter Jackson in a formal announcement. Genetski, Jackson said, “has been instrumental in scaling the business to its current number-one position in the market.”
In its formal release, the company cited “encouraging signs of recovery, in line with our expectations, with good progress made on generosity effectiveness, and phased roll-out of loyalty program commenced in April.”
Jackson, in a written statement, called the results “encouraging. … This reflected positive signs from our U.S. sportsbook improvement plan, where performance was ahead of our expectations in March.” He added, “There remains more to do to ensure the improving U.S. sportsbook trends continue and we announced today the management changes we are making to best position us for our next phase of growth.”
The Flutter CEO concluded, “The core fundamentals of our business remain strong, and I am confident that we have the right strategy, structure and global portfolio of local hero brands to capitalize on the significant long-term growth opportunity ahead. I look forward to further progress as we move through the rest of 2026.”
David McKee is an award-winning journalist who has three decades of experience covering the gaming industry.
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