Flutter posts 17% revenue growth amid FanDuel leadership shake-up
Table of contents
- Flutter Entertainment reported Q1 2026 group revenue of $4.304bn, up 17% year-over-year, ahead of analyst consensus estimates.
- Amy Howe has left the company, with Christian Genetski named to lead the FanDuel business and Dan Taylor appointed president of Flutter Entertainment with added oversight of FanDuel.
- Flutter has updated full-year adjusted EBITDA guidance to $2.865bn at the midpoint, reflecting unfavourable Q1 sports results, Arkansas launch costs, and a reporting change for PokerStars North America.
Flutter Entertainment has reported group revenue of $4.304bn in the first quarter of 2026, up 17% year-over-year, alongside management changes at FanDuel and confirmation that it is reviewing its London Stock Exchange listing.
FanDuel leadership changes
Amy Howe has left the company after five years, stepping down from her role leading FanDuel. Christian Genetski, who joined FanDuel in 2015 and has served as president of the brand, will now lead the FanDuel business.
Dan Taylor, who remains CEO of Flutter International, has been appointed to a newly created role of president of Flutter Entertainment, taking on oversight of FanDuel in addition to his existing responsibilities.
Flutter said the changes were designed to sharpen focus on the US sportsbook recovery and strengthen alignment between domestic and international operations. The company acknowledged Howe’s contribution since joining in 2021.
Peter Jackson, CEO of Flutter Entertainment, commented on the departure:
“I would like to thank Amy for her contribution to Flutter and FanDuel and recognize the impact she has had on the business since joining in 2021. During this time, FanDuel has experienced periods of strong performance alongside meaningful change and transformation. We wish her every success for the future.”
Q1 results
Group revenue of $4.304bn came in ahead of analyst consensus estimates and represented a 17% year-over-year increase.
iGaming revenue rose 28% to $1.95bn, with sportsbook revenue up 10% to $2.22bn. Adjusted EBITDA grew 2% to $631m, though adjusted EBITDA margin contracted 210 basis points to 14.7%, reflecting investment in FanDuel Predicts and new state launches.
Net income fell 38% to $209m, driven by a $71m increase in net interest expense to $156m and a $122m rise in depreciation and amortisation, both linked to the 2025 acquisitions of Snai and NSX. Earnings per share came in at $1.23, down 22% year-over-year, with adjusted EPS of $1.22.
Jackson said:
“Flutter’s Q1 performance was encouraging, with Group revenue increasing 17% year-on-year. This reflected positive signs from our US sportsbook improvement plan, where performance was ahead of our expectations in March.”
US sportsbook: improving trends
US revenue grew 6% to $1.763bn, with iGaming up 19% and sportsbook up 1%. FanDuel maintained its number-one position in both categories, holding 39% gross gaming revenue market share in sportsbook and 27% in iGaming.
Sportsbook average monthly players were 6% lower year-over-year at the start of Q1, but the trend improved through the quarter. January AMP declines of 5% recovered to 1% growth by March.
Handle trends moved from a 10% year-over-year decline in January to a 4% decline in March. Flutter attributed the improvement to its sportsbook recovery plan, which includes a revamped loyalty programme, a new Bet Protect+ mechanic, and product enhancements including expanded Same Game Parlay functionality.
The loyalty programme began rolling out in April to an initial cohort of customers, with a full rollout targeted ahead of the 2026/27 NFL season. Flutter also confirmed it will close FanDuel TV and the FanDuel Picks product during 2026 to optimise costs and concentrate investment in higher-returning areas.
Flutter estimated that prediction market operators had a low single-digit percentage impact on FanDuel sportsbook handle growth. Recent launches in Missouri and Arkansas were both ahead of expectations, which the company said validated continued demand for traditional sports betting products.
FanDuel Predicts
FanDuel Predicts generated negligible revenue in Q1, with Flutter describing the product as at an early stage of development. It was expanded nationally across financial, economic and commodities contracts, with sports contracts available in 18 non-sportsbook states including California, Texas and Florida.
In April, Flutter launched its “One App” experience, directing users to either the sportsbook or FanDuel Predicts depending on their state. The company also began trialling market-making services on a third-party prediction market platform, citing its proprietary pricing capabilities as a competitive advantage. A full market-making platform launch is expected in the coming months.
Full-year investment in FanDuel Predicts is expected at the top end of the $250m to $300m adjusted EBITDA loss range. Revenue from the product for Q2 through Q4 has not been included in full-year guidance. Flutter said the FIFA World Cup and the NFL 2026/27 season will be major milestones for the product’s development.
International performance
International revenue rose 27% to $2.541bn, boosted by full-quarter contributions from Snai and Betnacional. On an organic basis, revenue was roughly flat year-over-year, as strong underlying growth in Southern Europe and continued iGaming momentum in the UK and Ireland offset unfavourable sports results.
Revenue in the Southern Europe and Africa segment more than doubled to $940m. Snai completed its platform migration at the end of April, unlocking access to Sisal‘s product suite. Sisal held a 31% online market share in Italy during Q1. In the UK and Ireland, iGaming revenue grew 14% in constant currency terms, with Paddy Power the top downloaded app during Cheltenham. Sky Bet returned to underlying sportsbook revenue growth in March after a period of underperformance following a user interface migration.
Flutter flagged the UK Remote Gaming Duty increase from 19% to 40%, effective 1 April, as a risk that could push some players toward unregulated operators.
The company welcomed the Gambling Commission’s recently announced enforcement funding and the proposed ban on sports club sponsorships by unlicensed operators — concerns that mirror wider industry warnings about the UK black market.
Brazil delivered organic growth of 10%, with Betnacional AMPs more than 40% higher year-over-year. Flutter expects to integrate its proprietary pricing capabilities into the Brazilian sportsbook ahead of the FIFA World Cup in June.
In Asia Pacific, Sportsbet was positioned to build on its market-leading standing following Australia’s announcement of advertising restrictions in early April. In Central and Eastern Europe, revenue grew 14%, with Armenia and Serbia both delivering positive momentum.
Flutter also completed the migration of PokerStars customers to the FanDuel platform at the start of April, a move the company said would improve product quality and cross-state liquidity for poker customers.
Guidance and capital
Flutter updated full-year group revenue guidance to a midpoint of $18.305bn and adjusted EBITDA to $2.865bn, from prior guidance of $18.4bn and $2.97bn respectively.
The revisions reflect unfavourable Q1 sports results, $35m in Arkansas launch costs, and the change in reporting for PokerStars North America, which has no impact at group level. The group expects 56% of full-year revenue and 77% of full-year adjusted EBITDA to be generated in the second half, with the vast majority of H2 adjusted EBITDA anticipated in Q4.
Net debt stood at $10.575bn at the end of Q1, with a leverage ratio of 3.7x, unchanged from December 2025. Flutter expects leverage to increase in Q2 and Q3 before declining in Q4, driven by profit growth and cash generation.
As of 1 May, $190m of the $250m H1 share buyback tranche had been returned to shareholders, bringing total returns to $1.31bn of an expected $5bn programme. No additional buyback tranche will be initiated this quarter.
LSE listing review
Flutter confirmed it has commenced a review of its London Stock Exchange listing, with a decision expected during Q2 2026. The outcome may result in a delisting of Flutter’s ordinary shares from the LSE. The company’s NYSE listing will not be affected.
With FanDuel Predicts yet to generate meaningful revenue, new leadership in place in the US, and the World Cup and NFL season serving as key catalysts in the second half, the pace of Flutter’s sportsbook recovery will remain a focal point for investors and operators throughout 2026.
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