Peter Jackson will leave his post as CEO of the world’s largest online gambling company, FanDuel owner Flutter Entertainment, just three months after Amy Howe was removed as CEO of FanDuel.
Jackson will be replaced by Dan Taylor, who is currently president of Flutter and CEO of its international division, on Oct. 1, the company announced by press release Wednesday, alongside its annual results. He will continue to be an advisor to Flutter for the remainder of the year.
Jackson oversaw the acquisition of FanDuel — as well as other big-name brands like PokerStars — and, through the purchase and growth of FanDuel, turned Flutter into a predominantly U.S. business, which generates almost 40% of its revenue from the U.S. Earlier this year, Flutter completed the final steps of moving its shares from London to the New York Stock Exchange.
However, Jackson’s last year in charge has been overshadowed by competition from prediction markets in the U.S., and Flutter shares have fallen more than 65% in this period, turning the group from a $50 billion company into one worth less than $20 billion.
Jackson singled out Flutter’s move to become a market leader in the U.S. as a highlight of his time as CEO.
“After nearly nine years as CEO, I believe this is the right point in Flutter’s journey for me to hand over the leadership of the business to Dan,” Jackson said. “In my time as CEO Flutter has changed beyond recognition, transitioning from a U.K.-focused Paddy Power Betfair, into the world’s leading online sports betting and iGaming operator, with market leading positions in the U.S. and around the world.
“Having worked closely together for years, I am confident Dan and the leadership team will continue to build on Flutter’s success. I will help the transition during Q3 as we prepare for the important NFL season and hand over fully at the end of the quarter.”
Taylor to take over
Taylor has been with Flutter since 2015 and in 2020 became CEO of its international business — covering everything outside the U.S. — before being appointed president in May.
“I’m delighted to take on the role of group chief executive officer at such an important time for Flutter,” he said. “Our priority will be to keep delivering for our colleagues, customers, and shareholders, while building on the momentum we’ve created across the business.
“The opportunities ahead are significant — both those we see in the market today and those we will create ourselves in the future. I look forward to leading the business as we continue to innovate, grow, and build on the strengths that make Flutter unique.”
The change of CEO is the second major shuffle at the top of Flutter in three months. In May, FanDuel CEO Amy Howe left the business with immediate effect, having reportedly been “ousted.” FanDuel President Christian Genetski took over as CEO when Howe left.
Flutter announces decline in FanDuel revenue
The announcement came alongside Flutter’s second-quarter results, where U.S. revenue dipped year-on-year to $1.68 billion, the first time that Flutter’s U.S. revenue has declined since the repeal of PASPA. Overall revenue edged up by 3%.
U.S. sportsbook revenue was down 15% to $1.04 billion, while handle edged up to $11.96 billion after a year-on-year decline in the first quarter. Flutter had previously downplayed the effect of competition from prediction markets on FanDuel’s sportsbook, but those results suggest it may be having an impact.
The business took a $296 million loss, as adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) in the U.S. fell from $400 million to $119 million.
In premarket trading, Flutter shares fell 6.3% to $98.71 as of 7:35 a.m. Wednesday as the market reacted to both the results and the change at the top. That would put the shares down 68% from their highs a little under a year ago, but still above the lows reached in May.
