FanDuel names new CEO amid Flutter's financial struggles and market shifts

FanDuel has appointed a new leader after its CEO stepped down this month. Christian Genetski, formerly the company’s President and chief legal officer, will now take charge. The change comes as Flutter, FanDuel’s parent company, faces financial challenges and shifting market competition. Amy Howe has left her role as CEO of FanDuel, prompting the leadership transition. Genetski, who already held senior positions within the company, will now oversee its operations. Flutter confirmed that its broader business strategy remains unchanged despite the shift.

Flutter’s US division reported $1.76 billion in revenue for the first quarter, making up 40.6% of the group’s total. However, adjusted EBITDA in the region fell by 26.1% compared to last year. The drop was linked to lower gross margins and unfavourable sports results.

The company has revised its financial outlook for 2026, forecasting group revenue of $18.3 billion and adjusted EBITDA of $2.87 billion. Meanwhile, Flutter’s share price has declined by nearly 60% over the past year.

To strengthen its position, Flutter is exploring acquisitions, particularly in prediction markets. This move aims to integrate such operations with its existing online sports betting services. Competitors like Kalshi and Robinhood have recently expanded into prediction-based betting, increasing pressure on FanDuel and DraftKings. Genetski’s appointment marks a new phase for FanDuel as it navigates a competitive and financially demanding market. Flutter continues to adjust its forecasts while seeking growth through potential acquisitions. The company’s next steps will likely focus on stabilising performance and expanding its betting offerings.