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Flutter Entertainment, the parent company of FanDuel and PokerStars, said CEO Peter Jackson will step down on Oct. 1 and be replaced by company President Dan Taylor. The leadership change was announced alongside a weak second-quarter report that included a $296 million loss, a 6% drop in sales, and a 15% decline in sportsbook revenue.
Jackson will remain an adviser through the end of the year. Taylor, who was named president in May, has been leading FanDuel’s improvement plan for the brand’s international operations.
Leadership change arrives as Flutter stock slides
The market reaction added to the pressure around the announcement. Flutter stock was already down 14% in August and fell another 5.2% after the earnings report.
In a statement, Taylor 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.”
Flutter owns several major gaming brands, including FanDuel, PokerStars, Paddy Power, Betfair, and Sky Bet.
FanDuel stays on top in the U.S., but results weakened
Flutter said overall revenue rose 3% to $4.33 billion, while international sales increased 10%. But average monthly players fell 11%, and U.S. performance was softer.
In the U.S., revenue fell 6% and sports betting revenue dropped 15%, while online gaming revenue rose 6%. Flutter said FanDuel remains the largest online sportsbook in the country and that it plans proactive sportsbook investment in the second half of the year to extend that position.
For players in markets where FanDuel operates, this update does not announce any immediate product change. Instead, it signals that Flutter is still prioritizing sportsbook investment even as competition and other pressures weigh on results.
FanDuel Sportsbook operates in 25 states plus Washington, D.C., and Puerto Rico. The brand also offers online gaming in Michigan, New Jersey, Pennsylvania, West Virginia, and Connecticut.
PokerStars restructuring remains part of the story
Flutter also reported an overall decline in activity on the PokerStars global platform. The company said the PokerStars integration added $120 million in restructuring and integration costs during the second quarter, although it still expects that work to produce $300 million in annualized cost savings by year-end.
The update follows Flutter’s recent announcement of more than 100 layoffs at PokerStars across hubs in Canada, Europe, the UK, and Ireland.
Beyond the U.S., Flutter reported 14% growth in international sportsbook revenue and 7% growth in international online gaming revenue. Revenue rose 7% in the UK, 16% in Central and Eastern Europe, 36% in Southeast Asia, and 64% in Brazil, while Asia-Pacific revenue fell 1%.
Readers watching Flutter’s next steps should keep an eye on Oct. 1, when Taylor officially takes over, and on whether the company’s planned second-half sportsbook investment improves U.S. momentum. If you play online, stick to licensed platforms and gamble responsibly.
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Source: As reported by Sean Chaffin.
