After five years at the helm of FanDuel as CEO, Amy Howe is now out, according to CNBC sources. President Christian Genetski is expected to take on the leadership role, based on insiders who requested anonymity due to internal sensitivities.
To date, FanDuel dominates the U.S. sports betting market with about 44 per cent of the market share. But the latest leadership shakeup comes amid slow growth, intensifying competition, and investor unease. Its biggest competitor, DraftKings, holds 34 per cent of the market share. Together, FanDuel and DraftKings dominate 78 per cent of the industry, creating a near duopoly, according to SportBot AI.
Meanwhile, BetMGM controls 14 per cent. Smaller players include ESPN Bet (3 per cent), Caesars (2 per cent), Fanatics (2 per cent), and BetRivers (1 per cent).
Revenue trends
According to FanDuel’s Q1 2026, revenue rose to 6 per cent year-over-year to $1.14 billion. Despite a 9 per cent decline in betting handle, its iGaming division performed strongly, resulting in a 19 per cent increase in profits, amounting to $564 million.
However, adjusted U.S. EBITDA fell 26 per cent to $119 million, reflecting heavier promotional spending and softer NFL/NBA volumes, according to Covers.com.
The 2018 Supreme Court ruling allowed states to legalise sports betting, leading more than 30 states to open their markets. FanDuel, for one, capitalised quickly and leveraged its fantasy sports base. With Flutter Entertainment’s backing, it dominated new launches. In addition, aggressive partnerships with the NFL, NBA, and NHL further cemented its brand visibility.
Howe’s tenure and achievements
FanDuel appointed Howe in 2021 and guided the organisation amid rapid expansion in sports betting and online gaming. She spearheaded responsible gaming and refused to advertise in college stadiums or pursue NIL deals with student-athletes.
Amy Howe’s goodbye to @FanDuel employees. From what I witnessed over the years of interviewing her and covering the explosion in sports betting – she was highly regarded. And younger women valued her as a role model in an industry dominated by men. pic.twitter.com/zQbqNlNzHM
— Contessa Brewer (@contessabrewer) May 6, 2026
Market reaction
Shares of FanDuel’s parent company Flutter Entertainment fell 4 per cent on Wednesday, extending a year-long slide of nearly 60 per cent amid rising competition from prediction markets and investor concerns over inflation and consumer spending. DraftKings shares also dropped 30 per cent over the same period.
So far, the U.S. sports betting regulation is moving from rapid legalisation to tighter oversight: states are cracking down on micro-betting, refining promotional rules, and expanding online casino frameworks. This evolving environment now forces FanDuel and its rivals to adapt to stricter compliance and consumer protection standards.
Flutter’s guidance and strategy
In February, Flutter issued 2026 guidance that fell short of Wall Street expectations. CEO Peter Jackson told CNBC that the company will invest $300 million in FanDuel Predicts, its in-house predictions platform, which weighed on earnings projections. He cited softer Q4 performance, reduced marketing spend, and a lack of compelling NFL storylines as factors driving customer engagement.
Meanwhile, Flutter is aggressively expanding internationally with revenue outside the U.S. It jumped 27 per cent year-over-year in Q1 2026, driven by acquisitions in Italy and Brazil and strong growth in Southeast Asia. This highlights how FanDuel’s U.S. slowdown is being offset by overseas momentum.
DraftKings is closing in with innovations such as live streaming and micro-betting. Meanwhile, FanDuel’s promotional spending rose 5 per cent with new state launches in Missouri and Arkansas, though average monthly players slipped 1 per cent.
Howe’s legacy
Howe is one of the few women leaders in the gambling industry and the only female CEO of a major sportsbook. In a statement obtained by CNBC, she urged women in the sector to “keep supporting each other and raising the bar.”
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