Asset Class: FanDuel Shake-Up

May 7, 2026

Shortly before FanDuel’s parent company reported first-quarter earnings Wednesday, Front Office Sports confirmed CEO Amy Howe had been pushed out after five years at the helm. Her ousting comes during a tough year for Flutter Entertainment, whose stock is down more than 50% year-to-date amid increased competition from prediction-market platforms like Kalshi and Polymarket.

—Ben Horney

First Up

A lawsuit alleges Lucky Strike built an illegal bowling monopoly focused on the financial bottom line instead of the customer experience. Read the story.
Former Knicks president Dave Checketts tells FOS that sports leagues have gotten too cozy with sports betting companies and prediction markets. Read the story.
The U.S.-style Indian Premier League has become a playground for American investors as private-equity firms identify cricket as an attractive investment. Read the story.
Leagues and players’ unions—including the NBA, MLB, and NFLPA—sent the CFTC their input on how prediction markets should be regulated. Read the story.

FanDuel CEO Pushed Out After Five Years Amid Stock Slump

Ryan Armbrust / Imagn

The CEO of FanDuel has been pushed out after five years leading the sportsbook, sources confirmed to Front Office Sports.

Amy Howe, who joined FanDuel in 2021, will be replaced by current FanDuel president Christian Genetski. It was not immediately clear whether he will be named CEO on a temporary or permanent basis. The news broke just a few hours ahead of the first-quarter earnings call for FanDuel’s parent, Flutter Entertainment, whose stock is down more than 54% year-to-date.

The news of Howe’s ouster was first reported by CNBC. During the first-quarter earnings call Wednesday afternoon, Flutter CEO Peter Jackson said he “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. We wish her every success for the future.

“Now is the right time” for new leadership, Jackson said. “There’s no change in our strategy or posture of the business.”

Separate emails sent internally to FanDuel employees Wednesday by Howe and Genetski, which were obtained by FOS, did not explicitly say she was ousted.

“As I sit down to write this, I’m filled with a combination of gratitude and tremendous pride for what we’ve accomplished together as the industry leader in online gaming,” Howe wrote. “After more than five unforgettable years, the time has come for me to step away from FanDuel and begin a new chapter.”

Genetski wrote: “I know you have only had a moment to read and digest the lovely farewell note from Amy. I’d like to share a few personal reflections before turning to what comes next.” He said FanDuel has “risen to new heights across every measurable metric” under her leadership. “That is a testament to her steadfast commitment to hard work and the pursuit of excellence.

“Periods of transition can be difficult to wrap your head around,” Genetski added.

The entire sports betting industry has found itself in a period of transition over the last year, grappling with increased competition from prediction-market companies like Kalshi and Polymarket. Those platforms allow users to put money on sports in all 50 states, minus Nevada right now, where the state’s gaming commission has scored tentative legal victories barring Kalshi and Polymarket from offering sports event contracts.

There are dozens of lawsuits winding through the court system, and experts expect the issue will eventually reach the U.S. Supreme Court. But despite the controversy over sports event contracts, gambling giants like FanDuel and DraftKings have been forced to confront the new competitors. Each company launched prediction-market platforms late last year. DraftKings has similarly faced stock struggles; shares are down more than 31% year-to-date.

Lowered Guidance

For the first quarter of 2026, Flutter posted revenue of a little over $4.3 billion, 17% higher than the same time period last year. Jackson described its Q1 revenue as “modest” but “encouraging.” The company also lowered its full-year guidance; projected revenue for 2026 is now $18.3 billion, down from $18.4 billion.

On Wednesday, Flutter reported 31% handle growth—or total dollars bet by customers—for the first quarter. (In February, Flutter posted 2025 handle growth of 3%, which fell short of expectations; the company chalked that up to “poor football matchups” in the NFL season and playoffs.)

Flutter said in its earnings release Wednesday it has “continued to see only a limited cannibalization impact” from prediction markets on sportsbook growth. It views prediction markets as a “very attractive, incremental opportunity” that provides a route to “acquire customers ahead of sports betting regulation in new states.” The company also said it’s “making good progress” on its prediction-market platform, FanDuel Predicts, while acknowledging that the “fast moving and complex regulatory environment means that product delivery timescales have at times been challenging.”

Market Maker

In addition, Flutter revealed that in April it began acting as a market maker for a “major, third-party prediction-market platform”—meaning it now provides liquidity by posting bid and ask prices for contracts to enable trading. Other market makers in the industry include Susquehanna International Group and Jump Trading.

Jackson said there is “opportunity to monetize this category” through market making, and that the plan is to provide market making “on as many platforms as we can.”

During its own Q4 earnings call in February, DraftKings reported positive net income—$3.7 million on the year—for the first time in company history (DraftKings was founded in 2012). It was also more forthright about its prediction-market plans, with CEO Jason Robins saying the company is “moving with urgency” and forecasting “hundreds of millions in annual revenue for DraftKings Predictions in the years ahead.”

Deal Flow

Lululemon Founder Pushes for Change

Lululemon at Jordan Creek Towne Center on Friday, Oct. 31, 2025, in West Des Moines.

The Des Moines Register

Lululemon founder Chip Wilson—who resigned from the company’s board in 2015 but maintained a stake and has been pushing for change—urged shareholders to vote for three director candidates he says will “help restore” the company as a “category definer,” he wrote in a letter to Lululemon shareholders. “The Company has gone from setting trends to aiming to be on trend.”
Mark Cuban has invested in the Brampton Honey Badgers of the Canadian Elite Basketball League. “Canadian basketball is probably the most underappreciated in the world,” Cuban said in the press release. “The talent here is through the roof and getting better by the day.” The CEBL features ten teams across six Canadian provinces. There are players who have played in both the NBA and the CEBL, including Jalen Harris and A.J. Lawson.
Kalshi announced its long-rumored $1 billion Series F funding round at a $22 billion valuation. The round, led by investment firm Coatue, represents the second $1 billion funding for Kalshi since December. Then, it was valued at $11 billion. Less than two months before that, Kalshi raised $300 million at a $5 billion valuation.
Inner Circle Sports, whose advisory work has included roles on this week’s record-breaking deal for the San Diego Padres and last year’s sale of the NWSL’s Denver Summit for a record $110 million expansion fee, has been sold to larger investment bank William Blair. “At a time when more people have entered the space, we can now do more for our clients,” Inner Circle cofounder Steve Horowitz tells Front Office Sports.
Indian steel industry titans Lakshmi N. Mittal and Aditya Mittal have teamed with Adar Poonawalla, founder of vaccine maker the Serum Institute of India, to buy the Rajasthan Royals cricket team for $1.65 billion. This marks the second Indian Premier League team sale worth more than $1 billion in the last two months. Blackstone in March purchased Royal Challengers Bengaluru in a deal valuing the franchise at $1.78 billion.
The New York City summer and winter X Games teams have been sold to UNA Sports Group in an “eight-figure” transaction. X Games—which is now called MoonPay X Games through a January agreement with the crypto firm—expects more franchise sales. The summer games are scheduled to start June 26 in Sacramento.
Tim Leiweke and Francesca Bodie of Oak View Group have acquired a “significant” minority stake in soccer club Venezia FC, which is currently in first place in Serie B, the second-highest tier of Italian soccer. Leiweke, who founded Oak View, was indicted last summer for conspiring to rig arena bids and pardoned by President Donald Trump in December. Their investment is part of a larger $118 million (€100 million) funding for the team. Leiweke and Bodie were introduced to the club by rap star Drake.