Peter Jackson, chief executive of Flutter Entertainment, will step down at the end of October after nearly nine years leading the global gambling company. He will be succeeded by Dan Taylor, who currently heads Flutter’s international operations. Taylor takes over amid growing challenges in the U.S. market, where the group’s flagship sportsbook FanDuel faces increased competition and a shift in strategy that is expected to reduce near-term profitability.

Flutter, which owns well-known brands including Paddy Power, Betfair, and FanDuel, moved its primary stock listing from London to New York in 2024 to capitalize on the expanding U.S. sports betting market following the 2018 Supreme Court decision to lift the federal ban on sports gambling. At the time, FanDuel held a commanding 39 percent share of the U.S. sports betting market, making it the country’s largest online sportsbook.

Despite early success, Flutter’s shares have fallen sharply, dropping nearly 70 percent over the past year and losing more than half their value since the start of 2026. The company has issued multiple profit warnings, prompting criticism of execution over the past year and the recent departure of Amy Howe, former head of FanDuel.

Jackson acknowledged the company’s growth has slowed, with monthly active players declining 11 percent in the second quarter to 14.3 million. At the same time, revenue for the quarter rose to $4.33 billion, slightly beating expectations. However, Flutter revised its full-year revenue guidance downward by $395 million to $17.9 billion and cut its earnings before interest, tax, depreciation, and amortization (EBITDA) forecast by $210 million to $2.66 billion. The company attributes the downward revisions largely to increased investment in marketing, bonuses, promotions, and loyalty schemes aimed at bolstering FanDuel’s customer base and engagement.

A significant factor impacting Flutter’s U.S. operations has been the rise of prediction markets such as Polymarket and Kalshi. These platforms offer binary yes/no bets on a wide range of topics, including geopolitics, economic events, and cultural happenings, and have cleverly positioned themselves as financial products to navigate state betting restrictions. This strategy has allowed them to gain ground in major states like California and Texas, which still impose strict limits on traditional sports betting. Donald Trump Jr. is an adviser to these companies, which has brought additional attention to their growth and regulatory positioning.

Flutter has developed its own prediction market, FanDuel Predicts, but progress has been slower than anticipated. Jackson insists that the emergence of prediction markets is not cannibalizing Flutter’s sportsbook business and could even create incremental growth opportunities. Nonetheless, Taylor faces the challenge of maintaining FanDuel’s leading position while managing rising costs.

John Bryant, Flutter’s chairman, praised Taylor’s track record in managing complex international operations and expressed confidence in his ability to lead the company through this turbulent period. Taylor’s experience includes overseeing major acquisitions in Europe and Latin America and managing Flutter’s flagship UK and Irish businesses.

In his letter to shareholders, Jackson emphasized a shift in focus from margin growth to increasing average monthly players and customer value, reflecting the need to adapt to evolving market dynamics. The company also benefited from strong engagement during the recent World Cup, with players wagering over $3 billion during the tournament.

As Flutter navigates mounting competition and regulatory challenges in the U.S., the transition in leadership marks a critical moment for the company’s strategy and future growth prospects in the world’s largest gambling market.