Flutter’s Share Price Tumbles as Earnings Slump and CEO Quits

Troubled gambling giant Flutter Entertainment is set to experience more upheaval after their latest earnings call.

Although the group posted a 3% increase in revenue in the second quarter of 2026, their adjusted earnings fell by a staggering 45%.

Flutter’s chief executive Peter Jackson announced yesterday that he was to step down from his role, while the company’s share price continues to tailspin – it’s down 4.6% over the past month and a mammoth 52.9% for the year.

Dampening Expectations

While Flutter’s UK operations, where their brands include Paddy Power, Betfair and Sky Bet, continue on a downward curve, it’s their American-facing business that has faced the worst of the losses.

Revenue was down 6% in the US market, with adjusted earnings falling by an alarming 70% as the group continues to do battle with the emergence of prediction markets.

And despite the extra revenue associated with betting on the football World Cup, Flutter’s gains have been offset by Gambling Tax increases in the UK and increased marketing spend.

However, on a rare bright note, trading in the third quarter – which began in July – has been described as ‘slightly favourable’ by company insiders.

As a consequence of their second quarter earnings call, Flutter have been forced to reduce their full-year expectations in revenue and adjusted earnings by 2% and 7% respectively.

To counteract the growing popularity of prediction markets, Flutter chiefs informed shareholders that they would be spending more on bonuses and promotions in the American market to arrest a slide in customer numbers, which have been falling since last year at the same time that Polymarket and Kalshi have been aggressively growing.

The disappointing performance has been reflected in Flutter’s share price, which has been falling month after month and was down 10.5% on Wednesday as the earnings data was first shared and published.

The company had delisted permanently from the London Stock Exchange on Monday, setting up residence on the New York Stock Exchange instead.

All Change

Given the nature of their ailing business, it’s perhaps no surprise that change has been afoot amongst the key personnel.

Back in May, Amy Howe – the chief executive of FanDuel, Flutter’s flagship brand in the US – left the company.

And yesterday, it was confirmed that Peter Jackson, the company’s CEO for nearly a decade, would also be stepping down from his role.

He first joined the group as a non-executive director of Betfair back in 2013, before taking on the same position at Paddy Power Betfair when the two brands merged.

Jackson was promoted to chief executive in January 2018, helping to oversee Flutter’s growth as a global powerhouse of the industry – including that pivot into the burgeoning gambling sector in the United States.

It’s thought that he will leave his role in October, but will remain with Flutter as an adviser until the end of 2026.

“It has been such a privilege to lead Flutter's transformation and I am incredibly proud of what we have achieved over nearly nine years,” Jackson commented.

“Flutter is a fantastic business with a portfolio of world-class brands, talented colleagues and genuine competitive advantages.”

He will be replaced by Dan Taylor, who currently acts as the group president and chief executive of Flutter’s international business.

Taylor served his apprenticeship on the shop floor, joining Paddy Power Betfair as a managing director of its retail empire back in 2015.

He was then promoted to CEO of Flutter International, before being appointed group president in May of this year.

Investors will be hoping that Taylor can mastermind a recovery for the company… and fast.