As of October 1, Peter Jackson will no longer be CEO of Flutter Entertainment. He will stepping down at the end of September, to be replaced by Flutter International President Dan Taylor.
Explaining his resignation, Jackson wrote, “After nearly nine years as CEO, I believe this is the right point in Flutter’s journey for me to hand over the leadership of the business to Dan. In my time as CEO, Flutter has changed beyond recognition, transitioning from a UK-focused Paddy Power Betfair into the world’s leading online sports betting and igaming operator, with market leading positions in the U.S. and around the world.
“Having worked closely together for years, I am confident Dan and the leadership team will continue to build on Flutter’s success. I will help the transition during Q3 as we prepare for the important NFL season and hand over fully at the end of the quarter.”
The announcement was made at the top of Flutter’s second-quarter earnings release, disclosed on Wednesday. The news came as Flutter suffered certain financial reversals.
While Flutter revenue grew three percent to $4.3 billion, profits and cash flow were not so fortunate. Profitability swung from $32 million in the second quarter of 2025 to a loss of $296 million, a 900 percent decrease. Cash flow went from $919 million to $508 million, a decline of 45 percent.
Monthly active users also declined. They numbered 14.3 million, down 11 percent from 16 million.
Flutter blamed the closure of the India market for the sharp downturn in users. The World Cup, however, was partially credited for the revenue boost, in addition to “an adverse swing in U.S. sports results year-over-year.”
United States igaming revenue was 14 percent, but sports wagering saw a 15-point plunge for a total of $1.7 billion, driven by those adverse sporting outcomes. Flutter subsidiary FanDuel saw 39 percent share of all U.S. sports betting and 27 percent of igaming. Cross-sell of sports bettors into igaming was up 26 percent.
The company forecast $50 million in 2026 revenue from its FanDuel Predicts product. It also added proposition bets and customized wagers to its prediction-market mix.
U.S.-derived cash flow plunged 70 percent to $119 million, “ahead of expectations after prediction market investment and new state launch investment,” according to Flutter. International revenue rose to $2.6 billion, with igaming up seven percent and sports betting revenues jumping 14 percent.
Southeast Asia saw Flutter grow revenue by 36 percent. Igaming was up seven percent in the United Kingdom and 16 percent across central Europe. However, tax increases in the UK and marketing costs associated with the World Cup diminished cash flow by 19 percent to $476 million.
Flutter announced a $500 million cost-saving initiative to offset tax hikes and inflation. The company’s debt-to-cash flow ratio stood at 4.3 times.
