Amy Howe has been removed from her position as CEO of FanDuel, according to individuals with knowledge of the situation who spoke to CNBC. Christian Genetski, who currently serves as president of FanDuel, is slated to take over leadership of the company. Howe had been at the helm of the prominent sportsbook since 2021, a period marked by significant growth in the sports gambling sector and a surge in the popularity of prediction markets.
FanDuel's parent company, Flutter Entertainment, experienced a notable decline in its stock value during afternoon trading on Wednesday, ultimately closing the day down 4%. This downturn follows a challenging year for the company's stock, which has fallen nearly 60% over the past twelve months. Investors have broadly divested from gaming stocks, influenced by the emerging competitive threat from prediction markets and concerns over consumer spending, exacerbated by rising gas prices and inflation.
In comparison, shares of rival DraftKings have seen a 30% decrease over the same timeframe. The pressure on Flutter's stock intensified in February when the company released its financial guidance for 2026, which fell short of Wall Street's projections.
Flutter CEO Peter Jackson addressed the company's financial outlook in a subsequent interview with CNBC. He indicated plans to invest approximately $300 million into FanDuel Predicts, the company's proprietary prediction platform. Jackson explained that this increased investment would lead to a downward revision of the company's 2026 financial targets. He also noted that the company observed slightly softer performance in the fourth quarter, which was factored into the current year's guidance.
Jackson further commented on the competitive landscape, suggesting that the company could have allocated more resources to marketing and promotional activities. However, he pointed to a scarcity of compelling narratives surrounding NFL players, which typically drives engagement among gamblers. This strategic consideration highlights the dynamic nature of customer acquisition and retention in the online betting industry.
Howe distinguished herself as one of the few female executives in the betting industry and the sole female CEO of a major gambling enterprise. In a farewell message to employees, which CNBC obtained, Howe encouraged her female colleagues to maintain mutual support and strive for higher achievements. She also emphasized the importance of using their voices, stating that their presence and contributions were intentional.
Prior to her tenure at FanDuel, Howe amassed extensive experience at Live Nation and McKinsey & Company. Her background equipped her with valuable skills in guiding companies through periods of transition and managing entities under significant public scrutiny. Her leadership approach often involved navigating complex stakeholder environments and public perception challenges.
Howe also took a prominent role in advocating for responsible gaming practices within the industry. Under her leadership, FanDuel notably refrained from advertising within college stadiums and from engaging in name, image, and likeness (NIL) deals with college athletes. This stance underscored a commitment to ethical marketing and player welfare, setting a precedent for industry standards.
Her contributions were recognized when she was named a CNBC Changemaker in 2026. Speaking at a CNBC Changemakers event in April, Howe expressed her deep commitment to FanDuel's success. She reflected on the challenges of leadership, particularly in contrast to leaders who prioritize self-interest, and articulated the value of authentic leadership, especially at her age.
