Boss of Paddy Power owner to step down after forecasts cut
By Henry Saker-Clark, Press Association Deputy Business Editor
Paddy Power owner Flutter has said its long-serving boss will step down as it cut its sales and earnings forecasts for the year.
The company, which also owns Betfair and SkyBet, reduced its guidance despite hailing a surge in betting activity during the World Cup.
On Wednesday, Flutter said group chief executive Peter Jackson will depart the top job at the end of September after eight years.
The gambling giant said he will be replaced by Dan Taylor, the boss of Flutter’s international business.
Jackson is stepping down after leading the group through its major expansion across the US in recent years, driven by its FanDuel sportsbook business.
But in an update alongside the leadership update, Flutter said it is set to miss earnings guidance for the year after being impacted by declining US sales over the latest quarter and increased investment in the region.
It said earnings before interest, tax, depreciation and amortization (Ebitda) is set to be around 2.655 billion US dollars (£1.97 billion), 210 million dollars below previous expectations.
The drop is partly linked to the group’s investment in order to strengthen its US proposition and improve momentum in the FanDuel business.
Group adjusted Ebitda dropped by 45% to 508 million dollars (£377 million) over the first half of 2026.
This came after the company revealed that US revenues fell by 6% to 1.68 billion dollars (£1.25 billion) for the half-year, linked to a 15% fall in its sportsbook arm.
It said the division lost pace against the period a year earlier, which had been boosted by “adverse” sports results.
The weakness in the US has also come amid a backdrop of rapid growth from American prediction markets such as Polymarket and Kalshi.
Total group revenues increased by 3% to 4.3 billion dollars (£3.2 billion) for the six-month period, supported by 10% growth in its international market.
Looking ahead, I feel confident we are positioning the business optimally and we are on a trajectory to deliver sustainable, long-term value for our shareholders
The New York-listed company also told shareholders that early trading was “ahead of expectations” in the third quarter, supported by “good” engagement during the World Cup knockout stages and “slightly favourable” results.
Nevertheless, it said revenues were likely to be $395 million below previous forecasts, at $17.91 billion for the year.
Jackson said: “Looking ahead, I feel confident we are positioning the business optimally and we are on a trajectory to deliver sustainable, long-term value for our shareholders.”
