Paddy Power owner Flutter Entertainment\u2019s stock tumbled on Wednesday after chief executive Peter Jackson said he would leave the business and the betting giant reported a \u20ac256 million loss for the three months to June 30th.<\/p>\n
Jackson will step down on September 30th with company veteran, Dan Taylor, the group\u2019s president and head of its international businesses, taking over, a statement confirmed.<\/p>\n
The Irish-based group reported that it lost $296 million (\u20ac256 million) in the second quarter, down from a $37 million profit during the same period in 2025.<\/p>\n
Revenues rose 3 per cent to $4.3 billion from $4.2 billion in the year ago period. <\/p>\n
The group cut its full-year profit forecast to $2.66 billion from the $2.87 billion it flagged in May \u2013 the fourth consecutive quarter in which the group has reduced guidance for future earnings.<\/p>\n
Flutter Entertainment shares had shed 12 per cent to $92.28 in New York shortly after 6pm Irish time. Its stock has fallen 65 per cent over the last 12 months as the group\u2019s fortunes shifted in the US, its single biggest market.<\/p>\n
In a statement, Jackson said he believed it was the right time to hand over to Taylor after almost nine years in the role. His $19.7 million (\u20ac17.2 million) remuneration package last year made him the highest paid boss of an Irish publicly-quoted business for the second year in succession.<\/p>\n
\u201cThe board \u200band I have agreed that now is the right time for a new leader to guide Flutter into \u200cits next chapter,\u201d Jackson told news agency Reuters when asked if the decision to leave was his.<\/p>\n
Flutter has been battling plateauing growth in the US while it has struggled to tap into the increased popularity there of prediction markets, which allow punters to bet on everything from sports to the weather.<\/p>\n
Taylor will have to reverse the trend and combat the challenge posed by Polymarket and Kalshi which dominate those markets. Flutter has launched its own prediction market app, FanDuel Predicts. <\/p>\n