FanDuel will pay Amy Howe $4.37 million severance—more than four times her annual base pay—after she was left go as CEO on Wednesday.
Howe, who has led the company since 2021, will also receive a series of vested performance and time-based restricted stock options, and health care coverage for up to 12 months, according to an SEC filing from FanDuel parent Flutter detailing the specifics. The $4,370,828 gross severance represents two years of combined base pay and annual bonus opportunities.
Flutter announced Howe’s termination Wednesday as part of its first quarter earnings report. In a letter to shareholders, Flutter CEO Peter Jackson thanked Howe for her contribution to the company and said she would be replaced by FanDuel president Christian Genetski.
“With significant growth potential ahead, we have decided this is the right moment for new leadership,” Jackson said in a statement.
Howe’s contract, which was amended in August 2024, lists her as an “at-will employee” with a base salary of $1.03 million. She was also eligible for annual cash bonuses with a target amount equal to $1.03 million (1x base salary) and a maximum amount equal to $2.06 million (2x base salary). In addition, Howe’s contract had two types of discretionary annual stock awards, which vest according to a timeline set at the time of the grant.
Howe had been CEO since 2021, when the company formally removed her interim tag. In that time, FanDuel emerged as one of the two dominant brands in online U.S. sports betting and iGaming. For fiscal 2025, FanDuel reported revenue of $2.14 billion, with about 4.8 million average monthly players.
That said, shares of Flutter had fallen almost 60% in the past 12 months leading into Wednesday’s earnings report. That’s part of a wider, gaming sector sell-off, but a much larger fall than for rival DraftKings in the same period. The rise of prediction markets, including those operated by Kalshi and Polymarket, has created investor concern that traditional sportsbooks could lose momentum.
Howe’s original contract, signed in 2021, included a base pay of $650,000 per year. The annual cash bonus had a target of $650,000, with a maximum of $975,000 per year.
Flutter stock (NYSE: FLUT) was up slightly in after-hours trading following the release of the earnings numbers.
Mike Raffensperger, president of FanDuel’s sports division, also left the company recently.
