Sportsbet’s fortunes rise as Flutter makes executive change

Australia’s largest bookmaker Sportsbet recorded a 12 per cent jump in revenue across the first three months of 2026, riding on the back of positive swings in sports results and a favourable currency rate.

Flutter released its first-quarter earnings for 2026 on Wednesday (US time), with better-than-expected global results: total revenue of US$4.30 billion, up from US$3.66 billion in the same period in 2025.

Sportsbet, which is wholly owned by Flutter, also saw its quarterly revenue numbers increase, from US$271 million in Q1 2025 to US$304 million from January to March this year.

The amounts staked through Sportsbet grew six per cent in the quarter, but this was due to what were described as “favourable changes to foreign currency exchange rates”.

“(This) more than offset a decline in greyhound racing softness and an improvement in net revenue margin driven by a positive swing in sports results,” it said.

Chief executive Peter Jackson said in an earnings call that racing, excluding greyhounds, was still declining in the Australian aspect of the business, but remained ahead of expectations.

The bump in revenue continues a positive trend for Sportsbet, which had one per cent growth in revenue over the final quarter of 2025. This came in a year when sportsbook revenue in Australia declined by six per cent overall.

Sportsbet confirmed last week that it is set to reduce its Australian headcount by around 90, with 50 positions made redundant and the rest unfilled.

Meanwhile, Jackson also said the looming changes to gambling advertising legislation in Australia should play into the dominant player’s hands.

“We also welcomed advertising restrictions announced in April and believe Sportsbet is well placed to build on its market-leading position,” he said,      

The strong revenue results from a global basis will also be welcomed, with Flutter’s performance under the spotlight of investors this year. Disruption in the American market, plus global challenges, has seen the stock price drop from $215 at the start of the year to $99.11 at the close on Wednesday.

It lowered its full-year outlook, concerned by rising costs, with 2026 revenue now in the US$18 billion range, despite the expected looming sugar kick from the upcoming FIFA World Cup.

It also confirmed key executive changes with Amy Howe, FanDuel chief executive, leaving the company after five years to be replaced by Christian Genetski, while Dan Taylor will assume the role of president of Flutter Entertainment.

“With significant growth potential ahead, we have decided this is the right moment for new leadership at FanDuel,” Jackson said.

“These changes will sharpen our focus on the US sportsbook, strengthen the connection between our US and international divisions, and fully leverage the group’s expertise, capital, and strategic ambition.”