Peter Jackson, chief executive of Paddy Power owner, Flutter Entertainment, will step down next month.
He confirmed the move on Wednesday as the Irish-based group reported that it lost $296 million (€256 million) in the three months to June 30th, down from a $37 million profit during the same period in 2025.
Jackson will step down on September 30th with Flutter president and chief executive of its international arm, Dan Taylor, taking over on October 1st.
Jackson said he believed it was the right time to hand over to Taylor after almost nine years in the role.
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Flutter growth in the US, its biggest business, has been plateauing. It has also been struggling to tap into the increased popularity there of prediction markets, which allow punters to bet on everything from sports to the weather.
[ Flutter’s management reshuffle puts focus on chief executive Peter JacksonOpens in new window ]
Jackson noted that Flutter had changed “beyond recognition” in his time, evolving from Irish and UK-focused Paddy Power Betfair to “the world’s leading online sports betting and igaming operator”.
US revenue slipped 6 per cent to $1.7 billion in the second quarter, the latest results show. Flutter partly blamed results favouring punters for the slide.
The group cut its full-year earnings prediction by $210 million to $2.655 billion.
