Former FanDuel CEO Amy Howe has received a departure deal worth significantly more than the figure initially made public following her exit from the company.
Howe stepped down from her role as CEO of Flutter’s US operation FanDuel in May after a five-year tenure at the helm of America’s leading sports betting operator.
Her departure came as the rise of prediction markets began to challenge FanDuel’s dominant position in the US betting market, casting uncertainty over the company’s future direction.
It was widely reported at the time that the one-time McKinsey partner would receive a severance package of $4.37m, covering 24 months of salary and bonus along with an unspecified amount of stock.
The full details of the deal were later revealed as an exhibit attached to Flutter’s recent financial report, painting a very different picture of Howe’s total compensation.
In addition to the headline severance figure, Howe is entitled to a Value Creation Award, a form of compensation that was originally granted at the time of her appointment back in 2021.
While the figures attached to that award were confidential at the time, they appear in the agreement Howe signed with Flutter upon leaving the business, which formally preserves the deal.
The award was theoretically worth as much as $12.5m over a five-year period, and on a pro-rata basis this works out to $11,473,165 paid in cash.
Adding that sum to her severance package pushes Howe’s total compensation beyond $15.8m before additional elements of the agreement are even factored in.
The deal also preserves a substantial portion of Howe’s stock-based compensation, divided between performance stock units and time-restricted stock units.
Further to this, the agreement grants the Cornell University graduate an additional $1m in attorney fees, a sum that appears to have been folded into the originally reported severance figure.
When all components are calculated based on Flutter’s share price at the time the agreement was struck, the total economic value of the package lands at $21.2m.
That figure is nearly five times higher than the number that was initially reported and circulated across industry media following Howe’s departure announcement.
Howe will need to meet a number of obligations to receive the full payout, with payments scheduled to be made at various points through to early 2029.
These conditions include a one-year non-solicitation agreement, along with confidentiality and non-disparagement clauses she must honour throughout the period.
Notably, the agreement does not appear to include the 24-month non-compete that Howe was previously understood to be subject to under the company’s 2026 proxy statement.
Howe’s departure has not been the only high-profile exit from Flutter, as group CEO Peter Jackson also announced his resignation this week amid a downbeat second-quarter financial report.
The wave of leadership changes continues to raise questions about the strategic direction of Flutter and FanDuel as competition from prediction markets intensifies across the US.
