FanDuel President of Sports Mike Raffensperger Departing After Eight Years
FanDuel President of Sports Mike Raffensperger is departing after an eight-year tenure, marking a new path for the sportsbook
One of FanDuel’s most senior executives is stepping away. Mike Raffensperger, the company’s President of Sports, is preparing to exit after an eight-year tenure that spanned the transformation of legal sports betting in the United States.
His departure lands at a delicate moment for parent company Flutter Entertainment, which is navigating its most difficult stretch in recent memory.
Eight Years at the Center of Legal Sports Betting
Raffensperger joined FanDuel in the era before the Supreme Court’s 2018 PASPA repeal changed everything. As legal sports betting spread across the country, he was at the center of FanDuel’s commercial strategy.
He served as Chief Marketing Officer and then Chief Commercial Officer before being elevated to President of Sports in 2024. Prior to FanDuel, he held roles at Amazon, DIRECTV, and Magnet Media.
He confirmed his departure in an internal memo to staff. Sources familiar with the matter say the decision is entirely personal and is not connected to Flutter’s recent financial difficulties. FanDuel does not intend to hire a direct replacement. Instead, his responsibilities will be distributed among existing members of the sports division.
The Timing Is Hard to Ignore
Regardless of the official explanation, Raffensperger’s exit comes at a genuinely turbulent time for Flutter. The company posted full-year 2025 revenue of $16.4 billion, a 17% increase over the prior year. However, that top-line growth was offset by a net loss of $407 million, a dramatic reversal from the $162 million net income recorded in 2024.
The fourth quarter was particularly rough. FanDuel’s Q4 performance was hurt by bettors losing more often than usual, which discouraged them, led them to bet less, and made them use the app less frequently. Flutter CEO Peter Jackson acknowledged the difficulty. “It’s fair to say, not everything went our way in the fourth quarter,” he told CNBC. One bright spot was Fanduel’s success in the major New York market, where it recorded a massive Q4 in 2025.
Flutter’s share price has since fallen sharply, recording a 49% year-to-date decline and a 58.1% one-year total shareholder return loss. The stock was trading at approximately $113 per share at the time of writing, compared to a peak of over $300 in 2025.
2026 Guidance Missed the Mark
The earnings report compounded investor concern. Flutter’s 2026 adjusted EBITDA guidance of $2.97 billion landed far below the $3.5 billion analysts had pencilled in, overshadowing what was otherwise a broadly in-line set of full-year results.
Flutter’s US fiscal year 2026 adjusted EBITDA guidance was introduced at 28% below analyst expectations, reflecting ongoing market difficulties.
Multiple analyst firms, including Benchmark, Stifel, and Citizens, subsequently cut their price targets for Flutter stock. None changed their ratings, but the tone shifted notably downward.
A New Marketing Hire Adds to the Transition
Just as Raffensperger’s departure was becoming known, FanDuel announced the appointment of Ari Avishay as its new Senior Vice President of Marketing. This just adds to the new path forward for Fanduel as the sportsbook market continues to grow more competitive.
Avishay arrives with experience at Paramount+ and Hulu and is being tasked with driving customer growth through effective marketing. He was originally set to report directly to Raffensperger. His entry now coincides with a restructured reporting structure that is still taking shape.
What Comes Next for FanDuel
Despite the turbulence, FanDuel retains its position as the market share leader across most U.S. sports betting jurisdictions.
The company is also pushing into prediction markets through its FanDuel Predicts product, which is now live in 18 states, including California, Texas, and Florida. Flutter expects to invest $200 to $300 million in the prediction markets venture during 2026.
In addition, FanDuel Casino delivered strong results, with Q4 revenue growing 33% year over year.
The iGaming division captured a 28% share of the U.S. iGaming gross gaming revenue market in the fourth quarter. Those are numbers worth watching as the company works to balance short-term sportsbook volatility with longer-term structural growth.
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