By SectorWire desk ·
The report said that former FanDuel chief executive Amy Howe’s exit package was worth about $21m, including legal fees. Howe stepped down in May after five years in the role.
The reported package increases the disclosed cost of Howe’s departure.
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The filing indicates a larger potential cost for Howe’s departure than previously estimated.
The order requires confidential review before deciding which documents shareholders may obtain; it does not resolve their allegations.
DraftKings and Flutter share declines reflect investor concerns over weaker earnings, promotional spending and prediction market competition.
Fanatics’ potential $1bn advertising spend would support its effort to challenge DraftKings and FanDuel in US sports betting.
Fanatics plans to increase marketing spending from $350m to $800m, potentially $1bn, to narrow the gap with DraftKings and FanDuel.
Midnite’s product recruitment supports international growth plans, including a planned Canadian launch.