 Hi everyone. So glad you could join us for another episode of Adweek's most powerful woman in sports. I'm Lisa Granstein and it's here where the world's greatest marketers and media pros share their remarkable career journeys and how they achieve peak performance. Today we'll be speaking with Amy Howe, CEO of FanDuel, a leading online gaming company whose portfolio includes sportsbook and daily fantasy sports offerings. FanDuel officially named Amy as its new CEO in October and making her the only female CEO at a sportsbook operator in the U.S. We'll talk to Amy about life and work lessons learned on her path to success. So now let's dive in and Amy welcome to the show. Thank you Lisa. So happy to be here with you. Thank you. Thanks for being here. So let's start from the beginning. Where did you grow up? I love this question. So I grew up in a very small town outside of Buffalo, New York. It's called Eden and it has a population of maybe 8,000 on a good day. I describe Eden as it's a very hard working, high integrity, kind of high grit community. So very down to earth and I feel very lucky to have grown up there. Yeah, so Buffalo is full of grit and you guys are getting a new stadium without a closure. We are. I know. Listen, we're up going to all those Buffalo Bills games. You have to have grit to survive those winners. Seriously, seriously. So aside from the winners, who else helped shape the person you are today as you were growing up? So many people. You know, the person that honestly is on the top of that list for me is I have an identical twin sister. Her name is Kelly Ungerman. She lives in Dallas right now. And you know, listen, I would say growing up is an identical twin in a very small town. We were very competitive. I always say kind of a healthy kind of competition, but people compared everything we did. And we ended up having very similar careers. We went to Cornell together, Anderson Consulting. We went to business school and spent 15 years at McKinsey together and not because we consciously chose that, but just because, you know, we were very similar in the way we were cut and driven. And so she's probably had the most, the single biggest impact on who I am as a person and kind of still pushes me to this day. That's wild. Wow, that's crazy. That's great though. And what about sports? Did you play any growing up? Oh, I sure did. No, sports had a huge impact. I was a competitive gymnast. I swam. I played tennis. You know, we kind of back then, we kind of did the rotation of sports. My husband and I have three boys now and sports plays such a critical role in their lives and ours. And, you know, we talk to our boys about this all the time. You know, for me, I think some of the most important life lessons are learned through sports, especially when you're participating, right? The concept of teamwork, the notion of being a leader, the importance of humility when you're winning and, you know, picking yourself back up when you get knocked down. So it's played a really instrumental role, certainly in my life and not in our three boys' lives as well. That's great. And what sports are they into? Oh my gosh, everything. So we have a 16-year-old, a 12-year-old and a 10-year-old. My oldest is an avid golfer right now, but we have club basketball, we have soccer, we have lacrosse, we have flag football, tennis. You name it. Oh boy. You guys are busy. We are busy. They dominate our lives on the weekend, but in a great way. So what was your first job? And how did you find your way from Mackenzie into entertainment, which I think you landed in for a little while? Tell me about your career path. Yeah. Well, so I guess my first technical job was in retail years ago back in Buffalo, and I will say that definitely taught me how hard it is to be on the front line. But my first job when I was at Cornell was with Anderson Consulting, now Accenture, and they had a, I'm going to date myself because they had an exhibit. It was about the future of the consumer packaged goods industry. It was called Smart Store 2000, so this was many years ago when 2000 was in it. But I ended up kind of going into consulting, honestly, because I realized that my initial dream of going back and taking over my dad's company, which is a food broker, which was probably not the right answer. To answer your question and how I ended up going from Mackenzie into entertainment, after spending what was about 17 years in management consulting, so I was a partner at Mackenzie. I had all three of my boys when I was a partner in the firm. And one of my assignments in my engagements was I was coming back from my third maternity leave with my youngest son Dylan. And I had the opportunity to go serve a company called Live Nation Entertainment, which is now the largest company in all of Live Entertainment, and had the good fortune of serving the CEO then and still now the CEO, Michael Rapino. And it was a relatively straightforward study. It was that particular year happened to be a really challenging year for the Live Entertainment industry. And we ended up doing a big restructuring, which put them on the path that they're really that they're on today. And we kept in touch for many years. I stayed in touch with Michael and now his president, Joe Berktold, who he and I had worked together at Mackenzie. And they reached out to me and they were kind of looking to professionalize their organization and build their bench. And so I came over initially as chief strategy officer with people always laugh when I tell this. I had no budget, no team, and I really only had a title, but not really even a role. And, you know, they took a bet on me and I took a bet on them because I had, you know, we worked together and that trust and mutual respect was there. And so the honest answer of how I ended up going from Mackenzie to entertainment was, you know, I made it obviously made a great first impression, but I stayed in touch. And, but I think that one of the lessons I always try to give people is I wasn't hired because I was a subject matter expert in live entertainment or ultimately taking when I went on to run Ticketmaster. But it was, you know, again, it was that the initial impression that I, that I gave them when I was a consultant and that wasn't on a great path. Was it, was it soft skills or was it your analytical skills or was it a combination? What do you think got you over the line? Honestly, I think it was both. I mean, you know, you don't get hired into those positions if you don't have the wrong forensics and the intellect. But live nation entertainment, I think Michael knew that that it was going to be the right fit for the organization as well. It's a, it's a very diverse company with three very different, you know, different divisions across the organization. And so you need somebody who can come in and navigate very different cultures, if you will, within the organization. And I think knew that. And so to your answer, the soft skills, what are you going to hold into? And what, what appealed to you about sports betting? Were you, was this also something where you were not quite a subject matter expert, but were you into betting at all? Was this a passion of yours or just, how did you get in there? It's a great question. The, and the honest answer is no, I was not a subject matter expert in sports betting. I was obviously, you know, having run Ticketmaster, which was the largest division of live entertainment, I knew the sports industry well and, you know, very much a sports enthusiast, but what really attracted me to sports betting is I personally think it is by far one of the most, if not the most dynamic and fast paced industries out there right now. And so the ability to step into a position with not just the leader in the US, but we're owned by Flutter Entertainment, which is the leading global gaming operator. So to be able to step into that kind of position and really be able to shape both an industry and a company in a meaningful way was from my vantage point of once in a career opportunity. And so I feel incredibly fortunate to be in this position. Okay. And you, and you were promoted in October to CEO as group CEO. And it's, so talk to me a little bit about the scope and scale of your role. And this goes beyond just sports book. I mean, Fandall is pretty massive. It does. You're right. And just to contextualize, our business is we're effectively in four different verticals, right? So Fandall started as a fantasy sports platform. And then, you know, in 2018, when the Supreme Court decided they would let each state legislate, our sports betting business became is now by far the biggest part of the business, but we're also in casino gaming. And we also have the biggest horse racing business. So you're at the scope is goes well beyond just, just sports betting. But, you know, to answer your question is, is leaders were expected to both perform, right? We're, you know, a big division of a publicly traded company flutters traded on the London Stock Exchange. So we have to perform and, you know, we're always up against quarterly expectations, but at the same time, you also have to be able to transform and make sure that you can set a clear vision for where the business is going, you know, in the next three to five years. And, you know, as I think about our position right now, we are the number one mobile gaming operator in the US. And, you know, is I think about both strengthening that and really put, you know, accelerating that position. There's a number of areas for me that are critical for how I spend my time. You know, one of them is I'm sure you talk a lot to other folks about this, but just winning that war for talent, right? If I have to throw myself by the very best team I can, it doesn't matter how good I am, I don't scale as an individual. So that's a huge part of what I do. But secondly, we're, you know, we're building a brand that is not just the most recognized in sports betting, but I think one of the most iconic in all of sports. And so winning that acquisition and that marketing game early on is really critical. And I, you know, I also spent a lot of time making sure that that North Star is clear and it's very clear where we're going and that I'm aligning the resources against that. And part of that is also getting ruthless about what's on the don't do list too, right? Yeah. Yeah. Well, there's three different areas I want to break out based on what you were just talking about. The first is how the sports betting universe has really expanded since 2018. And I think it's now in 30 states, 30 states are legal online. So online, online 15, so 15 more if you include retail as well. But with a real growth, this is an online sports betting that right now is there's 15. And just recently, New York was added to the list. Correct. And what is what is that done? Or what will that do to to the bottom line? What how much will that change? Thanks. No, I mean, listen, New York has been by far one of our most successful launch, right? And I think it is, it's indicative of a just how much pent up demand there is for online sports betting that the we know that, you know, almost 80% of consumers want sports betting to be legalized. And so when you see a huge state like New York open up and see those, you know, the adoption of sports betting as quickly as it has been in New York, it speeds volume to that. You know, we we've secured a number one position quite quickly in New York. Two year question on the bottom line. One of the things that is unique about New York is they have a very high tax structure, right? It's a 51% tax structure. I know it was a CEO of a sports betting operator. We also have to be mindful about developing a business model that is sustainable for the long term as well. And so we'll see where that goes. But if that tax rate continues at that rate, then there's no doubt we and other operators will probably have to pull back. It's been it's been a hugely successful launch for us. That's great. California is still a bit of a sticking point, right? That's still needs to be worked out. It is. We're working with a number of the constituencies right now. We're quite optimistic that that will be on the ballot in November 22. Along with a number of other operators are, you know, we're partnering up and donating a significant amount of money to the California's the California for solutions fund. And it goes to really two things. One is homelessness and the other is mental health, which are, you know, two critical cases. So we're optimistic that that we'll have a positive outcome in November. Yeah. And actually speaking of mental health, talk a little bit about responsible gaming and van duels role. Yeah. I mean, listen, this is as the leader of the number one online gaming company. It is by far one of, if not my most important priorities right now. And, you know, the way we think about it is our mission is to make sure that, you know, we don't want any bet resulting in hurting a family member, a loved one, a member of the community. And we want to keep it as a form of entertainment, right? 90% of consumers view it that way. And so we want to keep it that way. And there's I'm really proud of the things that we're doing. There's a few in particular that I'd highlight. We have partnered up with I'm guessing you know them because you're in the New York area, but Craig Carton is our national responsible gaming ambassador. And Craig has a very well documented challenge with gambling in the past. And we partnered up with him. In fact, I just interviewed him at our town hall the other day and he was, he's captivating. He is able to humanize and destigmatize this topic in a way that I think very few people can. And what we love about Craig is he will help us reach that, that young male, right? That 21, 25 year old consumer who when you look at the data, you know, is just a bit more at risk. So Craig on a college tour, he's out there educating consumers on how to keep it and you know, within the, within your spending limits and as a form of entertainment. So that's the first thing that we're doing. The second thing though is we set as a company and this starts globally with Flutter Entertainment. We set, we set targets around responsible gaming that we have to adhere to or not just executives, but the whole company doesn't get their bonus. Flutter, non-stay, it's their positive impact plan. And by 2030s, we've set a goal that 70% of consumers globally will have to use one of our responsible gaming tools. And I can tell you, Lisa, there are no other operators out there that are setting those kinds of aggressive targets. So, you know, we're putting our money where our mouth is on this topic, supporting, you know, we have lots of great products and tools and, and we're also working with the leaks, right? The NFL's, the MBA's, the, you know, the NHL's of the world, they have to protect their brands and their consumers too. So it's an important dialogue. Yeah, that's really impressive. All right. So we're going to switch gears a little bit and talk about what is the most popular sporting event to bet on right now? Yeah. Well, this year, the, by a long shot, the most popular sporting event was the Super Bowl. We had this year, we took 8 million bets on the platform. Wow. Which was, you know, almost, you know, exponentially larger than what we took last year. We had almost 200 million dollars in handle. And I think what, you know, what I love about the Super Bowl is if you, if you, from a consumer's perspective, we had 600 different, we call them markets, but 600 different bets that you could place as a consumer. And so the, it just engages consumers that much more, right? It's not just about who's going to win the game and, you know, what the point spread is and the over and under. But there's so many different ways through like player props and same game parlays. In fact, this is kind of a fun stat. We work with Pat McAfee and Pat had a, his own, it was a four leg same game parlay and we had quarter of a million Super Bowl fans that were riding on that same game parlay with Pat. So they, you know, they're in best want to know the outcome of that same game play. That's very funny. And, you know, a lot of women obviously watch the Super Bowl more than the Grammys, Oscars, Emmys combined probably even way more this year as it turns out. But what role do women have in sort of the demographics of fan dual of sports betting and maybe even with the Super Bowl? Yeah, it's a great question. So listen, this, this topic is one that I care deeply about because when you look at the data, you know, 50, roughly 50% of sports fans are women, but only call it 10 to 15% of sports betters are women. And so when you look at that in balance, you know that there's, you know, there's a huge opportunity here. Sports, you know, Super Bowl tends to attract a slightly more casual user. So you're going to over index a bit there. But there's, there's a few things we're doing. In fact, you know, one of them is starting by supporting the female athlete. We're just coming off of March Madness. And I was just, you know, looking at some of our numbers, we had a million bets that were placed on women's March Madness, which is, you know, it's a compelling stat. And we were, in fact, we were a panel one of the first to take bets on women's March Madness. So every year we're seeing more and more of that engagement. But, you know, it starts by supporting that female athlete and the female associations, WTA, the WNBA has been a big partner of us for many years. But we also trying to figure out how do you reach that female consumer in an authentic way, right? The same channels, the same content that works for the men 21 to 54 may not be the same that works for women. And so we're working hard around partnering up with the right distribution channels. We did a great partnership with the GIST. We're coming up with great educational training videos just to make sure that we can bring women along. And if they're intimidated by sports betting, you know, we can educate them and bring them in a very authentic way. So there's a lot we're doing here. Sure. I read somewhere that there's a lot of women who are into horse racing. Is that true? Is that one of the more popular? Yes. Yes. Is the short answer where you really see women over index though is in eye gaming. So if you look at our casino population closer to 50% of the population is female. So yeah, the demographics, they vary a little bit depending on the betting activity. Okay. Well, we're just about out of time. I do have one quick question and then we'll head off to your takeaways. And that is just what do you where do you see sports betting going next? What do you think this year we'll see any predictions? Yeah, I just, you know, I think that you're going to continue to see that intersection between sports media and sports wagering, right? We're already seeing it and consumers want it. 75% of consumers say they're more likely to watch the game if they're, you know, if they have a stake in it. Yeah, we've done some great integrations with some of our partners, TNT and the NBA. And when you know, think about that stat I just shared with you when you have a quarter of a million consumers who are invested in the outcome, they're going to, you know, they're going to be more interested in the game. But I think that you're seeing that the sports betting is actually becoming part of the narrative of the game, right? And you're seeing that really come into the broadcast in a way that is not just about reporting on how the game is going, but it's, you know, it's really enhancing that. So I think you're going to see more and more of that over time, but you're also going to see greater personalization, right? So if you're at home and you don't want the betting odds integrated into the broadcast because you have, you have kids and you may not want to expose that to them, it's something I think you're going to be able to to be able to toggle and really, you know, choose your own destiny. So a lot more to come, but it's exciting. You just changed in a short period of time. It's really amazing technology has just changed everything. All right, well, let's get over to your takeaways. This has been fantastic, by the way. Thank you. I've learned a lot actually about the space. So I'll leave it to you now for the takeaways. Yeah, listen to a few things. The first embrace ambiguity. I think if COVID has taught us anything, it is to understand that, you know, we've been very dynamic and constantly changing worlds right now. And so the sooner you can get comfortable with the fact that, you know, your life is not going to be a straight path. There's not going to have, you're not going to have perfect uncertainty. And you can not just accept it, but really figure out how to embrace it. By far, those are some of the most successful activities and team members I have. So I think that's the first thing. The second is to to bet on yourself, right? And I think we've all seen the research that women tend to sometimes, they don't lean in the same way that men lean in, right? And the reality is that women are oftentimes way more prepared. And so even though, even if it feels like a risky and a scary decision, lean in and trust your instincts in yourself because you know that whatever that next step is, you're going to step up to the plate and you're going to do whatever you need to do to be successful. So to bet on yourself. And then last but not least, this is actually one of the fan dual principles that I love. And it's part of why I was attracted to the company in the first place, which is stay humble, stay hungry. We are a leader, but we are a company that's not resting on our laurels. And if there's one characteristic, I think if I look back on my success, that grit and the ability to not let my ego get ahead of me at any point in my career has been has been a really important, I think defining characteristic of my success. And so that that would be my last one. Thank you. These are really a inspiring be just really wise words to live by. So thank you so much for this. I hope we can do more in the future. And I will let you get back to your your work. Thank you so much. And as always, I want to thank everyone for listening in. And we'll see you another time.