NEW YORK, August 30, 2026, 06:01 (ET) – Flutter FLTR.L shares rose 7.1% after its FanDuel unit introduced a $350 new customer bonus, underscoring increasing competition and higher promotional costs in the U.S. sports betting market.
- New customers at FanDuel are being offered $350 in guaranteed bonus bets.
- In the second quarter, U.S. promotional spending amounted to 5.4% of sportsbook handle.
- Flutter reported a 61% increase in U.S. sales and marketing expenses, totaling $353 million.
- Flutter’s stock ended Friday at $101.78, advancing 7.13%.
Interest in “fanduel promo code” increased on Sunday after FanDuel promoted a $350 guaranteed bonus bet offer ahead of football’s peak sign-up period. The promotion asks new users to place a minimum $5 wager per day over seven consecutive days FanDuel promotions.
The campaign highlights Flutter Entertainment plc’s NYSE: FLUT broader investment changes. In the second quarter, FanDuel increased its U.S. promotional spending by 140 basis points, reaching 5.4% of sportsbook handle.
The rise amounts to approximately $646 million from a total handle of $11.96 billion. This estimate serves as a valuable gauge of scale rather than being an explicitly reported cost. It highlights how acquisition deals are able to accelerate revenue growth more quickly than profits.
| U.S. metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Sportsbook handle | $11.96 billion | $11.70 billion | +2% |
| Promotional spend / handle | 5.4% | 4.0% | +1.4 points |
| Sportsbook revenue | $1.04 billion | $1.22 billion | -15% |
| Total U.S. revenue | $1.68 billion | $1.79 billion | -6% |
| Sales and marketing | $353 million | $219 million | +61% |
| Adjusted EBITDA margin | 7.1% | 22.3% | -15.2 points |
FanDuel continued to attract users. The average number of U.S. monthly players climbed 9% to reach 3.84 million. Sportsbook customer numbers were up 8%, contributing to a 2% gain in handle Flutter’s Q2 results.
Monetization declined as sportsbook net revenue margin dropped to 8.7% from 10.4%. The decrease was driven by increased promotions, which reduced the margin by 140 basis points, and sports results, which contributed a further 70 basis points decline compared to the previous year.
U.S. sportsbook revenue dropped 15% to $1.04 billion. iGaming helped soften the blow with a 14% increase to $577 million. Overall, total U.S. revenue decreased 6% to $1.68 billion.
Cost pressure intensified beneath the revenue line. Sales and marketing expenses surged by 61% to $353 million. U.S. adjusted EBITDA fell 70% to $119 million, shrinking the margin to 7.1% from 22.3%.
Flutter is intentionally maintaining spending levels during the slowdown. The company anticipates around $385 million in additional U.S. revenue investment, which is projected to lower 2026 adjusted EBITDA by approximately $270 million. Guidance for the U.S. now points to $7.4 billion in revenue and $760 million in adjusted EBITDA.
The next challenge comes soon. The NFL regular season kicks off on September 9 NFL calendar. FanDuel faces the task of keeping bonus-motivated accounts engaged as betting activity moves from summer sports to weekly football games.
Flutter shares climbed 7.13% to $101.78 on Friday, trading 3.02 million shares, a bit higher than usual volume Google Finance. The stock continues to trade close to the bottom of its $89.71-to-$300.92 range for the year.
Analysts remain optimistic. According to FactSet, there are 23 buy ratings, two overweight, nine hold, and one sell recommendation. The mean price target of $135.26 suggests potential upside of around 33% from Friday’s close WSJ market data.
Sunday’s trend does not demonstrate customer conversion but does indicate that consumers are actively looking up FanDuel’s acquisition keywords U.S. trend table. This level of attention comes as management has prioritized expansion rather than short-term margins.
Risks: There is a possibility that bonus hunters might depart after seven days. Margin pressure may persist due to adverse sports outcomes, increased state tax rates, and rivalry from prediction markets. Execution risk may also intensify in the midst of a management change.
Retention serves as the investor bridge. An account can be created with a $350 offer. Flutter relies on that account continuing to place bets once the incentive period concludes.
