BOSTON, September 1, 2026, 04:28 EDT
- DraftKings Inc. (NASDAQ:DKNG) ended Monday at $24.29, slipping 3.84%. Flutter Entertainment plc (NYSE:FLUT), which owns FanDuel, declined 1.57% to $100.18.
- New users at FanDuel can receive up to $350 by placing a $5 wager each day for seven days. DraftKings provides $200 following a single qualifying $5 bet.
- FanDuel reported second-quarter U.S. revenue that was 16.6% higher than DraftKings’ total revenue. However, DraftKings achieved a larger adjusted EBITDA margin.
Shares in DraftKings dropped 3.8% on Monday as the competition with FanDuel intensified, focusing on attracting new customers. Both companies are promoting contrasting bonus offers ahead of the most active football betting season.
FanDuel’s top welcome bonus is 75% higher. It asks users to place seven daily bets in a row, compared to a single bet at DraftKings. The approach aims to determine if a larger, extended incentive leads to longer-lasting customers.
New-customer offers: headline value and effort
National offers shown at 04:28 EDT on September 1, 2026; eligibility and location rules apply.
One qualifying wager of at least $5. Bonus paid within 21 days.
One $5-plus wager daily for seven consecutive days; $50 maximum each day.
Sources: DraftKings offer terms and FanDuel offer terms. Both promotions run August 24–September 20, 2026.
Nationwide promotions started on August 24 and finish on September 20. FanDuel users need to place a minimum of $35 in total bets for the promo. DraftKings sets the minimum at $5. Bonus bets cannot be withdrawn as cash.
That surge in spending has not translated into gains for the stock market. Shares of DraftKings fell 5.8% from August 25 through Monday, while Flutter dropped 1.8% during the same five-session period.
Five-session share performance
Closes: DKNG $25.79, $24.78, $24.22, $25.26, $24.29; FLUT $102.06, $98.06, $95.01, $101.78, $100.18. Source: Yahoo Finance DKNG and Yahoo Finance FLUT.
DraftKings faced increased selling in the most recent session, with volume reaching 11.5 million shares, nearly matching its three-month average. Flutter saw around 6.0 million shares change hands.
On August 27, the NFL extended its multi-year partnerships with DraftKings and FanDuel, while also naming Fanatics as its third official sportsbook. The agreements grant all three companies event presence and access to official data. According to NFL revenue chief Renie Anderson, maintaining game integrity remains the league’s top priority.
The acquisition drive comes after a challenging second quarter for sportsbook hold. FanDuel reported a 6% drop in U.S. revenue to $1.683 billion. DraftKings saw its revenue decrease by 4.6% to $1.443 billion.
Q2 operating economics
Three months ended June 30, 2026. Bars use the larger value in each measure as 100%.
Sources: DraftKings Q2 results and Flutter Q2 results. DraftKings reports its whole company; Flutter reports its U.S. segment. Adjusted EBITDA is non-GAAP.
FanDuel posted a 16.6% increase in revenue, while adjusted EBITDA rose just 3.8%. DraftKings reported an adjusted EBITDA margin of 7.94% of revenue. FanDuel’s U.S. margin came in at 7.07%. The companies use different reporting boundaries.
DraftKings reported a 14.5% increase in sports consumer volume to $13.14 billion. However, sports revenue declined by 10.6%. The company’s sports net revenue margin decreased to 6.8% from 8.7%.
DraftKings reported a 9% rise in monthly unique payers, reaching 3.6 million. Average revenue per payer declined 13% to $132. The company attributed these changes to favorable outcomes for customers and increased investment in promotions.
FanDuel recorded a 2% increase in sportsbook handle but experienced a 170 basis point decline in net revenue margin. The number of monthly players in the U.S. rose 9% to reach 3.8 million. Flutter reported its sportsbook gross-revenue share at 39%.
Flutter has shifted its strategy to focus on expanding its player base instead of short-term margins. The new approach involves investments that will reduce projected U.S. revenue by approximately $385 million. The anticipated adjusted EBITDA impact stands at $270 million. Chief Executive Peter Jackson stated that current momentum supported further investment in the second half.
DraftKings maintained its 2026 revenue outlook at $6.5 billion to $6.9 billion, with adjusted EBITDA still projected between $700 million and $900 million. Chief Financial Officer Alan Ellingson said the main business is forecast to generate around $1 billion.
Risks are still elevated. Bonus face values differ from operator cash expenditures. State regulations impact offer profitability. Sports outcomes can rapidly alter hold. Uncertainty around prediction-market regulation also affects the spending strategies of both companies.
The upcoming test is straightforward. Investors are seeking customer expansion without facing another significant margin reduction. Football activity will indicate whether FanDuel’s extended promotion or DraftKings’ more straightforward reward attracts the stronger user group.
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