NEW YORK, August 29, 2026, 07:05 (EDT). FanDuel’s extension of its NFL partnership comes as Flutter puts a $270 million EBITDA threshold at the centre of its investment strategy.
- FanDuel has extended its NFL sportsbook partnership with a new multi-year deal.
- Flutter stock ended Friday at $101.78, rising 7.13%, with 3.02 million shares traded.
- FanDuel reported a 15% decline in U.S. sportsbook revenue for the second quarter.
- Flutter will invest $270 million in 2026 EBITDA to restore U.S. momentum.
FanDuel has extended its NFL sportsbook agreement while parent firm Flutter Entertainment plc NYSE: FLUT readies an expensive effort to revive growth in the U.S. The renewed deal maintains FanDuel’s presence within the NFL’s lucrative commercial network. Financial terms were not revealed.
The NFL announced that FanDuel and DraftKings Inc. NASDAQ: DKNG have agreed to extend their multi-year partnerships. Fanatics Betting and Gaming was also named as a third authorized operator. All three are allowed to use NFL branding, advertise both in-person and online betting, and maintain a presence at the Super Bowl and draft.
Flutter stock finished Friday at $101.78, rising 7.13%. Trading volume stood at 3.02 million shares, approximately 3% higher than the 65-day average. The advance boosted Flutter’s market capitalization by about $1.2 billion, bringing the closing value to $17.7 billion.
The renewal is significant since football performance heavily influences FanDuel’s fall financial results. Earlier this month, Flutter reduced its 2026 U.S. revenue forecast by $395 million and lowered its adjusted EBITDA outlook by $210 million.
| FanDuel/Flutter U.S. metric | Q2 2026 | Change from previous year |
|---|---|---|
| Sportsbook handle | $11.96 billion | +2% |
| Sportsbook revenue | $1.04 billion | -15% |
| Total U.S. revenue | $1.68 billion | -6% |
| U.S. adjusted EBITDA | $119 million | -70% |
| U.S. sales and marketing | $353 million | +61% |
The strain is evident in the second-quarter results. U.S. sportsbook handle increased by 2% to $11.96 billion, but revenue declined 15% as the net revenue margin slipped by 170 basis points to 8.7%.
U.S. sales and marketing costs increased by 61% to $353 million. Adjusted EBITDA declined 70% to $119 million. The segment’s adjusted margin decreased to 7.1% from 22.3%.
Flutter projects U.S. revenue to reach $7.4 billion and adjusted EBITDA to total $760 million by 2026. This corresponds to a margin of 10.3%. The company’s management anticipates the third quarter will account for around 20% of yearly U.S. revenue and expects to about break even.
The company intends to invest approximately $385 million of revenue and $270 million of adjusted EBITDA this year. It called the spending essential for enhancing FanDuel’s offering and boosting sportsbook growth. Additionally, a one-week NFL schedule postponement lowered anticipated revenue by $75 million and EBITDA by $50 million.
The agreement maintains distribution and expands the official lineup. Fanatics joins as an NFL sportsbook partner with the two current operators. The package covers digital integrations and event hospitality. The league did not disclose financial details.
By Flutter’s criteria, FanDuel continues to hold the top position among U.S. operators. The company reported a 43% share in sportsbooks and 27% in iGaming as it acquired Boyd Gaming’s final 5% stake in 2025. That deal valued FanDuel at $31 billion.
Wall Street sentiment is still positive following the stock’s sharp drop from its 52-week peak. FactSet figures indicate 25 analysts have Buy or Overweight recommendations, with nine Holds and one Sell. The median price target stands at $120, representing an increase of roughly 18% from Friday’s close.
The following test begins September 9, aligning with the 2026 NFL season’s kickoff. Investors will monitor acquisition costs, levels of promotional activity, and hold rates. The partnership maintains access, but does not ensure profitable traffic.
Risks: Returns may be reduced by hidden rights fees. Promotional expenses might increase if Fanatics adjusts its strategy, and state taxes along with regulations could squeeze profit margins. Quarterly revenue is also vulnerable to swings in sports results.
