NFL Season Nears, Betting Industry Prepares for 'Arms Race'

The U.S. sports betting industry is gearing up for the NFL season after a summer boost from the World Cup, with executives across major platforms expecting a sharp increase in competition for customers. The regular season kicks off Sept. 9.

Penn Entertainment CEO Jay Snowden said on a recent earnings call that the NFL season will bring "quite the arms race this year." Leaders at BetMGM and FanDuel parent Flutter Entertainment echoed that view, citing high activity on their platforms during the World Cup.

Prediction market platforms including Kalshi and Polymarket also saw elevated volumes. Analysts at Jefferies said the World Cup generated a record $20 billion in prediction-market volumes — the largest event for prediction markets to date, surpassing volumes from the 2024 U.S. presidential election.

Many prediction market platforms launched NFL event contracts around Super Bowl LX. That single game generated over $1 billion in prediction-market trading volume across Kalshi, Polymarket, Robinhood, Crypto.com and Underdog.

Traditional sports betting also saw strong engagement for Super Bowl LX. The American Gaming Association estimated Americans legally wagered approximately $1.76 billion on the game.

Snowden said Penn expects the NFL season to bring "very aggressive, irrational" marketing and advertising spending as competitors fight to acquire customers.

Truist analysts flagged specific user data for Penn's online sportsbooks: 70 percent of Penn's users placed at least one bet on the World Cup, and 45 percent of those were making their first-ever soccer wager — a trend management believes could drive re-engagement heading into the NFL season.

BetMGM CEO Adam Greenblatt offered a similar read on the market. His company saw "crazy, massive handle growth" during the World Cup. Greenblatt said the handle — total dollars bet — for the U.S.-Belgium round-of-16 game exceeded volumes from any baseball playoff, basketball playoff or World Series game.

Greenblatt also cited the rise of prediction markets as a primary factor reshaping the competitive landscape.

FanDuel parent Flutter Entertainment outlined plans to enhance its prediction-market product for the NFL season. Before the regular season begins, FanDuel Predicts will integrate into the company's unified "one app," giving users access to traditional sports betting, casino games, fantasy sports and prediction-market products from a single application.

DraftKings has adopted a similar approach, launching its own unified platform that combines prediction-market offerings with its other services.

The World Cup pushed FanDuel to its highest-ever traditional sports betting volume for both June and July. The company also reported strong volumes for Major League Baseball games during the summer.

Flutter CFO Rob Coldrake said platform performance will ultimately be determined by the football season.