Flutter Entertainment (NYSE:FLUT) stands out as one of the biggest potential beneficiaries of the 2026 FIFA World Cup, according to Macquarie, which expects the expanded tournament to generate a substantial increase in global sports betting activity and provide a meaningful earnings tailwind for leading operators.
The investment bank estimates that betting volumes tied to the competition could exceed $50 billion worldwide, creating a favorable backdrop for major sportsbook and online gaming companies.
Expanded Tournament Expected to Drive Record Betting Volumes
The 2026 FIFA World Cup will be jointly hosted by the United States, Canada and Mexico during June and July 2026.
The competition will feature a significantly larger format, expanding from 32 to 48 national teams and increasing the total number of matches to more than 100 over a six-week period.
According to Macquarie, the new structure will result in approximately 60% more matches than the 2022 tournament, creating additional opportunities for wagering activity across global betting markets.
The firm noted that the event will include strong participation from countries across Europe, Latin America, Africa and North America, regions that represent some of the most active sports betting markets worldwide.
Global Wagers Could Surpass $50 Billion
Macquarie estimates that betting turnover during the 2022 FIFA World Cup exceeded $35 billion, equivalent to roughly $500 million wagered per match.
Assuming a similar level of betting activity on a per-match basis, the firm believes total wagers during the 2026 tournament could surpass $50 billion.
Additional upside could come from the growing popularity of same-game parlays, player proposition bets and other higher-engagement wagering products that have gained traction in recent years.
More Mature U.S. Market Creates Additional Opportunity
The analysts also highlighted the evolution of the U.S. sports betting landscape since the previous World Cup.
When the 2022 tournament took place, legal sports betting was available to approximately 40% of the U.S. population. By the time the 2026 World Cup begins, Macquarie expects that figure to rise to roughly 65%.
The broader availability of regulated sports wagering could help drive higher participation and betting volumes during the event.
The firm also pointed out that SG&H Capital (SGHC) generated approximately 88% of its 2025 revenue from countries whose national teams are expected to participate in the tournament, illustrating the broad exposure of certain operators to World Cup-related demand.
Flutter Positioned Among Key Beneficiaries
Macquarie believes operators with strong international football exposure and diversified online gaming ecosystems are best positioned to translate elevated customer engagement into stronger financial performance.
Flutter was highlighted as one of the leading beneficiaries due to its significant European footprint, with approximately 35% of its business linked to the region.
Rush Street Interactive (NYSE:RSI) was also identified as a potential winner, supported by its roughly 20% exposure to Latin American markets.
In addition to Flutter and Rush Street, the firm cited SG&H Capital, Sportradar (NASDAQ:SRAD) and Genius Sports (NYSE:GENI) as companies that could benefit from increased betting activity surrounding the tournament.
World Cup Could Deliver Meaningful Earnings Upside
Macquarie estimates that the 2026 FIFA World Cup could contribute an EBITDA uplift of between 2% and 5% for betting operators during 2027, as the financial impact of elevated wagering activity flows through to earnings.
The firm believes the combination of a larger tournament format, expanding regulated betting markets and growing demand for advanced wagering products creates a compelling opportunity for sportsbook operators heading into the event.
More About Flutter Entertainment
Flutter Entertainment is one of the world’s largest online betting and gaming operators, owning a portfolio of brands that includes FanDuel, Paddy Power, Betfair, PokerStars and Sky Betting & Gaming. The company operates across multiple regulated markets worldwide and has established a leading position in online sports betting, iGaming and fantasy sports.