Inside the NFL’s booming business in Madrid

Spain hosted its first National Football League game on Sunday, the November 16 matchup between the Miami Dolphins and the Washington Commanders at the Santiago Bernabeu. The event exceeded expectations on media reach, fan enthusiasm and economic return. Early estimates show the game produced about €150 million ($174 million) in economic activity, with hotels across the Madrid region reaching 90 percent occupancy.

Although the financial numbers make headlines, league officials say the social impact was even larger. The NFL was so encouraged that it immediately signaled interest in bringing more games to Spain. The Bernabéu wowed players and fans, but the city itself and the overall response drew just as much praise.

Madrid’s city government had predicted about €100 million ($116 million) in economic impact. The final figure surpassed that projection, driven in part by an estimated €21 million ($24.4 million) spent in local bars and restaurants. Of the 78,610 fans at the Real Madrid stadium, roughly 42,000 were international visitors, many from the United States and neighboring European countries. They stayed an average of four days. City officials say the broader impact reached €170 million ($197.1 million). Tickets ranged from €80 to €5,000 ($92.80 to $5,800).

A growing international footprint

Madrid’s numbers fall in line with other recent NFL games abroad. Munich’s 2022 game and London’s 2023 matchup both generated close to $232 million. The league has intensified its push into new markets across Europe and Central and South America, targeting countries with strong potential for new viewers and revenue. Until now, only England and Germany had hosted NFL games in Europe. More recently, Mexico and Brazil joined the list, with the Brazil game marking the last international stop before Madrid’s debut.

Spain has rapidly expanded its sports tourism sector, an area the NFL considers strategically important. According to Spain’s National Statistics Institute, more than 2.9 million international visitors traveled to the country in 2023 specifically for sports events, a 17 percent increase from the previous year. These visitors spent an average of more than €1,400 ($1,600), compared with about €1,200 (almost $1,400) for the typical tourist. In total, sports tourism generated over €8.3 billion ($9.6 billion) in Spain in 2024, according to a report from the Spanish Sports Observatory compiled by 2Playbook Intelligence.

“Americans see the NFL as more than a sports league. Every game is a celebration of competitive culture,” said Thiago Freitas, chief operating officer of Roc Nation Sports. “It is the main attraction in the world’s most prosperous economy and will remain the most valuable league on the planet for decades.”

A global fan base taking shape

The NFL is valued at roughly $280 billion, making it one of the most powerful sports leagues worldwide. Brazil now ranks as the second largest fan base outside the United States, just behind Mexico, and Spain is quickly climbing that list.

During the NFL’s game in São Paulo, visiting fans spent an average of $610 and stayed three days. Air travel from the United States jumped 133 percent that week. All 45,000 available tickets sold out in only 15 minutes.

“It was an incredible opportunity to host an NFL event of this magnitude, and financially it was even stronger than the Copa Libertadores final,” said Léo Rizzo, CEO of Soccer Hospitality. His company managed the VIP FielZone, which featured jacuzzis, a Michelin starred menu and exclusive entertainment. “I am sure Madrid will see the same level of success.”

One of São Paulo’s most profitable events

The NFL was the second most profitable event in São Paulo, trailing only Formula One, which generates about $348 million. Carnival earned around $40.6 million and New Year’s Eve events brought in $29 million.

Joaquim Lo Prete, managing director of Absolut Sport in Brazil, which sold travel packages for the NFL game and also provides hospitality for the São Paulo Grand Prix, said the NFL’s arrival had been anticipated for years. “Holding games in countries like Brazil and now Spain expands the league’s reach and drives millions into local economies.”

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