Flutter Completes Acquisition of NSX Brazil and Launches Flutter Brazil
Brazil.- May 16 2025 www.zonadeazar.com Flutter Entertainment, the global leader in sports betting and iGaming, has finalized the acquisition of a 56% stake in NSX Brazil, the group behind the Betnacional brand, in a deal valued at approximately USD 350 million. This strategic move marks the official launch of Flutter Brazil, combining Betnacional’s strong local presence with Flutter’s global expertise amid Brazil’s expanding and increasingly regulated betting market.
With the merger of Betnacional and Betfair Brazil, Flutter Brazil emerges as a major player in the Brazilian online betting industry. In 2023, NSX Brazil held a 12% share in the sports betting market and 9% in the online gaming segment. Meanwhile, Betfair Brazil—already part of Flutter—generated USD 69 million in revenue in 2024.
João Studart, CEO of Flutter Brazil, emphasized the company’s commitment to local relevance:
“Our focus is to strengthen the business while preserving its Brazilian identity. We aim to merge Betnacional’s national reach with Flutter’s global structure, building a solid operation aligned with Brazilian consumers. Staying close to the local market is key for sustainable growth,” said Studart.
Looking ahead, Flutter expects to generate an additional USD 220 million in revenue from its Brazilian operations by 2025. The deal also includes future options to increase ownership in Flutter Brazil, with acquisition opportunities in the fifth and tenth years post-closing.
With over 200 million residents and a booming betting market, Brazil stands out as a top destination for iGaming investments. Since 2018, the industry has recorded an average annual growth rate of 38%, generating nearly USD 3 billion in 2023 alone.
The merger not only enhances Flutter’s footprint in Brazil but also brings advanced technology to the market through the integration of Flutter Edge—Flutter’s proprietary platform—into the new operations of Flutter Brazil.
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