Flutter Entertainment has recently announced its plans to establish a new business in Brazil by acquiring a controlling stake in NSX Group, the operator of the Betnacional brand in the country. The deal, valued at $350 million, is expected to be finalized by the second quarter of 2025 and includes provisions for Flutter to increase its stake in NSX Group in the future.
NSX Group, which has been active in Brazil since 2021, operates several brands including Betnacional, Betpix, MrJack.bet, and Pagbet. In addition to these brands, Flutter will also integrate its Betfair brand into the new Brazilian arm of its business empire. The group is projecting revenue of $256 million and adjusted EBITDA of $34 million for the current year.
This acquisition comes at a pivotal time for the Brazilian gambling market, as the country is making strides towards legalizing and regulating the industry, thereby phasing out the existing gray market. Flutter CEO Peter Jackson emphasized the importance of NSX’s local expertise in making the deal a success, highlighting the potential for growth in Brazil with the combined resources of NSX, Betfair, and Flutter’s global capabilities.
As Brazil opens up to new operators, Flutter sees a significant opportunity to capitalize on the growing market in the country. The company’s upcoming investor day on September 25 will provide more insights into the details of the deal and its strategic implications for Flutter’s expansion into Brazil. With a strong local partner and a well-established brand like Betfair, Flutter is poised to take advantage of the potential for growth in the Brazilian gambling market.