When global gambling giant Flutter acquired Brazilian group NSX, experts were quick to point out that the newly formed operator Flutter Brazil had all the right conditions to rapidly become the country’s largest betting platform.
According to investment bank and financial services firm Macquarie Group, the acquisition — which included the popular brand Betnacional — gave Flutter an 11 percent share of Brazil’s online sports betting market, a figure Macquarie estimates will rise to 25 percent by 2030.
In an exclusive interview with iGamingFuture, Flutter Brazil CEO and spokesperson João Studart explains how the company is developing in Brazil and where it is heading.
I began by asking João:
At iGamingFuture we have reported your company’s positive results and particularly the good performance in Brazil. To what do you attribute this success in Brazil?
“Our success in Brazil comes from combining global expertise with our local roots. Betnacional was created by Brazilians, for Brazilians, and has always been deeply connected to our culture and entertainment habits.
“When we joined Flutter Entertainment, we brought this local knowledge together with world-class technology, compliance, and governance. This balance explains why today we are one of the strongest brands in the country.”
What are the prospects ahead for Flutter Brazil?
“We see a promising future. The new regulation, which came into force in January 2025, provides legal certainty, transparency, and consumer protection. “Flutter Brazil is well positioned to lead this new cycle of sustainable growth, innovation, and responsible gaming in Brazil.
“Over the next five-years, our goal is to consolidate market leadership by investing in technology, compliance, and a customer-centric experience.”
What sponsorship of Brazilian soccer teams are you looking at?
“Football is central to Brazilian culture and therefore to our strategy.
“Betnacional already sponsors major competitions and clubs, such as Sport Club do Recife, the Copa do Nordeste, and Série B of the Brasileirão. As for Betfair, we sponsor Vasco and Cruzeiro, both in the top division. We are always evaluating new opportunities, but we do not comment on ongoing negotiations.
“Any partnership must make sense both in business and in values, strengthening the connection with fans and promoting responsible entertainment.”
Has regulation worked properly or does it have things that can be corrected?
“Regulation is a historic milestone for Brazil. It finally separates serious operators from illegal ones and ensures higher standards of consumer protection.
“Of course, as with any new framework, there will be adjustments along the way. But we see regulation as the solution, not the problem. It is the foundation for a safe, ethical, and sustainable market.”
Is the large illegal market in Brazil a concern for your company?
“Yes, it is a concern — for the industry as a whole. Studies show that more than 70% of Brazilian bettors used illegal sites last year. These operators don’t follow rules, don’t protect consumers, and harm the reputation of the entire sector.
“That’s why we advocate for strong enforcement against illegal platforms. At Flutter Brazil, we have always acted within the law, with licensed games, compliance, and strict responsible gaming policies.”
If Congress approves the bill that raises GGR tax from 12 to 18 percent, how will that affect your company?
“We understand taxation is part of a healthy and regulated market. But it is important to find a balance: an excessive tax burden can unintentionally drive users back to illegal platforms.
“At 18 percent, the risk is that legal operators will be less competitive. Flutter Brazil will, of course, comply with any tax regime approved by Congress, but we believe it is in everyone’s interest–government, operators, and consumers–to have a fair and sustainable model.”
Please describe your new executive structure at Flutter Brazil. What are your goals?
“Flutter Brazil operates under my leadership as CEO, together with Eduardo Monte as COO. In addition, we have a consolidated team of executives leading their areas of expertise.”
The Flutter Brazil Top Team are:
Stéphane Kaloudoff (CFO): Solid track record in finance and corporate restructuring.
Fernando Calia (CLO): Over 30-years of legal experience in multinational companies.
Álvaro Garcia (CMO): Two decades in marketing for major brands.
John Carroll (CCO) and Tudor Tamas (CPO): Both previously with Paddy Power Betfair.
Rafael Moraes (CTO): Extensive experience in technology and digital transformation.
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