World iGaming leader Flutter Entertainment has made a major move to dominate Brazil’s booming, newly-regulated, sportsbetting market by buying a controlling US$350 million (£236.23m), 56 percent, stake in the nation’s top NSX Group, operator of the Betnacional brand.
The deal combines Flutter’s existing Betfair Brazil operations with NSX to create a new entity, Flutter Brazil.
And the move includes provisions for potential full ownership, with further two-stage options tabled for five- and 10-years.
“I am delighted to welcome NSX to [our] portfolio,” affirmed Flutter CEO Peter Jackson.
“Betnacional is a leading Brazilian sports betting and iGaming brand, and the transaction demonstrates Flutter’s powerful optionality as an ‘and’ business and aligns perfectly with our strategy for value creating M&A.
“The combination of NSX’s extensive local expertise, alongside our existing Brazilian business and the advantages of the Flutter Edge, creates a compelling opportunity to capitalize on the exciting runway of future growth in Brazil.”
Local Hero
NSX, which launched in 2021, quickly rose to become the fourth-largest operator in Brazil by 2023.
The acquisition enhances Flutter’s “local hero” strategy by adding a strong regional brand to its international portfolio, supporting further growth in one of Latin America’s most dynamic gaming markets.
Flutter plans to leverage its proprietary trading and risk-management technology–the so-called “Flutter Edge”–to enhance Betnacional’s sportsbook offering.
Additional synergies are expected through cross-platform iGaming content and operational expertise, Flutter asserted in a press release.
Flutter expects the NSX acquisition will contribute approximately US$220 million (£165.48m) in revenue this year, 2025; while marking a projected EBITDA loss of US$70 million (£52.65m) within their International vertical.
