The deal will see Flutter combine its existing Betfair Brazil operations with NSX to form a new entity: Flutter Brazil.
Flutter Entertainment has announced the acquisition of a controlling 56% stake in Brazil’s leading sports betting operator NSX Group—owner of the Betnacional brand—for £236 million, in a move that solidifies its position in the fast-growing, newly-regulated Brazilian market.
The deal will see Flutter combine its existing Betfair Brazil operations with NSX to form a new entity: Flutter Brazil. It also includes future provisions for full ownership through two-stage options exercisable after five and ten years.
Peter Jackson, CEO of Flutter, welcomed the move:
“I am delighted to welcome NSX to our portfolio. 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 capitalise on the exciting runway of future growth in Brazil.”
Launched in 2021, NSX rapidly emerged as the fourth-largest operator in Brazil by 2023. The acquisition supports Flutter’s “local hero” strategy—adding a well-established regional brand to its global portfolio and strengthening its presence in Latin America’s most promising gaming market.
Flutter plans to deploy its proprietary “Flutter Edge” tools, including trading and risk-management technology, to enhance Betnacional’s sportsbook product. Additional value will come from integrating cross-platform iGaming content and applying Flutter’s operational expertise.
According to Flutter, the NSX acquisition is expected to contribute around £165 million in revenue during 2025, with a projected EBITDA loss of £52 million under its International segment as the business invests for long-term growth.
The strategic move marks another step in Flutter’s global expansion and reaffirms its commitment to high-growth regulated markets.