Flutter Entertainment buys more than 56% of Brazil's NSX Group

Flutter Entertainment has reached an agreement to purchase a 56% share in NSX Group, the operator behind Brazil’s Betnacional, for $350 million. The deal includes provisions that allow Flutter to increase its ownership in the following five and ten years post-closing.

Upon completion, which is anticipated by the second quarter of 2025, Flutter plans to launch a new brand named "Flutter Brazil." The company will pay the $350 million in cash and integrate its Betfair brand into this new Brazilian division.

Flutter CEO Peter Jackson stated, “By combining the extensive experience of the NSX team in Brazil with Betfair and the innovative capabilities of Flutter Edge, we see a tremendous opportunity to leverage growth. The merger of our strengths will uniquely position Flutter to seize prospects in this promising market.” NSX identifies Betnacional as its flagship brand, in addition to operating other brands like Pagbet, MrJack.bet, and Betpix in the igaming and sports betting sectors.

NSX is projected to generate revenues of around $256 million by 2024. The company has been active in Brazil since 2021 and has steadily established itself as a leading player in the market. According to Regulus Partners and internal estimates, NSX commands 12% of the Brazilian sports betting market and 9% of the overall online market.