Flutter Entertainment has bought a majority stake in Brazilian operator NSX Group. The deal, finalised on 14 May, gives Flutter 56% ownership of the company behind Betnacional.
The world’s leading online sports betting company paid around $350 million in cash for the acquisition. They also threw in their existing Betfair Brazil business as part of the arrangement.
NSX has climbed quickly since entering the market in 2021. By 2023, they’d become Brazil’s fourth-largest betting operator.
The deal fits Flutter’s strategy of grabbing leadership positions in promising international markets. Brazil’s population tops 200 million and sports—especially soccer—are deeply embedded in the culture.
By combining NSX with their Betfair brand, Flutter creates what they call a “podium position” in the newly regulated Brazilian market. It’s a classic “local hero” play.
Flutter CEO Peter Jackson highlighted the match between NSX’s local expertise and Flutter’s global capabilities. “The transaction demonstrates Flutter’s powerful optionality,” he noted.
Jackson also explained: “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.”
The new combined business is expected to generate $220 million in additional revenue for Flutter in 2025. But it won’t be profitable right away—the company projects an adjusted EBITDA loss of $70 million that year.
The results will appear in Flutter’s International reporting segment. and the deal includes options for Flutter to increase its ownership stake.
Both companies agreed to reciprocal put/call arrangements that kick in five and ten years after completion.
Flutter aims to boost growth by giving NSX access to its proprietary pricing and risk management tools. This should create a more competitive sportsbook offering.
They’ll also share iGaming expertise and content to enhance that side of the business. It’s part of what Flutter calls their “Flutter Edge” advantage.
The company expects to gain market share through “disciplined customer investment”—a strategy they’ve used in other newly regulated markets. While leverage will increase short-term, Flutter remains committed to its medium-term leverage ratio target of 2.0-2.5x.
The latest acquisition by Flutter builds upon its other regional acquisitions, including Italian operator Snai. The company’s international expansion has been picking up pace after releasing its Q1 2025 financial results, where net income was revealed to have reached $335m and group revenue up 8% to $3.7bn.
The Q1 2025 results also revealed that Flutter’s international businesses held strong despite increasing market pressures. Internal revenue overall managed to increase 1%, close to $2bn.
The UK and Ireland contributed $882m in revenue, Central and Eastern Europe delivered $140m and Southern Europe and Africa generated $448m.
