Flutter completes $350m acquisition of Brazilian operator NSX

Flutter Entertainment has completed its acquisition of Brazilian sports betting and iGaming operator NSX Group. 

The deal cost a reported $350million in exchange for 56% of the company, with the option to increase shareholding in the future. 

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According to an earlier release, Flutter also intended to contribute its Betfair Brazil business to the deal. The purchase will see an initial $70m EBITDA loss to the 2025 books, but it increases the group’s exposure to the emerging and potentially highly lucrative Brazilian market. 

Flutter was formed in 2016 through the merger of Irish bookmaker Paddy Power and UK-based betting exchange Betfair. The company initially became known as Paddy Power Betfair but underwent a rebranding in 2019, following further acquisitions and developments, changing its name to Flutter Entertainment. 

It is listed on the New York Stock Exchange and has a strong presence in several states with regulated online markets. Flutter also has a secondary listing on the London Stock Exchange. 

Today, Flutter Entertainment is considered the world’s largest betting company, and, as well as the Paddy Power and Betfair brands, it also owns and operates FanDuel, PokerStars, Sky Betting & Gaming, and Sportsbet, which are among some of the biggest betting brands in the world. 

NSX Group is a relatively new company, by global standards, having only launched in 2021. Within two years, it had grown to become Brazil’s fourth-largest operator. Although Brazil has had a legal physical gambling market for decades, regulated online gambling was only launched on 1 January 2025. 

The South American country has a population of around 200 million people, and analysts have predicted that the market will grow to approximately $4 billion by 2028. The size of the population and its new regulations have seen companies clamouring for a piece of the market. 

Although Flutter already had some market presence thanks to Betfair Brazil, the company has a local hero policy which has seen it invest in strong existing brands in new markets and then expand that brand while growing its online presence. 

Flutter CEO, Peter Jackson, said of the deal: “I am delighted to welcome NSX – the operator of leading Brazilian sports betting and iGaming brand, Betnacional – to the Flutter portfolio. 

“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.”

The local hero policy seems to have worked with Flutter, raising $14bn in revenue in 2024 and attracting nearly 14 million players a month, on average. Revenue was up 19% compared to the year before, and the group also saw increases in monthly player numbers, earnings per share, and earnings before interest, taxes, depreciation, and amortization. 

In February, Brazil’s Secretariat of Prizes and Bets (SPA) announced it had awarded a further 21 licences, bringing the total number of licensed operators up to 173. As well as Betfair, the list includes bet365, Sportingbet, and SureBet. Crypto casino stake.com also has a significant presence in the country.