Flutter Entertainment has completed the acquisition of a 56 per cent stake in NSX Group, owner of the fast-growing Brazilian brand Betnacional, for approximately US $350 million in cash. As part of the deal, Flutter has also contributed its existing Betfair Brazil business to the newly formed entity, giving the group majority control of its combined operations in the country.
The move is squarely in line with Flutter’s strategy of securing leadership positions in high-potential regulated markets. Brazil, home to more than 200 million people and a nation where football is ingrained in the culture, is viewed by the company as one of the most attractive growth opportunities worldwide. Having entered the market in 2021, Betnacional had already climbed to fourth place among local operators by 2023; the merger with Betfair positions Flutter firmly on the podium in the newly regulated Brazilian online gaming landscape.
Flutter expects significant synergies from the deal. Betnacional will gain access to the Flutter Edge—the group’s proprietary risk-management and pricing technology—while also tapping into Flutter’s exclusive iGaming content. This, the company says, will enable a differentiated sportsbook experience and a richer online-casino offer. In keeping with its approach in other new markets, Flutter plans disciplined investment in customer acquisition to accelerate market-share gains and lay the foundations for future profitability.
Financially, management forecasts that the acquisition will add roughly US $220 million in additional revenue in 2025, offset by an adjusted EBITDA loss of about US $70 million as the business ramps up marketing and product spending. Over the medium term, however, Flutter expects Brazil to become a meaningful contributor to group earnings.
The transaction structure involves the upfront cash payment plus the transfer of Betfair Brazil in exchange for the 56 per cent stake. Reciprocal put/call options allow Flutter to increase its ownership to 100 per cent in the fifth or tenth year after completion. While leverage will rise initially, the group reiterated its commitment to a medium-term net-debt-to-EBITDA ratio of 2.0–2.5 times, citing strong cash generation across its global portfolio.
“Combining NSX’s local expertise with the Flutter Edge gives us an exceptional platform to capture the enormous growth runway in Brazil,” said Peter Jackson, Chief Executive Officer of Flutter Entertainment.
With the deal now closed, integration work begins immediately. The company aims to launch a joint, enhanced sports-betting and iGaming offering under the combined Betnacional-Betfair banner during the second half of 2025, further cementing Flutter’s status as the global leader in online gaming.
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