Flutter acquires 56% of NSX in $350M deal to expand in Brazilian market
Flutter Entertainment has officially purchased a 56% stake in NSX Group, the Brazilian company behind the popular Betnacional brand. The deal was worth around $350 million in cash.
The acquisition is said to fit right in with Flutter’s ongoing strategy to invest in leadership positions in high-potential international markets. The iGaming operator is planning to expand geographically, in a bid to create long-term value for its shareholders.
Flutter Entertainment expands its presence in Brazil through NSXIn a press release, the firm states that one of the biggest benefits of this move is gaining a stronger foothold in Brazil’s newly regulated and fast-growing online sports betting and iGaming market. Brazil, with a population of over 200 million people, has a large sports market, especially soccer.
Flutter says that bringing NSX into the fold could also strengthen its portfolio of what they call “local hero” brands. By adding a fast-growing and well-known local name like Betnacional to its existing Betfair business, the firm states that it hopes to position itself among the top players in Brazil. Since NSX only entered the market in 2021, and has already climbed to the number four spot by 2023. NSX will also gain access to what Flutter calls the “Flutter Edge,” its proprietary pricing and risk management tools.
Flutter says that this move is right in line with what has worked well for them in other newly regulated markets. The company states it will grow its market share in Brazil by investing in customer acquisition and engagement, focusing on long-term profitability rather than quick wins.
Looking ahead to 2025, Flutter expects the NSX acquisition to bring in around $220 million in additional revenue. At the same time, they anticipate an adjusted EBITDA loss of about $70 million, which will be reported under their International segment. The purchase comes as the company announced strong financial performance for Q1 2025 last week (May 8), driven by solid growth in its US business and increased overall player engagement.
We’re pleased to announce our Q1 2025 Earnings, demonstrating a positive start to the year with Group revenue and AMP growth of 8%, all driven by our diversified portfolio of local hero brands empowered to win in their respective markets through the #FlutterEdge.
For Information… pic.twitter.com/d481G3UWqd
— Flutter Entertainment (@FlutterEnt) May 7, 2025
‘Exciting runway of future growth’Flutter CEO, Peter Jackson, said: “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.”
NSX wrote on Instagram (translated into English): “This milestone reflects our journey—from an innovative startup to a leader in digital entertainment in Brazil, with brands like Betnacional. By joining forces with Betfair in Brazil, our presence in the market and our ability to deliver a unique experience become even stronger, driven by responsibility, innovation, and impact.
“Our mission remains the same, but now we’re ready for this new phase: more globally connected and prepared for the future.”
On another front, Flutter also shared last month that it’s in discussions to buy Snaitech, the Italian arm of British gaming giant Playtech.
Featured image: Flutter Entertainment / NSX
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