Flutter Entertainment Acquires Majority Stake in Brazil’s NSX Group for $350 Million
On May 14, 2025, Flutter Entertainment, a global leader in online sports betting and iGaming, announced it has finalized the acquisition of a 56% majority stake in NSX Group, the parent company of the Brazilian sportsbook brand Betnacional. The deal, worth approximately $350 million in cash, marks a strategic move aimed at strengthening Flutter’s presence in Brazil’s rapidly expanding regulated betting market.
Strategic Growth in a Key Market
With a population of over 200 million and a deep-rooted passion for sports—particularly soccer—Brazil is emerging as one of the most promising markets for online sports wagering and iGaming. NSX Group has quickly climbed the ranks since its launch in 2021, becoming the country’s fourth-largest betting operator by 2023.
This acquisition enables Flutter to consolidate its market share in Brazil by merging NSX’s operations with Betfair Brazil, Flutter’s local betting platform. The newly combined enterprise will operate under the banner of Flutter Brazil.
Peter Jackson, CEO of Flutter, highlighted the deal’s strategic alignment in the company’s official announcement: “The transaction demonstrates Flutter’s powerful optionality as an ‘and’ business and aligns perfectly with our strategy for value-creating M&A. Combining NSX’s local expertise with our existing Brazilian operations and the advantages of the Flutter Edge presents a compelling opportunity for growth in Brazil.”
Enhancing Capabilities Through Integration
The integration of NSX into Flutter’s international ecosystem will allow Flutter Brazil to leverage proprietary technologies including advanced pricing models, risk management systems, and customized iGaming content. This synergy is expected to deliver a distinctive and engaging experience to users while helping build market share in the wake of recent regulatory reforms in Brazil.
Looking Ahead: Revenue and Investment Outlook
Flutter projects that the acquisition will contribute approximately $220 million in additional revenue in 2025. However, during the initial integration period, the company anticipates an adjusted EBITDA loss of around $70 million. These figures will be reported under Flutter’s International business segment.
Additionally, Flutter has negotiated reciprocal put and call options, giving both parties the opportunity to increase Flutter’s ownership in the fifth and tenth years following the deal’s completion.
Financial Strategy and Market Position
Although the transaction may lead to a temporary increase in leverage, Flutter remains committed to maintaining a medium-term net leverage ratio between 2.0x and 2.5x. This acquisition follows other international expansions, such as the purchase of Snai in Italy, and supports Flutter’s trajectory of continued global growth.
For the full year 2025, Flutter forecasts revenues of $17.08 billion and adjusted EBITDA of $3.18 billion, representing year-over-year growth of 22% and 35%, respectively.
Positioning for Long-Term Leadership in Brazil
Flutter’s move to acquire NSX Group also responds to performance challenges in the Brazilian market, which saw a 44% decline in year-on-year revenue in Q1 2025. Through the integration of NSX’s local insights and Betfair Brazil’s capabilities, Flutter aims to secure a leading spot among the top-tier brands in this high-potential market.
- SCCG Management. The Gambling Industry’s Global Connector. Access Here.
- Source: SCCGManagement.com