Brazil: Flutter completes acquisition of NSX Group

FanDuel operator Flutter has acquired a 56% initial stake in Betnacional brand operator NSX Group, for a cash consideration of approximately R1.96bn ($350m). NXS has been combined with Flutter’s existing Betfair Brazil business.  

NSX is a significant player in the Brazilian gaming market, which was regulated at the start of the year. Since then, a range of operators have entered the market, as well as suppliers including Light & Wonder, Greentube and Bragg Gaming. NSX entered Brazil in 2021, and by 2023 was the fourth-largest operator by compound annual gross gaming revenue, holding a market share of 9% by the end of 2023.  

Now, as part of Flutter’s ‘local hero’ brand portfolio, it has acquired NSX to bolster its presence in the region. The operator noted the potential for synergies with its Flutter Edge network, which includes FanDuel in the US and brands across the world, with revenue synergies possible via access to Flutter’s proprietary pricing and risk management tools. 

Good to know: In its recent Q1 2025 financial report, Flutter reported revenue of $3.7bn, of which $1.1bn was generated by FanDuel

The operator expects the acquisition to contribute $220m in additional revenue this year, though notes an expected $70m adjusted EBITDA loss from the acquisition.  

On the acquisition, CEO Peter Jackson said, “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.” 

Indeed, Brazil has already shown itself to be a lucrative market for Flutter. In its FY24 results report, Brazil NGR was up 41% year-over-year, despite the market not being regulated at the time. Whether regulation will positively or negatively impact FY25 revenue, however, has yet to be seen.

Beth Turner

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