Flutter Entertainment has added a new operator to its portfolio of brands, acquiring a stake in NSX Group in Brazil for a cash consideration of approximately $350m.
The deal follows the company’s strategy as it looks to invest in leadership positions in international markets, acquiring a stake within the ever-growing Brazilian market which continues to see huge demand from operators around the world.
NSX Group has a number of brands within its portfolio, including the flagship Betnacional, which has naming rights for the Brazilian Serie B.
NSX itself is expected to generate revenue of approximately $256m and adjusted EBITDA of approximately $34m in 2024, making it a strategic acquisition for Flutter.
The deal will also see the operator contribute its Betfair Brazil business to create a combined Flutter Brazil business, believing it is creating shareholder value by delivering an enhanced competitive position in a fast-growing market that has only recently been regulated.
On top of this, Flutter believes this move enhances its “local hero” portfolio by its addition of local brands, while its also seen as a means to drive synergies and deliver “meaningful” value creation.
Flutter CEO Peter Jackson said: "I am excited to announce the addition of NSX, operator of Betnacional a leading Brazilian sports betting and iGaming brand, to the Flutter portfolio.
“We believe that combining the extensive local expertise of the NSX team, our existing Betfair business and the power of the Flutter Edge, will create a compelling opportunity to capitalize on the growth opportunity in Brazil which presents an exciting runway of future growth."
This comes after it was confirmed in August that Flutter was in talks to buy Playtech’s Italian brand Snaitech, while it also recently opened a new Global Capability Centre in Hyderabad, India.
