Key points:
- Flutter has officially acquired a 56% stake in Brazilian operator NSX Group for approximately $350m
- The transaction merges NSX with Flutter’s existing Betfair Brazil business
- Flutter expects the acquisition to add $220m in revenue but incur a $70m adjusted EBITDA loss in 2025
Flutter Entertainment has officially completed its acquisition of a 56% stake in NSX Group, the operator of Brazilian sportsbook brand Betnacional, for a cash consideration of approximately $350m.
The move combines NSX with Flutter’s Betfair Brazil operations, forming a new entity under the Flutter Brazil umbrella.
The transaction is seen as a strategic effort to strengthen Flutter’s position in Latin America’s largest market, following a 44% year-on-year revenue drop in Brazil during Q1 2025.
The combined business aims to leverage Flutter’s proprietary pricing, risk management and iGaming content to expand market share in the newly regulated and rapidly growing sector.
Flutter expects the acquisition to generate approximately $220m in additional revenue in 2025, though it forecasts a $70m adjusted EBITDA loss during the integration phase.
Good to know: The contribution will be recorded under Flutter’s international reporting segment
Under the terms of the deal, Flutter contributed its Betfair Brazil business to the new entity in exchange for the 56% stake. A mechanism has also been agreed to allow Flutter to increase its ownership in year five and year ten through reciprocal put and call options.
The acquisition follows Flutter’s regional acquisitions, including Italy’s Snai and continues the company’s expansion across key international markets after a Q1 2025 net income rise to $335m and group revenue growth of 8% to $3.7bn.
Flutter stated it remains committed to maintaining a medium-term leverage ratio of 2.0–2.5x despite a temporary increase in debt due to the acquisition.
