Flutter acquires stake in Brazilian operator NSX Group

Flutter has announced a $350m investment.

Brazil.- Flutter Entertainment has announced the acquisition of an initial 56 per cent stake in NSX Group, the Brazilian operator of the Betnacional brand, for cash consideration of approximately $350m. It will also contribute its Betfair Brazil business to create Flutter Brazil. 

Flutter may increase its shareholding through reciprocal put/call arrangements following the completion date. NSX is the number four operator in Brazil and has a portfolio of brands. On a standalone basis, it’s expected to generate revenue of $256m and adjusted EBITDA of $34m in 2024.

See also: Flutter raises guidance on back of Q2 results

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.”