On August 27, 2026, Brazil’s Advertising Self-Regulation Code (CONAR) announced that it approved amendments to its Annex “X”, which have effectively introduced new rules for...
Brazil’s Federal Public Prosecutor’s Office and the Federal Revenue Service have launched an investigation into Flutter-owned NSX Brazil, which operates the Betnacional betting brand, over allegations that the company engaged in money laundering, tax evasion, and currency evasion.
As part of the investigation called Operation Shadow Game, Brazilian authorities conducted raids in João Pessoa, Recife, and São Paulo on August 28, 2026, carrying out 6 search and seizure warrants, while a court also ordered the blocking of $36.8 million in assets and funds connected to the group.
Investigators found that NSX Brazil moved over $964 million during 2025, with the probe additionally looking into whether the group used companies registered in jurisdictions like Curaçao to make its Brazilian operations appear to be based overseas, making the movement of funds harder to track.
Special Secretary of the Federal Revenue Service, Robinson Barreirinhas, stated:
“The company presented itself abroad in a simulated way and should pay the tax here in Brazil.”
Daniele Cardoso, Secretary of Awards and Bets of the Ministry of Finance, added:
“The decapitalization of these organizations is a fundamental mission.”
At the same time, Betnacional has stressed that it’s cooperating with the authorities and conducts its operations in line with Brazilian laws and regulations.
Despite the ongoing investigation, Betnacional still remains operational in the country; however, the company’s lawyers have shared that they haven’t yet received access to the investigation files. Betnacional further added that it operates according to the international standards of Flutter Entertainment.
