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Flutter to acquire Brazilian NSX Group
Flutter Entertainment will acquire a 56% share of NSX Group for $350 million, making a huge step towards ‘Flutter Brazil.’
With the acquisition of a 56% share of Betnacional’s parent company, NSX Group, Flutter Entertainment is making a significant move for its new project, ‘Flutter Brazil.’
As part of the agreement, Flutter will invest $350 million in cash and integrate its Betfair brand into the new Brazilian operation. NSX Group, which owns the prominent Betnacional brand, also manages other betting platforms like PagBet, MrJack.bet, and Betpix.
Flutter CEO Peter Jackson said:
“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 capitalise on the growth opportunity in Brazil, which presents an exciting runway of future growth.”
For 2024, NSX is expected to generate almost $256 million in revenue and $34 million in adjusted EBITDA.
Flutter in Brazil
Flutter has been expanding its presence in Brazil since 2021 and is now one of the best players in the betting market. According to research from Regulus Partners and internal sources, NSX holds a 12% share of Brazil’s sports betting market and a 9% share of the overall online market.
Flutter stated:
“Flutter Brazil will be exceptionally well positioned to take full advantage of the significant growth opportunity in the newly regulating Brazilian market. In line with our successful strategy in other newly regulated markets, such as the US, we expect to drive market share growth and embed future profitability through disciplined customer investment. This is expected to result in a Flutter Brazil adjusted EBITDA loss of approximately $90m-$100.0m in 2025.”
The deal is set to be finalized by the second quarter of 2025.
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