Flutter Entertainment has announced that it has completed the acquisition of an initial 56% stake in NSX Group (NSX), a leading Brazilian operator of the Betnacional brand for cash consideration of approximately $350m.

The transaction aligns with Flutter’s strategy to invest in leadership positions in attractive international markets and is expected to create shareholder value through:

• Delivering an enhanced competitive position in the newly regulated and fast growing Brazilian market. The Brazilian online sports betting and iGaming market has highly attractive characteristics, including a population of over 200 million, with sports, and soccer in particular, being a key part of its culture.

• Enhancing the “local hero” brand portfolio through the addition of rapidly growing, local brands to the existing Betfair business, creating a podium position in Brazil. NSX entered the market in 2021, rapidly growing to be the number 4 operator by 2023.

Advertisement

• A compelling synergy opportunity through access to the Flutter Edge, and delivering meaningful value creation. Revenue synergies are expected to be achieved by providing NSX access to Flutter proprietary pricing and risk management capabilities to deliver a differentiated sportsbook product offering. This is in addition to the sharing of Flutter iGaming expertise and content to enhance the iGaming experience.

Peter Jackson, CEO, said: “I am delighted to welcome NSX – the operator of leading Brazilian sports betting and iGaming brand, Betnacional – to the Flutter portfolio. The transaction demonstrates Flutter’s powerful optionality as an ‘and’ business and aligns perfectly with our strategy for value creating M&A. The combination of NSX’s extensive local expertise, alongside our existing Brazilian business and the advantages of the Flutter Edge, creates a compelling opportunity to capitalize on the exciting runway of future growth in Brazil.”

Under the transaction agreement, on completion, Flutter has (i) paid cash consideration of approximately $350m and (ii) contributed its existing Betfair Brazil business, in return for a 56% stake in the newly combined Flutter Brazil business. In addition, a mechanism has been put in place to enable Flutter to increase its shareholding through reciprocal put/call arrangements in year five and year ten following completion.

The Brazilian Ministry of Sports and the International Betting Integrity Association (IBIA) have signed a sports betting integrity cooperation agreement. This partnership will enable the sharing of information concerning suspicious betting activity connected to Brazilian sports and support collaboration on integrity-related investigations.

The agreement brings together the governmental body tasked with safeguarding the integrity and development of Brazilian sport, and the largest international betting integrity monitor for private operators in the world. Leading industry data and intelligence company H2 Gambling Capital has forecast that IBIA covers more than 70% of Brazil’s licensed remote gambling market.

According to ‘The Availability of Sports Betting Products: An Economic and Integrity Analysis’ study published last year, the sports betting regulatory regime in Brazil is projected to create $34bn (R$191.7bn) in sports betting turnover by 2028. With this increased growth comes a greater responsibility to protect customers, sports and betting operators from match-fixing.

A key element of the new Brazilian regulatory framework is the requirement that operators seeking a licence must join an independent sports integrity monitoring body. This licensing requirement is helping to strengthen IBIA’s capacity to monitor, assess and protect betting transactions in Brazil’s regulated sports betting market and maintain the integrity of Brazilian sporting events.

Advertisement

Minister of Sport, André Fufuca, said: “Today we are signing a milestone in the fight against match-fixing in Brazilian sport. Integrity must be a constant principle when it comes to transparency, ethics and, above all, the correctness of sports results. With these agreements, we will have more than enough instruments to curb this practice and guarantee greater transparency in competitions. Thus, athletes, clubs, organizations, fans and the entire population will be able to fully trust in the fairness of the results and, with this, will have peace of mind to develop the full potential of Brazilian sport.”

Khalid Ali, IBIA CEO, said: “IBIA welcomes this important partnership with the Brazilian Ministry of Sports. As the market grows, so too does the responsibility to ensure that robust integrity safeguards are in place. This agreement will ensure that information on suspicious betting is swiftly shared with the Ministry to support effective integrity actions. This includes access to detailed, account-level data available only through IBIA’s unique network.”

IBIA is a globally recognised non-profit organization that seeks to safeguard the integrity of the sports and betting sectors by fighting betting related match-fixing and fraud. It provides a free integrity monitoring service to sports governing bodies, regulatory authorities, government ministries, and law enforcement agencies that, importantly, has no potential conflicts created by the provision of competing commercial services, enabling all parties to efficiently and effectively cooperate in investigating, prosecuting and deterring sports betting related match-fixing.

IBIA monitors over $300bn per annum in betting turnover across more than 140 sports betting brands globally, making IBIA the largest betting integrity monitor of its type for private operators in the world. The association’s unrivalled access to detailed global customer transactional data has, and will continue, to play a pivotal role in protecting the Brazilian sports betting market and sporting events from corrupt activity. IBIA recently released its global alert data for the first quarter of 2025, detailing that 63 cases of suspicious betting were reported to the relevant authorities.