Flutter Entertainment has confirmed the $350m acquisition of a 56% stake in NSX Group, operator of the Brazilian Betnacional brand, as it seeks to establish what it calls ‘Flutter Brazil’.
Betnacional will join up with Flutter’s existing Betfair brand to develop a powerful business within what is currently seen as one of the world’s hottest sports betting opportunities.
In addition to Betnacional, NSX also operates the Pagbet, MrJack.bet and Betpix brands, holding around 12% of Brazil’s sports betting market and 9% of the total online market.
Peter Jackson, Flutter’s CEO, says: “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.”
