Flutter International has acquired a 56% stake in Brazil's NSX and the Snai brand in Italy, strategically positioning itself in emerging and established gaming markets.

Target Information

Flutter International has recently secured a majority stake in NSX, an operator behind the Betnacional brand in Brazil, through a $350 million acquisition of 56% ownership. This strategic move marks Flutter's entry into Brazil's newly regulated sports betting and gaming market, signifying the creation of Flutter Brazil, which combines Betnacional with the existing Betfair brand. The partnership aims to provide a dual-brand customer offering poised to compete aggressively in a sports-loving nation with a population exceeding 200 million.

Since its launch in 2021, Betnacional has rapidly emerged as one of the fastest-growing local brands, now ranking as Brazil’s fourth-largest operator by market share. The connection formed with NSX's CEO, João Studart, during a chance meeting at the Cheltenham Racing Festival highlighted the leadership quality within NSX. With Studart at the helm of Flutter Brazil, the integration of local expertise and Flutter’s global capabilities is set to drive significant growth.

Industry Overview

Brazil's online sports betting and iGaming market has seen remarkable growth, achieving a compound annual growth rate (CAGR) of 38% from 2018 to 2023, reaching a gross gaming revenue of more