Flutter Entertainment plc announced on May 15, 2025, the completion of its acquisition of an initial 56% stake in NSX Group, a Brazilian operator of the Betnacional brand. This $350 million cash deal was initially announced in September 2024.
The acquisition aligns with Flutter's strategy for value-creating mergers and acquisitions, expanding its footprint in the highly attractive Brazilian online sports betting and iGaming market. Brazil boasts a population of over 200 million, with a strong sports culture, particularly soccer.
Flutter expects NSX to contribute an additional $220 million in revenues for 2025, though it anticipates an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of $70 million in the same year due to initial integration and investment. The deal includes a mechanism for Flutter to increase its shareholding in year five and year ten following completion.
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