Flutter buys major stake in Brazil’s NSX Group
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18 Sep 2024 •
Reading time: 2 minutes Flutter Entertainment is taking a big step into the Brazilian gambling market by buying a 56% stake in NSX Group. They are paying around $350 million for this. With this, they are further expanding their international brand portfolio, with Brazil as an important growth market. More and more gambling companies want a piece of this fast-growing market, and Flutter wants to be at the forefront.
What is NSX Group and why is it important?
NSX Group owns several brands, including the well-known Betnacional, which is the namesake of the Brazilian Serie B. This makes NSX already a strong player in Brazil. The acquisition comes at a strategic time, because NSX is expected to generate around $256 million in revenue and an EBITDA of $34 million in 2024. This means that this deal makes Flutter a major player in Brazil in one fell swoop.
Betfair Brazil and NSX combine to form Flutter Brazil
In addition to acquiring NSX Group, Flutter is also combining its existing Betfair Brazil operations with NSX. The new company will operate under the name Flutter Brazil. Flutter hopes to gain an even greater competitive position in the newly regulated Brazilian market. They hope this move will create value for their shareholders and further accelerate the growth of their business in Brazil.
This also fits perfectly with Flutter’s plan to build stronger brands locally. They believe that the addition of NSX will help them create synergies and capture even more value from this market.
Flutter CEO Peter Jackson on the deal
“I am extremely pleased to add NSX, the operator of Betnacional, to our portfolio. This is an opportunity to leverage local expertise, our Betfair operations and the strength of Flutter to achieve something great in Brazil. This market offers enormous growth potential, and we are ready to capitalise on it.”
Peter Jackson, Flutter CEO
This acquisition follows earlier news that Flutter is in talks to acquire Italian brand Snaitech from Playtech, and the recent opening of a new Global Capability Centre in Hyderabad, India.