Flutter Acquires Controlling Stake In Brazilian Betting Company For $350 Million

📆 13/09/2024 2:09 a. m.
📰 IrishTimes

⏱ Reading Time:
30 sec. here
7 min. at publisher
📊 Quality Score:
News: 32%
Publisher: 98%

Business Noticias

Flutter Entertainment,Brazil,Betting

Flutter Entertainment, the parent company of Paddy Power Betfair, has acquired a controlling 56% stake in NSX Group, the operator of Brazil's Betnacional brand. This move positions Flutter for growth in the burgeoning Brazilian betting market, which is expected to fully regulate its online sports betting and iGaming sector early next year.

Paddy Power Betfair parent Flutter has acquired a controlling stake in a leading Brazilian betting company for $350 million in cash.

Flutter said NSX is expected to generate revenue of approximately $256 million this year, as well as adjusted earnings before interest, taxes, depreciation and amortisation of $34 million. NSX entered the market in 2021 and is now the number four operator in Brazil with 12 per cent of the sports betting market and 9 per cent share of the online market.

“In line with our successful strategy in other newly regulated markets such as the US, we expect to drive market share growth and embed future profitability through disciplined customer investment,” the company said.

Hemos resumido esta noticia para que puedas leerla rápidamente. Si estás interesado en la noticia, puedes leer el texto completo aquí. Leer más:

Escribir Comentario

Colombia Últimas Noticias, Colombia Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

Millennium Management shorting €200m-plus worth of shares in Irish companiesUS hedge fund sets its sights on Flutter and Bank of Ireland
Fuente: IrishTimes - 🏆 3. / 98 Leer más »

Corre Energy parent pledges 15.4% stake in Dublin company as loan securitySeparately, Boyd family acquires 19.3% stake in Irish business as payment for loan
Fuente: IrishTimes - 🏆 3. / 98 Leer más »