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

📆 9/13/2024 7:09 AM

Business News

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.

📆 9/13/2024 7:09 AM
📰 IrishTimes

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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.

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