Flutter Acquires Brazilian Operator Betnacional Parent Grupo NSX for $1.9 Billion
Flutter Entertainment has agreed to acquire NSX Group, the Brazilian gaming holding behind Betnacional and Mr. Jack Bet, in a $1.9 billion cash-and-stock deal. The transaction cements Flutter's ambition to become a top-three operator in the newly regulated Brazilian market.
Flutter Entertainment announced Monday it has reached an agreement to acquire São Paulo-based Grupo NSX for approximately $1.9 billion, marking one of the largest M&A transactions in Latin American gaming history. NSX operates several licensed brands in Brazil, including sportsbook leader Betnacional, Mr. Jack Bet, and Pagbet, which together have captured an estimated 11% share of Brazil's regulated online betting market since the sector formally opened in January 2025.
Under the terms of the deal, Flutter will pay $1.4 billion in cash with the remainder settled in ordinary shares, subject to earn-out provisions tied to 2027 EBITDA performance. The acquisition will be folded into Flutter's international division and operated alongside Betfair Brasil, though executives indicated the Betnacional brand will be retained given its strong local recognition. Flutter CEO Peter Jackson described Brazil as "the single most important growth market in our global portfolio outside the United States," citing forecasts that the country's regulated market will exceed $6 billion in gross gaming revenue by 2027.
The deal reflects an accelerating consolidation wave in Brazil, where more than 70 licensed operators are competing for market share amid rising customer acquisition costs and stricter advertising rules introduced by the Secretariat of Prizes and Betting (SPA) earlier this year. Analysts at Regulus Partners noted that mid-tier Brazilian operators have become prime acquisition targets as European and North American groups seek immediate scale rather than building brands organically. Rival bidders reportedly included Entain and a private equity consortium led by CVC Capital Partners.
Completion is expected in the first quarter of 2027, pending approval from Brazil's competition authority CADE and the SPA. Flutter said it expects the acquired business to contribute roughly $480 million in revenue and $95 million in adjusted EBITDA in its first full year of integration, with meaningful synergies from shared technology platforms and cross-brand liquidity in poker and casino verticals.