Flutter Completes Acquisition of Peruvian Operator Apuesta Total in $450M LatAm Push
Flutter Entertainment has closed its previously announced acquisition of Peru-based Apuesta Total, giving the group a dominant position in one of Latin America's fastest-growing regulated markets. The deal values the operator at approximately $450 million including earn-outs tied to 2027 performance milestones.
Flutter Entertainment confirmed on Thursday that it has completed the acquisition of Apuesta Total, Peru's leading omnichannel sports betting and casino operator, following final clearance from the country's Ministry of Foreign Trade and Tourism (MINCETUR). The transaction, valued at $450 million including a performance-linked earn-out structure, hands Flutter an estimated 40% share of Peru's newly regulated online gambling market, which launched under formal licensing in early 2024.
Apuesta Total brings with it a network of more than 1,800 retail points across Peru, a proprietary sportsbook platform tailored to local football betting preferences, and a customer base exceeding 1.2 million registered users. Flutter CEO Peter Jackson said the deal cements the group's strategy of acquiring regional champions rather than attempting greenfield builds in Latin America. "Peru represents a structurally attractive market with a sophisticated regulatory framework, and Apuesta Total's team has built something genuinely category-defining," Jackson noted in a statement to investors.
The acquisition continues Flutter's methodical LatAm expansion following its majority stake in Brazil's NSX Group and the integration of Junglee Games in India under its International division. Analysts at Jefferies estimate Peru's regulated online gambling market will reach $650 million in gross gaming revenue by 2027, driven by the country's 12% GGR tax regime and relatively low operator saturation compared to Colombia or Brazil. Apuesta Total founder Gonzalo Pérez will remain in his role as CEO and join Flutter's International leadership committee.
Industry observers suggest the completion may accelerate consolidation across the Andean region, with Chile's pending regulatory framework and Ecuador's exploratory licensing discussions creating further M&A momentum. Flutter indicated it will migrate Apuesta Total onto its proprietary Flutter Edge technology stack over the next 18 months while preserving the brand's local identity and retail footprint.