Flutter International Expands into Brazil and Italy with Major Acquisitions

Flutter International has made significant strides in expanding its presence in the sports betting and gaming markets with the acquisition of NSX in Brazil and Snai in Italy. These acquisitions are part of Flutter's strategy to lead in key regulated markets, drawing parallels with the football strategies of Brazil and Italy.

In Brazil, Flutter International acquired a majority stake in NSX, creating Flutter Brazil. The $350m deal for a 56% stake in NSX, the operator behind the brand Betnacional, represents a targeted step into Brazil’s newly regulated sports betting and gaming market. The deal has created Flutter Brazil, combining Betnacional with Flutter's existing Betfair brand in the market, to create a dual-brand customer offering well set to challenge for a podium position.

Brazil's online sports betting and iGaming market grew at a 38% CAGR between 2018 and 2023, reaching more than $3bn in gross gaming revenue. Betnacional, launched in 2021, has emerged as one of the fastest-growing local brands. João Studart, CEO of NSX, will lead Flutter Brazil. Betnacional is Brazil's fourth-largest operator by market share, and the combination is anticipated to deliver revenue synergies, with Betnacional generating 20% revenue growth in the first quarter of this year with the advent of regulation in Brazil.