With the majority of the gambling industry having published their Q3 results, iGB looks at how operators fared in the region and their plans for the future there.
Brazil will launch its legal betting market on 1 January 2025 and one operator that is hoping to make a real dent in the market is the giant Flutter Entertainment.
Back in September, Flutter announced it had agreed to acquire an initial 56% stake in NSX Group, which operates the Brazil-facing Betnacional brand. The deal is worth $350 million (£266.5 million/€316.0 million).
For the nine months ending 30 September, Flutter reported year-on-year revenue growth in Brazil of 4%. In its earnings call following the Q3 results release, CFO Rob Coldrake spoke of the operator’s excitement for the market opening.
“We’re very confident about our approach in Brazil,” Coldrake told reporters. “We’ve grown with our brands that we’ve got there already. We’re very excited about the NSX acquisition.”
The NSX acquisition will create a new..