Flutter is among the top three betting companies in Brazil with an 11% market share, thanks to its acquisition of a 56% stake in Betnacional parent NSX Group. Its position in Brazil was outlined in some detail during the group's Capital Markets Day presentation.
Flutter said the NSX Group acquisition would provide the group with necessary local expertise in the Brazilian market. The deal is expected to close by Q2 2025 and will help establish a new ‘Flutter Brazil’ business, which will include its existing Betfair brand. NSX Group’s Pagbet, MrJack.bet and Betpix brands will also fall under the new business arm.
According to Regulus Partners and internal estimates, NSX holds 9% of the total online market in Brazil. It estimates Brazil’s net gaming revenue (NGR) for 2023 was $2.8bn. Of that figure, Flutter claims its Betfair brands, alongside those it acquired in the NSX deal, came third in revenue terms with over a tenth of the market.
Flutter’s revenue from Betfair and NSX comb..