NSX Group CEO João Studart will lead Flutter International’s Brazil business as the industry giant has completed its acquisition of the Betnacional parent company.
Flutter agreed to acquire an initial 56% stake in Brazil-facing NSX last September. The deal was valued at $356 million and had been expected to close in Q2 of this year.
The acquisition has completed on schedule, enabling Flutter to establish a new Flutter Brazil business, led by Studart. This division will also include its Betfair Brazil brand. A mechanism is also in place to enable Flutter to increase its overall shareholding of NSX.
Studart responded to the announcement on LinkedIn, explaining that he will now lead the combined Flutter Brazil business. He said the acquisition represents “much more than a name change” for NSX.
“Today, we begin a new stage in our journey,” Studart said. “It is the recognition of a work that began as a Brazilian startup and that, with strategic vision, talent and consistency, has consolidated itself as a reference in the betting and digital entertainment sector, with leading brands such as Betnacional.”
Flutter Brazil committed to relevant and responsible gambling
Studart, who has acted as CEO for the NSX business since 2020, said the combined business will have greater reach in Brazil. He said, being part of Flutter, NSX is connected to one of the largest global platforms in the industry.
“It expands access to technology, talent and capital, reinforcing our capacity for innovation, impact and scale,” he said. “Alongside Betfair, we are now operating in an even more integrated manner in Brazil, with a very clear purpose: to offer increasingly relevant, safe and responsible experiences for our users.
“We continue with the same DNA that has brought us this far and with even more strength to build what lies ahead. The future of Flutter Brazil has already begun and it will be guided by purpose, responsibility and commitment to what really matters.”
NSX to contribute $220 million in additional revenue
Confirming the acquisition, Flutter said NSX would help drive market share growth and embed future profitability. It has forecast that the deal will generate an additional $220 million in revenue during 2025.
“The transaction demonstrates Flutter’s powerful optionality as an ‘and’ business and aligns perfectly with our strategy for value creating M&A,” Flutter CEO Peter Jackson said in a statement released on Thursday.
“The combination of NSX’s extensive local expertise, alongside our existing Brazilian business and the advantages of the Flutter Edge, creates a compelling opportunity to capitalise on the exciting runway of future growth in Brazil.”
These comments echoed what Jackson said during Flutter’s post-Q1 earnings call. He said it gives Flutter an “enhanced competitive position, in a fast-growing newly regulated market”.
“Combining a strong local management team, localised proprietary technology and a local hero brand in Betnacional, alongside our existing Betfair Brazil business and Flutter Edge capabilities, will position us for success in this very exciting market,” Jackson told analysts earlier in the month.