Flutter Entertainment the world’s leading online sports betting and iGaming operator today announces the acquisition of an initial 56% stake in NSX Group, a leading Brazilian operator of the Betnacional brand for cash consideration of approximately $350m.

The transaction fully aligns with Flutter’s strategy to invest in leadership positions in international markets, securing a podium position for Flutter on completion in the regulating and fast-growing Brazilian market.

NSX is the number 4 operator in Brazil, with a portfolio of brands which include the flagship Betnacional brand. On a standalone basis, NSX is expected to generate revenue of approximately $256m and Adjusted EBITDA of approximately $34m in 2024.

Under the transaction agreement, on completion, Flutter will pay cash consideration of approximately $350m and contribute its existing Betfair Brazil business, in return for a 56% stake in the newly combined Flutter Brazil business.