Askume, Sept 13 – Flutter (FLTRF.L), the world’s largest online gaming company, said on Friday it will acquire a 56% stake in NSX Group, operator of Brazilian gaming group Betanational, for about $350 million. Raise. .
Flutter, the owner of FanDuel and Paddy Power, said it would merge Betnational with its existing Betfair Brazil brand and invest heavily to grow market share, similar to its strategy in the United States, where it is currently the No. 1 operator.
Sports betting was legalised in football-mad Brazil in 2018 but will not be fully regulated until early 2025.
NSX is the fourth-largest player in the sports betting market with a 12% share. Flutter said it expects to generate revenue of around $256 million in 2024, more than three times that of Betfair Brazil, with core profit reaching around $34 million in 2024.
Flutter will increase its stake between five and ten years after the deal closes, and it said it expects the new Flutter Brazilian entity to lose about $90 million to $100 million by 2025 due to the investment drive.
The Irish gambling group said last month it was also in talks to acquire Snaitech, the Italian unit of British gambling technology company Playtech (PTEC.L) .
