Paddy Power owner Flutter Entertainment PLC (LSE:FLTR) has acquired a 56% stake in NSX Group, a leading Brazilian betting operator known for its Betnacional brand.
The acquisition was valued at approximately $350 million.
By combining NSX with its existing Betfair Brazil business, Flutter is set to become a major player in the Brazilian sports betting and iGaming market.
Brazil, which is scheduled to regulate its online sports betting market fully in 2025, is seen as a high-growth region, particularly in the football department.
NSX entered the market in 2021 and has become the fourth-largest operator in Brazil with a market share of 12% in sports betting and 9% in the total online market.
Flutter boss Peter Jackson said: "I am excited to announce the addition of NSX, operator of Betnacional a leading Brazilian sports betting and iGaming brand, to the Flutter portfolio.
“We believe that combining the extensive local expertise of the NSX team, our existing Betfair business and the power of the Flutter Edge, will create a compelling opportunity to capitalise on the growth opportunity in Brazil which presents an exciting runway of future growth."