Flutter Captures 11% of Brazil Market Share with NSX Acquisition
Date: 2024-09-26 Author: Leon Pierce Categories: SPORTS BETTING
Flutter has become one of the top three bookmakers in Brazil, gaining 11% of the market thanks to the acquisition of a 56% stake in NSX Group, the owner of Betnacional. These achievements were announced during Flutter’s presentation during the Capital Markets Day.
Flutter says that the acquisition of NSX Group will provide the company with the necessary knowledge and experience to successfully operate in the Brazilian market. The deal is expected to close by the beginning of the second quarter of 2025, after which a new division called “Flutter Brazil” will be created, which will combine the current Betfair brand and NSX Group assets, including the Pagbet, MrJack.bet and Betpix brands.
According to data from analytics company Regulus Partners and Flutter’s internal estimates, NSX’s share of the Brazilian online market is around 9%. In 2023, net gambling revenue in the country was estimated at $2.8 billion, of which the Betfair and NSX brands accounted for more than 10%, placing them third in revenue.
For the twelve months ended June 30, 2024, Flutter's combined revenue from Betfair and NSX was $330 million, with an average monthly active user count of 1.3 million. In 2023, the Brazilian market accounted for only 1% of Flutter's total revenue and 2% of the company's international revenue.
Brazil is among the countries Flutter is betting on for further growth and consolidation, along with regions such as Armenia, Georgia, Spain, and Turkey. These markets accounted for about 77% of the company's revenue in the first half of 2024 and 71% of its international revenue.
NSX Strengthens Flutter’s Position in Key Brazilian Market
During its Investor Day in New York on September 25, Flutter emphasized that the NSX deal gave the company a “competitive advantage” as the Brazilian betting market enters regulation.
NSX will provide Flutter with unique capabilities due to its deep market knowledge and financial infrastructure.
“We believe next year will be a key moment to capture market share,” said Dan Taylor, Flutter’s global CEO, adding that there are still uncertainties regarding gambling taxation and the final market size. However, the company is confident that its early entry into the legal market will pay off within the first year of operation.
Regulus predicts that the Brazilian betting market will grow at an annual rate of 18%, with net gambling revenue in the country reaching $4.3 billion by 2030, up from $0.8 billion in 2020.
