Flutter Entertainment will establish a new business in Brazil after agreeing to acquire an initial 56% stake in NSX Group, operator of the Brazilian Betnacional brand.

The $350m deal, which the group expects to complete by Q2 2025, includes a clause allowing Flutter to increase its stake both five and ten years after completion.

The group is expected to post $256m in revenue and $34m in adjusted EBITDA this year.

NSX has been operating in Brazil since 2021, and includes the Betnacional, Betpix, MrJack.bet, and Pagbet brands. Flutter will also add its Betfair brand to the new Brazilian arm of its growing empire. The group is expected to post $256m in revenue and $34m in adjusted EBITDA this year.

The deal comes as Brazil prepares to open up to new operators as it moves forward with plans for legal, regulated gambling, bringing the current gray market to an end.

Flutter CEO Peter Jackson cited the local know-how of NSX as crucial to the deal, stating: “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 capitalize on the growth opportunity in Brazil which presents an exciting runway of future growth.”

Further details of the deal will be announced on the company’s upcoming investor day, September 25.