Our $350m acquisition of 56% of NSX, the operator behind the brand Betnacional, represents a targeted step into Brazil’s newly regulated sports betting and gaming market. The deal has created Flutter Brazil, combining Betnacional with our existing Betfair brand in the market, to create a dual-brand customer offering well set to challenge for a podium position. With Brazil’s sports-mad population now surpassing 200 million and the online sports betting and iGaming market already growing at a 38% CAGR between 2018 and 2023, when it reached more than $3bn in gross gaming revenue – it was a golden opportunity to strengthen our position.
Like a young Vinicius Junior, always a superstar in the making, Betnacional has emerged rapidly as one of the fastest growing local brands since its launch in 2021. From a chance meeting with their CEO João Studart at the Cheltenham Racing Festival, it was clear that NSX was being led by one of the brightest minds in the industry, which is why I’m delighted he will now lead Flutter Brazil. Betnacional already ranks as Brazil’s fourth-largest operator by market share, but by fusing the local expertise, and brand with Flutter’s global capabilities, we will create a dynamic platform to attack the market head-on.
Now complete, we anticipate the combination will deliver revenue synergies, with Betnacional generating 20% revenue growth in the first quarter of this year with the advent of regulation in Brazil. As shown with previous acquisitions in Georgia, Serbia and India, this move is yet another demonstration of Flutter International’s strategic aim to lead in high-growth frontier markets.
By contrast, acquisition of Snai was a more calculated move. Given the strong performance of Sisal since joining Flutter in 2022, we’ve been exploring the market for another opportunity that would help with our strategic aim of securing a gold medal position in Italy. With the addition of Snai, we are placing a complementary brand alongside Sisal at the centre of our Italian business, well positioned in a market that generated €21bn in gross gaming revenue and had online penetration at a relatively modest 21% in 2023. This offers enormous upside for scale players like Flutter.
Snai, with a top-three online position and over 2,000 retail locations, naturally complements Sisal. The deal is expected to deliver at least €70m in annual cost synergies, plus significant capex savings, while also enabling revenue synergies through enhanced products and an improved customer proposition. This will give us the ability to launch counter attacks by integrating Snai’s local brand strength and omni-channel capabilities with the scale of the Flutter Edge. Like both the great Paolo Maldini, or World Cup-winner Fabio Cannavaro, the transaction had great timing and tactical awareness.
Though contrasting in style, both these transactions are unified in their purpose. Our Brazilian expansion is about seizing early-mover advantage in a newly regulated territory, while our Italian play is about extending our leadership in Europe’s largest market. Both underscore Flutter’s International core strategy – secure leadership in key regulated markets, whether by bold attack or strategic defence.
Underpinning the success of both transactions will undoubtedly be the Flutter Edge; the Group’s competitive advantages across product, technology, expertise and scale. In Brazil, it means turbocharging Betnacional’s product offering and sharpening its pricing and promotional capabilities. In Italy, it means bolstering Snai’s casino content, modernising their sports platform and leveraging Flutter’s existing technology platforms to materially enhance the customer experience for existing Snai customers.
In football, Brazil dazzles with attacking artistry; Italy counters with unbreakable defence. Within an enlarged Flutter International, which now includes our UK, Irish and Australian businesses, we’re adopting both mindsets, albeit tailored to market dynamics, regulatory change, and customer preferences. Both moves serve the same objective: winning. Gaining customers, growing market share, creating the best products in the world’s most dynamic sports betting and gaming markets.
As CEO of Flutter International, I’m proud and continually excited by this blended approach, which combines the skill of an attacker with the discipline of a defender depending on where we choose to play. The result is usually the same – Flutter is a team that is very difficult to beat.
Dingnews.com 18/07/2025