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Flutter has officially completing its acquisition of NSX, the parent company of Betnacional. With the deal now closed, João Studart, who has been leading NSX since 2020, will step up to run the newly created Flutter Brazil division. Good to know Flutter paid $356 million for an initial 56% stake in NSX. The transaction is expected to bring $220 million in extra revenue by 2025. Flutter Brazil will now operate both Betnacional and Betfair Brazil under one umbrella. João Studart is taking the reins of Flutter Brazil, a move that aligns with the company’s efforts to build a stronger position in Latin America’s largest gambling market. He confirmed the leadership update in a LinkedIn post, writing, “Today, we begin a new stage in our journey. It is the recognition of a work that began as a Brazilian startup and that… has consolidated itself as a reference in the betting and digital entertainment sector.” The acquisition, originally announced in September 2023, closed as expected in the second quarter of 2025. Flutter also has mechanisms in place to increase its stake in NSX over time. More Than Just a Deal Studart sees the deal as more than a simple ownership change. He highlighted that becoming part of Flutter connects NSX to a larger global network. This link boosts access to talent, funding, and advanced technology, which he says will strengthen their ability to grow and innovate. He added, “Alongside Betfair, we are now operating in an even more integrated manner in Brazil, with a very clear purpose: to offer increasingly relevant, safe and responsible experiences for our users.” The merger is also designed to retain the character and approach that made NSX a top player in Brazil. Studart said, “We continue with the same DNA that has brought us this far, and with even more strength to build what lies ahead.” Peter Jackson, CEO of Flutter, welcomed the completion of the deal and pointed to the wider strategy behind it. “The combination of NSX’s extensive local expertise, alongside our existing Brazilian business and the advantages of the Flutter Edge, creates a compelling opportunity to capitalise on the exciting runway of future growth in Brazil.” Flutter believes the NSX acquisition will not only help grow its market share but also improve profitability going forward. Revenue Expectations The company expects NSX to add around $220 million in new revenue during 2025. With Betnacional and Betfair Brazil now operating together, Flutter is set to deepen its footprint in the region’s fast-evolving gambling space.

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João Studart to Lead Flutter Brazil After Betnacional Deal Finalized