NSX CEO João Studart to lead Flutter Brazil as acquisition completes

NSX Group CEO João Studart has been appointed to lead Flutter Entertainment’s newly launched Flutter Brazil division, following the successful completion of Flutter’s acquisition of NSX Group, parent company of top Brazilian sportsbook Betnacional.

Studart, who has headed NSX since 2020, will now steer Flutter’s operations in Brazil, overseeing both Betnacional and the Betfair Brazil brand. His leadership marks a significant step in Flutter’s expansion strategy across Latin America’s fast-growing sports betting market.

“It is the recognition of a work that began as a Brazilian startup and that, with strategic vision, talent, and consistency, has consolidated itself as a reference in the betting and digital entertainment sector, with leading brands such as Betnacional,” Studart said in a LinkedIn post.

He said that the partnership expands access to technology, talent, and capital, strengthening the company’s ability to innovate, create impact, and scale effectively. “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.”

Studart also emphasized that the essence of NSX will remain intact under Flutter’s global platform. “We continue with the same DNA that has brought us this far and with even more strength to build what lies ahead.”

Flutter completed its acquisition of a 56% stake in NSX for $356 million, a deal first announced in September 2024 and finalized on schedule this quarter.

In a statement, Flutter said the acquisition supports the company’s strategy to grow in high-potential international markets, with Brazil identified as a key opportunity due to its large population, strong sports culture, and new regulatory framework.

NSX entered the market in 2021 and became the fourth-largest operator by 2023. The acquisition adds a fast-growing local brand to Flutter’s portfolio and strengthens its market position. NSX will now use Flutter’s pricing tools, risk management systems, and iGaming content to improve its product offering and grow revenue.

Flutter projects the deal will add $220 million in revenue in 2025, though it anticipates a short-term adjusted EBITDA loss of $70 million.

Flutter CEO Peter Jackson said the deal adds local expertise and scale in Brazil, creating strong growth potential. “The transaction demonstrates Flutter’s powerful optionality as an ‘and’ business and aligns perfectly with our strategy for value-creating M&A.”

“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 capitalize on the exciting runway of future growth in Brazil,” he added.

The agreement includes options for Flutter to increase its stake in years five and ten. While the acquisition will raise leverage in the short term, Flutter expects this to decline as profitable growth opportunities materialize across the group. The company said it remains committed to its medium-term leverage target of 2.0 to 2.5 times.