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Flutter News
# Flutter Entertainment announces completion of NSX acquisition
_New York, May 14 2025: Flutter Entertainment (NYSE: FLUT; LSE: FLTR) (“Flutter”) the world’s leading online sports betting and iGaming operator today announces that it has completed the acquisition of an initial 56% stake in NSX Group (“NSX”), a leading Brazilian operator of the Betnacional brand for cash consideration of approximately $350m 1._

The transaction aligns with Flutter’s strategy to invest in leadership positions in attractive international markets and is expected to create shareholder value through:
* Delivering an enhanced competitive position in the newly regulated and fast growing2 Brazilian market. The Brazilian online sports betting and iGaming market has highly attractive characteristics, including a population of over 200 million, with sports, and soccer in particular, being a key part of its culture.
* Enhancing our “local hero” brand portfolio through the addition of rapidly growing, local brands to our existing Betfair business, creating a podium position in Brazil. NSX entered the market in 2021, rapidly growing to be the number 4 operator by 20232.
* A compelling synergy opportunity through access to the Flutter Edge, and delivering meaningful value creation. Revenue synergies are expected to be achieved by providing NSX access to Flutter proprietary pricing and risk management capabilities to deliver a differentiated sportsbook product offering. This is in addition to the sharing of Flutter iGaming expertise and content to enhance the iGaming experience.

In line with our successful strategy in other newly regulated markets, we expect to drive market share growth and embed future profitability through disciplined customer investment. We expect that the acquisition of NSX will contribute $220m additional revenues and an adjusted EBITDA loss of $70m4,5 in 2025, reported within the International reporting segment.