In May, Flutter announced NSX Group CEO João Studart would lead its Flutter Brazil business, which now comprises around 500 employees. Here, he speaks with iGB on regulation and localisation.
It has been a somewhat tumultuous start to life for the legal gambling sector in Brazil since the regulated market launched on 1 January this year. Licensed gambling GGR across the first six months of regulation stood at BRL17.4 billion (US$3.2bn), contributing BRL3.8 billion (US$710m) in tax for the country in the meantime.
In terms of regulation, the sector is facing new potential ad restrictions and was threatened with a retroactive tax program to make operators pay for gambling services in the ten years prior to regulation. However, this was withdrawn by policitians last week.
Speaking to iGB prior to the vote, Studart called for policymakers to avoid overregulation, something he believes could result in black market growth. He highlighted an Instituto Locomotiva study earlier this year, which warned that 61% of Brazilian bettors placed at least one illegal bet in 2025.
“These findings show that the combination of high taxation, bureaucracy and advertising bans can produce the opposite of the intended effect: pushing consumers toward unregulated platforms that do not follow user protection rules or contribute to tax revenues,” João Studart said.
“Caution is needed when it comes to balancing tax burdens, advertising restrictions and the overall attractiveness of the regulated market.”
A time of great opportunities for Brazil betting
Studart said the current regulation marks a “fundamental step” towards ensuring a safe and responsible licensed betting sector in Brazil.
“The progress of regulation has laid the foundation for a more balanced ecosystem – one that combines innovation with responsibility,” he said. “Flutter Brazil sees this new scenario as fertile ground for sustainable growth.”
Flutter Brazil was created by powerhouse Flutter Entertainment last year, when it agreed to acquire a 56% stake in NSX, the parent company of Brazil-facing brand Betnacional. The deal was completed in May, with Flutter announcing NSX Group CEO Studart would lead the Flutter Brazil business.
In Q2 this year, Flutter announced its Brazil revenue had grown 144% during Q2 to US$44 million.
Brazil was Flutter’s fastest-growing market in Q2, and Studart believes the business is well placed to continue capitalising on the new regulation in Brazil.
In September 2024, the company claimed its acquisition of NSX Group had led Flutter to an 11% market share in Brazil, placing it among the top three betting companies.
Flutter Brazil eyes podium position through localization
Flutter Brazil has approximately 500 employees, focusing on creating the best experience possible for its users by focusing on technology, marketing and customer service.
“The Brazilian market is going through a phase of consolidation that brings great opportunities for operators who invest with seriousness, a consumer-first mindset and a commitment to best practices,” Studart added.
He emphasised the business’ reliance on local expertise, noting: “Flutter Brazil has chosen to maintain a team with the spirit and expertise specifically oriented toward the Brazilian market. With Betnacional as part of its brand ecosystem, the goal is to sustain an operation centred on Brazilian talent and local insight."
“By combining global scale with a deep understanding of local specificities, we aim to actively contribute to the sector’s maturation – offering relevant and safe experiences to users while reinforcing the pillars of trust, transparency and Brazilian culture that underpin our brands.”
Source: iGB
