Flutter Brazil’s new structure brings together executives with extensive experience in their fields. Stéphane Kaloudoff (CFO) has a solid track record in finance and corporate restructuring. Fernando Calia (CLO) brings over 30 years of legal experience in multinationals. Álvaro Garcia (CMO) adds two decades of marketing expertise for major brands. John Carroll (CCO) and Tudor Tamas (CPO) come from the Paddy Power Betfair group, with expertise in communications and product, respectively. Rafael Moraes (CTO) completes the team with strong experience in technology and digital transformation.
“Brazil is emerging as one of the most promising sports betting markets in the world, and Flutter Brazil was created with all the conditions needed to lead this moment. The merger with NSX has allowed us to combine international scale, local reach, and a highly qualified executive team to set the standard in the sector with responsibility and long-term vision,” said João Studart, CEO of Flutter Brazil.
The merger process that led to the creation of Flutter Brazil began in 2025, following Flutter Entertainment’s acquisition of 56% of the NSX Brazil group, valued at US$350 million. Flutter Entertainment is the world’s largest sports betting and iGaming operator.
With the launch of Flutter Brazil, the international holding projects a US$220 million increase in revenue in Brazil as early as 2025. The expectation is that the incorporation of NSX Brazil will generate operational synergies and boost the company’s competitiveness in a regulatory environment that favors established local operators.
Flutter Brazil
Flutter Brazil is one of the largest sports betting ecosystems in the country, the result of the merger between NSX Brazil, the Brazilian company that owns Betnacional, and Flutter Entertainment, a global leader in the sector and owner of Betfair.
With operations led by Brazilians — ensuring national DNA for the brands and closer ties to the market, which is essential for public and regulatory communications — the company combines cutting-edge technology with deep audience knowledge, delivering a safe, transparent, and responsible entertainment experience.
Betnacional
Betnacional, the sports betting platform that is part of Flutter Brazil, has been authorized to operate in the country with fixed-odds betting since January 2025, under SPA/MF Ordinance No. 2,092/24. Reinforcing its positioning as “the Brazilians’ bet,” the brand has invested heavily in valuing national culture.
It sponsors some of the country’s biggest events and programs, such as Big Brother Brasil 2025, the Rio Open, Lollapalooza, the Raiz tour by Lauana Prado, and the traditional Carnaval de Salvador, among others. Betnacional also boasts high-profile ambassadors, including soccer star Vini Jr., singer Nathanzinho, and the iconic journalist Galvão Bueno, a reference in Brazilian sports broadcasting.
The Brazilians’ bet has a strong presence in sports, with high visibility in stadiums and advertising across various championships through BRAX. In addition, it is the official sponsor of Futebol 2025 on Rede Globo, the main sponsor of Sport Club do Recife, and of the Rio Marathon 2025.
Betnacional promotes the sustainable growth of the betting sector in Brazil and reinforces its commitment to responsible gaming through a solid partnership with the Instituto Brasileiro de Jogo Responsável (IBJR).
Source: GMB
