The gambling powerhouse behind Paddy Power and Betfair is set to secure a leading position in the Brazilian market by acquiring a majority stake in the Betnacional brand for $350 million.

Flutter Entertainment said it was buying a 56 per cent stake in NSX Group, the owner of Betnacional, for which it will pay $350 million in cash and will contribute its existing Flutter Brazil business. The deal is expected to be completed by the middle of 2025.

A mechanism has also been put in place to enable Flutter to increase its stake in NSX in years five and ten after the completion date. NSX is expected to generate revenue of about $256 million in 2024 and adjusted underlying earnings of $34 million.

The deal