Flutter Entertainment is set to take an estimated £1 billion bet on the Brazilian market after entering talks to buy one of the country’s biggest gambling operators.

The company, which declined to comment, is believed to have made a formal offer for Betnacional, Brazil’s fifth biggest gambling operator. It is owned by the British-based NSX Group, having been founded in August 2021.

According to a report by Next.io, Betnacional has a market share of about 7.3 per cent, some way behind Betano, the market leader with 25.1 per cent. The No 2 player is Bet365, based in Stoke, with 16.3 per cent, with Entain holding a 9.4 per cent share through its Sportingbet brand.

Betnacional has a strong gaming business, notably in casino gambling