Former Flutter Brazil CEO João Studart has assumed a new leadership role as the business arm’s chairman, with Eduardo Monte taking over Studart’s previous position at the helm of the business.
Flutter Brazil announced the changes via a LinkedIn post on Monday, labelling the leadership moves a “new chapter” in the company’s history.
Studart was made CEO of the Flutter Brazil business in May, when Flutter completed its acquisition of NSX, the owner of the Brazil-facing brand Betnacional. Studart had previously served as CEO of NSX.
In his new role as chairman, Studart will be tasked with supporting the board and leaders in consolidating Flutter Brazil’s strategy and boosting the business’ institutional presence.
Monte, who had been COO of NSX since October 2023, will report directly to Flutter International CEO Dan Taylor with the hopes of strengthening the business’ alignment within its wider global strategy.
Monte has over 20 years of experience in business management, M&A and corporate finance. He previously spent nearly eight and a half years as Deloitte’s manager of corporate finance, before serving as M&A director of Brazilian healthcare company Hapvida Saúde between 2016 and 2023, from where he joined NSX.
Flutter Brazil said the moves would better prepare the operator for the future, noting it is guided by the values of “integrity, innovation and framework”.
The statement concluded: “We continue to move forward with purpose and build an ecosystem that unites technology, entertainment and responsibility to transform the iGaming market in Brazil and around the world.”
Flutter Brazil aiming for a podium position
Flutter announced its plans to acquire a 56% stake in NSX in September 2024, ahead of the Brazil online market regulation launching on 1 January.
Studart expressed to iGB in November his confidence in the company continuing to progress in Brazil, thanks to its local prowess and the Flutter Edge technology stack.
“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 told iGB.
“Flutter Brazil sees this new scenario as fertile ground for sustainable growth. 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.”
In Q3, Flutter reported revenue of $87 million for its Brazil activities, with Betnacional achieving record iGaming revenues during that period.
However, when excluding the NSX acquisition, Flutter’s revenue from its existing Betfair brand dropped 18% year-on-year during Q3.
H2 Gaming Capital Managing Director Ed Birkin recently estimated Flutter Brazil was in fifth place in the market with a 4.5% market share.
The changes to Flutter Brazil’s leadership structure mark a “natural evolution” in the company’s journey it said.