Flutter Entertainment CFO Rob Coldrake has said the operator has “huge confidence” in its ongoing investment in Brazil following its early success with Betnacional.
Brazil’s regulated sports betting and igaming market has been in operation for just over a year, after first launching in January 2025.
Flutter completed its acquisition of Betnacional parent company NSX Group in May 2025, obtaining a 56% stake in the business in a deal worth $350m.
Flutter had operated the Betfair and PokerStars brands in Brazil, but the Betnacional deal allowed it accelerate market share gains and presence in the country.
Flutter reported a 383% increase in revenue from Brazil in its latest earnings report thanks to the acquisition, while revealing plans for a $70m investment in the market in 2026.
However, without Betnacional, revenue was down 22%, as customer-friendly results and comps versus the grey market in 2024 were noted.
Speaking during the Morgan Stanley Technology, Media and Telecom Conference yesterday, 4 March, Coldrake explained why the operator is ready to increase its investment in the Latam country.
He said: “We’re incredibly excited about the Brazilian market. It’s a huge market, very soccer-focused, and plays a lot to our expertise. We’re really pleased with the progress we’ve made since we bought Betnacional.
“We’ve put a number of experts from around the business down into Brazil. A lot of their processes were actually quite immature when we bought them; they didn’t have any meaningful generosity or CRM and we’ve gone in and fixed quite a lot of the basics.
“In the second half of the year, we’ve seen some brilliant green shoots within Betnacional, and that gives us confidence to put this additional investment behind it. We think 2026 is going to be a key year.
“We feel really validated because, at the same time, the Betfair business we had in Brazil we’ve been struggling to get much traction with.
“Whereas with Betnacional, we’re really moving forward so we’re tremendously excited. I think the World Cup is going to be a big event in Brazil as well, and I think our Brazilian business will go from strength to strength.”
Coldrake also remarked on Flutter’s performance in the Italian market, which underwent re-regulation and launched in November 2025.
Flutter completed its €2.3bn acquisition of Snaitech in April 2025 to increase its market share in Italy, with the New York-listed firm battling it out with Lottomatica to be the market leader there.
Flutter had previously snapped up Sisal in 2021 to bolster its presence in Italy. In its Q4 earnings, the operator said the brand was still benefiting from the ‘Flutter Edge’ to drive improvements.
Coldrake continued: “We’re delighted with our performance in Italy. Since Snai came under the Flutter umbrella last year, we’ve really seen a turnaround in terms of underlying performance, and that’s into growth year on year, and we’re operating some of the playbook we’ve already deployed with Sisal.
“We’ve got the Sisal team, who have got the experience of the market, running alongside the Snai team, so we’re really pleased about it.
“In terms of the online licensing piece, we don’t see that as a huge gamechanger in terms of market share – we think it’s worth 1% or 2% market share to us.
“We’ve put a poker product in through the PokerStars transformation and it’s performing fantastically.
“We’ve actually had better numbers on our poker product in Italy in 2025 than we did during an all-time record period during Covid, and we’ve got tombola being deployed in Italy as well.
“We’re really pleased with the trajectory in Italy and the growth prospects we’re seeing this year.”
This week, Lottomatica said it would base its M&A on small operators in Italy with a “sub-1% market share” to drive gains.
Have Your Say
Take our short customer survey on EGR’s content and data offering for the chance to win a £100 Amazon voucher. It will take less than three minutes, with the findings used to inform our plans to improve the platform.
The post Flutter poised to double down on Brazil investment after Betnacional success first appeared on EGR Intel.
CFO Rob Coldrake says “immature” processes have been remedied and the division will go “from strength to strength” with the World Cup looming
The post Flutter poised to double down on Brazil investment after Betnacional success first appeared on EGR Intel.