Flutter Acquires Majority Stake in Brazilian Gaming Group Benacial

Flutter,⁢ the world’s largest online betting company, has announced its plans to ⁢acquire a 56% stake in Brazilian gaming group Benacial operator‌ HSBC⁢ Group for approximately $350 million. This strategic move aims to ‍expand Flutter’s presence in the soon-to-be regulated Brazilian ​market.

As the owner of renowned brands such as FanDuel and Paddy Power, Flutter intends to merge Benacial with⁤ its existing Betfair Brazil brand. The company plans to invest heavily in driving market share growth, mirroring its successful strategy in the US, where it currently holds the​ top spot as the number one operator.

Brazil, ⁤a country with a massive following⁣ for soccer, legalized sports betting in 2018. However,⁢ the market is not ⁢expected ⁣to be fully regulated until early ​2025. Despite this, numerous betting brands, including ‍Betfair, ‍Bet365, and Betano, have been aggressively expanding their presence ⁣in Brazil in ⁤recent years.

HSBC currently holds a 12% share​ of the sports betting market in Brazil, ranking fourth in the industry. The company is ‌projected to generate revenues of approximately $265 ​million in ⁢2024, more than three times that of Betfair Brazil. Additionally, HSBC is expected to achieve core earnings of approximately $34 million in 2024, according to Flutter.