Flutter Entertainment is entering its next phase in Brazil with the appointment of João Studart as Chair and Eduardo Monte as Chief Executive Officer of Flutter Brazil.
Studart assumes the position of Chair, having previously served as CEO of Flutter Brazil since Betnacional became part of Flutter earlier this year, following the completion of the acquisition of NSX Group.
As Chair, he will be tasked with supporting the board and leaders with consolidating strategy and growing the institutional presence of the company in the vision of Flutter.
Monte replaces Studart as CEO, but has been with Flutter Brazil since October 2023, serving as COO. Reporting directly to Flutter International CEO Dan Taylor, Monte will be tasked with directing Flutter Brazil in line with the group’s global strategy.
In a LinkedIn post, Flutter Brazil said the new leadership structure reflects its commitment to sustainable growth, responsibility and continuous innovation, in addition to being a “natural evolution of the company”.
“This new structure strengthens a Flutter Brazil that is even more prepared for the future and guided by the values that brought us here: integrity, innovation and teamwork,” stated Flutter Brazil.
“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.”
Brazil boost
Brazil continues to be an area of growth for Flutter, following the completion of its NSX Group acquisition back in May for a cash consideration of approximately $350m.
Flutter has a 56% stake in the combined Flutter Brazil business, which consists of its Betfair Brazil business and NSX’s Betnacional. The company can increase its shareholding through reciprocal put/call arrangements in year five and year ten following completion.
Within its third quarter 2025 results, Flutter stated that Brazil generated $87m in revenue, up 412% year-over-year, with Betnacional achieving record iGaming revenues.
However, excluding M&A, revenue was down 18% YoY as Betfair Brazil continued to recover from customer re-registration friction following the introduction of the regulated market earlier in the year.
“Brazil is an exciting growth opportunity for Flutter and we retain a strong conviction that scale operators with the best products will win the largest share of the market,” commented Peter Jackson, CEO of Flutter Entertainment.
“This quarter, our expanding portfolio of games and more sophisticated generosity delivered record iGaming revenues. On sportsbook, we will continue to integrate Flutter’s in-house pricing capabilities and generosity functionality to materially elevate the overall customer proposition ahead of the World Cup next year.”
