Betnacional, part of the NSX Group which Flutter Entertainment is acquiring a majority stake in, was among the online gaming brands that became fully licensed in Brazil's new regulations on Wednesday.
After months of preparation by the Ministry of Finance’s Secretariat of Prizes and Bets, 15 companies formally began operations under the new regulations on January 1.
Flutter has invested US$350m to acquire an initial 56 per cent stake in NSX Group, with the transaction set to close by the end of Q2.
Flutter will throw its existing Betfair Brazil business into the mix in return for the stake in the newly combined Brazil business.
BetMGM was also among the cohort of brands now fully licensed according to the regulations.
A number of other companies were authorised but must rectify resolvable issues before they can be fully recognised by the Secretariat of Prizes and Bets and the Ministry of Finance.
Among this cohort with provisional licences was Golden Matrix Group’s Meridianbet.
“This is a defining moment for the entire Golden Matrix Group and our shareholders,” said Brian Goodman, CEO of Golden Matrix Group. “Brazil represents an extraordinary market opportunity and securing this licence positions Meridianbet to deliver substantial value.
“With our proven proprietary technology and operational expertise, we are poised to make a meaningful impact on Brazil’s regulated gaming landscape, starting in 2025.”
Brais Pena, chief strategy officer at Stake said: “For Stake, the licence means a further step in its global expansion into regulated markets.
"In this case, the relevance of the market and the speed in which we have achieved it is a good example of how we work. Stake Brazil users can expect a similar experience to Stake.com; the best customer service, good product, good games and in general what we have always been known for which is to put the customer at the centre of all operations, marketing, and product decisions."
