The New York-listed operator will concentrate solely on Betnacional as it navigates regulatory uncertainty following Provisional Measure 1.394/2026.
Flutter Entertainment has withdrawn Betfair from the Brazilian market and implemented further job cuts following the country’s sweeping ban on online betting, the operator confirmed to reporters.
The group will now channel all its Brazilian resources into Betnacional after determining that a single-brand model offers the best path through the current regulatory impasse.
“After reviewing its commercial strategy, Flutter Brazil has decided to focus its activities on a single brand, Betnacional, which will result in the closure of Betfair’s operations in the country,” the company said. “Once there is clarity on the regulatory landscape, the company will direct resources and expertise to the local brand, strengthening its focus on product and simplifying its business model.”
Provisional Measure Triggers Revenue Halt
The decision follows Provisional Measure (MP) 1.394/2026, which President Lula signed on 25 September. The measure prohibits the operation, promotion and advertising of fixed-odds wagering and online casinos throughout Brazil, extending to offshore operators.
“As previously announced, Provisional Measure (MP) 1.394/2026 profoundly altered the conditions under which Flutter Brazil operates, interrupting its commercial activities and revenue in the country,” Flutter said.
Betnacional and Betfair Brazil ceased accepting deposits and wagers on 26 September. Licensed platforms were taken offline on 6 October.
On 28 September, Flutter described itself as “extremely disappointed” and confirmed it had stopped offering sports betting and iGaming nationwide. The operator projects losses of around $70m in revenue and $20m in adjusted EBITDA this year if it remains unable to operate for the remainder of 2026.
Staff Departures Span Multiple Divisions
Multiple employees at Betnacional and Betfair Brazil disclosed their redundancies online from 22 October, before Flutter issued its statement.
Affected staff work across casino, customer operations, content and commercial teams. One worker said the “much-feared layoff” arrived on Thursday. Another attributed her departure to the “impact of the MP”.
“In light of this challenging scenario, the company has made the difficult decision to reduce its workforce across different areas of the business,” Flutter said. “The aim is to maintain an agile operational structure, ready to respond as soon as there is clarity on how the MP develops.”
The operator added: “Flutter Brazil recognises the contribution of the affected professionals and deeply regrets the impact of these decisions on them. The process is being conducted with responsibility, respect and care for employees, in accordance with applicable labour legislation.”
Wider Restructuring Complicates Picture
The Brazilian cuts arrive as Flutter implements a major restructure of its UK and Ireland division, placing up to 1,400 roles at risk.
The overhaul will affect operations in Leeds and Dublin, plus Flutter hubs in Malta, Portugal and Romania.
Flutter will also close Sky Bet’s Malta operation, less than 12 months after the brand relocated its commercial headquarters to the island from the UK.
The measures rank among the first major initiatives under new group CEO Dan Taylor, who officially succeeded Peter Jackson at the beginning of October. Taylor previously ran Flutter International, the division to which Flutter Brazil reports.
Flutter’s NYSE-listed shares are down around 69% over the past year.
Congress Holds Final Say
Flutter insists the exit is not permanent. Congress must approve the MP within 120 days for it to become law. Should lawmakers reject it, Flutter expects to resume operations.
Industry associations ANJL and IBJR have challenged the measure at the Supreme Federal Court. The ANJL has tallied more than 3,500 layoffs across the sector since the government published the MP.
“Flutter Brazil continues to advocate for a regulated and supervised market as the most effective way to protect consumers, combat illegal betting and promote the sustainable development of the sector,” the company said.
Brazilian Operations at a Glance
Flutter’s Brazilian presence was established through its acquisition of NSX Group, owner of Betnacional. The operator paid around $350m in cash for its 56% controlling stake in the business. Put/call options allow it to increase its holding in years five and 10.
Eduardo Monte serves as CEO and João Studart as Chair. The company maintains headquarters in Recife and an office in São Paulo’s Faria Lima. It also runs an operational base in Marechal Cândido Rondon (PR) and doubled its headcount in its first year.
In June, as the business marked its first anniversary, Monte told brazilian media outlet Poder360 that strategic areas such as technology had “practically tripled in size”. The growth, he explained, came from Flutter Brazil’s proprietary platform, which NSX developed locally and Flutter enhanced with the Flutter Edge.
Flutter Brazil’s football partnerships include Sport Recife and Cruzeiro through Betnacional, and Vasco through Betfair.
Brazil generated $72m in revenue for Flutter in Q2 2026 alone.