In a statement to NEXT.io, Flutter said: “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. 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.
“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. In light of this challenging scenario, the company has made the difficult decision to reduce its workforce across different areas of the business. The aim is to maintain an agile operational structure, ready to respond as soon as there is clarity on how the MP develops.
“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.
“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.”
Confirmation follows staff speaking out
Before Flutter confirmed the decision, multiple employees at Betnacional and Betfair Brazil said online they had lost their jobs. Those reports came as Flutter grapples with regulatory and tax pressure in both Brazil and the UK.
Multiple Flutter Brazil employees have announced their departures on LinkedIn as of 22 October.
The news comes just days after the operator put up to 1,400 UK & Ireland roles at risk of redundancy. Meanwhile, its NYSE-listed shares are down around 69% over the past year.
Cuts across casino, customer and sports operations
The posts span several departments, including casino, customer operations, content and commercial.
One employee said the “much-feared layoff” arrived on Thursday. Another said her time at the company ended due to the “impact of the MP”.
This refers to the Provisional Measure President Lula signed on 25 September. The measure bans the operation, offering and advertising of fixed-odds betting and online casinos across Brazil. It also covers offshore operators.
Betnacional and Betfair Brazil stopped accepting bets and deposits the following day. Licensed platforms went offline on 6 October.
On 28 September, Flutter said it was “extremely disappointed” and had ceased offering sports betting and iGaming in the country. The operator expects to lose around $70m in revenue and $20m in adjusted EBITDA this year as a result, assuming it cannot operate for the rest of 2026.
However, Flutter said at the time that the exit was not permanent. Congress must approve the MP within 120 days for it to become law. If lawmakers reject it, Flutter expects to resume operations.
Industry associations ANJL and IBJR have since challenged the measure at the Supreme Federal Court. The ANJL has also counted more than 3,500 layoffs across the sector since the government published the MP.
Is the betting ban the only cause?
The ban appears to be the main driver behind the departures, but the timing complicates the picture.
On 20 October, NEXT.io reported that Flutter had confirmed a major restructure of its UK & Ireland division. The overhaul puts up to 1,400 roles at risk. Cuts will affect Leeds and Dublin, as well as Flutter hubs in Malta, Portugal and Romania.
A day later, NEXT.io revealed that Flutter will close Sky Bet’s Malta operation. The closure comes less than 12 months after Sky Bet moved its commercial HQ to the island from the UK.
The cuts are among the first major moves under new group CEO Dan Taylor. Taylor officially succeeded Peter Jackson at the beginning of October. He previously ran Flutter International, the division to which Flutter Brazil reports.
Flutter in Brazil at a glance
Flutter’s Brazilian operations took shape following its acquisition of NSX Group, owner of Betnacional, as first reported by NEXT.io.
Flutter 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 has its 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.
Only a few months ago, the outlook was very different. In June, as the business marked its first anniversary, Monte spoke to brazilian media outlet Poder360. He said 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.
Dingnews.com 26/10/2026