Flutter Brazil appoints Studart as chairman in leadership shift

• João Studart moves from CEO to executive chairman role focusing on strategy and institutional relations.
• Eduardo Monte promoted from COO to CEO, assuming day-to-day operational responsibility.
• Leadership change described as natural evolution following $350m NSX acquisition completion.

Flutter Brazil has announced a leadership restructure that sees João Studart transition from CEO to executive chairman. Eduardo Monte takes over as chief executive of the operation.

The changes were announced via LinkedIn on 9th December on their Brazilian corporate page. Flutter described the move as a “natural evolution” of its business in Brazil following the completion of its $350 million acquisition of NSX Group, owner of Betnacional.

Strategic realignment

Studart will focus on strategic consolidation and institutional engagement in his new role as chairman. He will support the board and leadership team in developing Flutter Brazil’s long-term strategy.

Monte assumes responsibility for daily operations, and he reports directly to Dan Taylor, CEO of Flutter International. His mandate includes strengthening corporate visibility and maintaining regulatory alignment with Flutter’s global framework.

“We are simply placing everyone in their proper roles in the best possible way,” João Studart said in an interview with Poder360.

“The combination brings international technological robustness together with local expertise.”

Monte emphasised the transformational impact of the Flutter acquisition.

“This transaction we made with Flutter will be a reference for many, many years within our market,” Eduardo Monte, CEO of Flutter Brazil, said.

Leadership backgrounds

Studart founded NSX Group in 2020 and built Betnacional into one of Brazil’s leading betting brands. He became CEO of Flutter Brazil in May 2025 when Flutter completed its acquisition of NSX.

Before entering the betting industry, Studart spent over a decade as a professional poker player. He ranked among Brazil’s top 10 Texas Hold’em players during that period.

Monte joined NSX as Chief Operating LOfficer in October 2023. He brings extensive experience from technology-driven consumer businesses and financial services. He began his career as a financial supervisor at Recife Monte Hotel. Afterwards, he spent eight years at Deloitte, working in corporate finance.

NSX acquisition details

Flutter announced its intention to acquire a 56% stake in NSX in September 2024. The deal was valued at $356 million and closed in May 2025 as planned.

The acquisition added Betnacional to Flutter’s portfolio alongside its existing Betfair Brazil brand. NSX had entered the Brazilian market in 2021 and became the fourth-largest operator by 2023.

Flutter said the deal positioned the company to capitalise on Brazil’s newly regulated betting market. The country launched federal licensing in January 2025 after years of regulatory development.

The agreement includes mechanisms for Flutter to increase its overall shareholding of NSX at years 5 and 10. The structure provides flexibility as the Brazilian market matures.

Betnacional will migrate to Flutter’s proprietary Edge platform. The technology stack includes pricing tools, risk management systems and expanded iGaming content.

Market position and strategy

Flutter Brazil operates with approximately 500 employees across offices in Recife and São Paulo. The business maintains local teams for technology, marketing and customer service functions.

The company reported $87 million in revenue from Brazil in Q3 2025, with Betnacional achieving record iGaming revenues during that period.

H2 Gaming Capital estimated Flutter Brazil held fifth place in the market with a 4.5% market share. The company has stated ambitions to increase this position through the combination of local expertise and global technology.

Regulatory environment

Brazil’s betting market faces evolving regulatory pressures. The Senate Economic Affairs Committee approved a phased tax increase from 12% to 18% on gross gaming revenue by 2028.

The bill now advances to the Chamber of Deputies for further review. If approved, the measure would raise Flutter Brazil’s tax obligations alongside all licensed operators.

Studart has previously urged policymakers to exercise caution with regulatory changes. He warned that excessive taxation combined with advertising restrictions could push consumers toward unlicensed platforms.

Flutter Brazil reported that illegal operators still account for approximately 50% of betting activity in the country. The company advocates for stronger enforcement against unlicensed platforms.

Local market approach

Both executives emphasised Flutter Brazil’s commitment to maintaining local identity. The operation preserves Brazilian management and cultural understanding as priorities.

“Flutter Brazil operates as a business that remains Brazilian at its core, with local leadership and a deep understanding of the consumer,” Studart told iGaming Business.

“At the same time, it operates with the resources, governance and technology of a global group.”

Monte also highlighted the importance of regional adaptation within Brazil’s diverse market.

“We know how different it is to run one type of campaign in the north of the country and another in the south,” he said, referring to regional variations in Brazilian culture.

The company maintains major sponsorship agreements in Brazilian football. Betnacional sponsors Sport Recife and Copa do Nordeste. Betfair Brazil sponsors Vasco and Cruzeiro in the top division.

Flutter Brazil also sponsors Big Brother Brasil 2025, the Rio Open, Lollapalooza and Carnaval de Salvador. Brand ambassadors include footballer Vini Júnior and broadcaster Galvão Bueno.

Executive team expansion

Flutter Brazil has assembled an executive team combining international experience with local market knowledge. Stéphane Kaloudoff serves as Chief Financial Officer, bringing experience in finance and corporate restructuring. Fernando Calia holds the Chief Legal Officer position with over 30 years of legal experience.

Álvaro Garcia joined as Chief Marketing Officer with two decades of experience at major brands. John Carroll and Tudor Tamas transferred from Paddy Power Betfair, serving as Chief Communications Officer and Chief Product Officer respectively.

Rafael Moraes completes the leadership team as Chief Technology Officer. He brings expertise in technology and digital transformation to the Brazilian operation.

Growth projections

Flutter Brazil projects an additional $220 million in revenue for 2025. The company identified market consolidation as a key growth opportunity alongside increased channelisation of regulated activity.

“Smaller players will have great difficulty staying in the market,” Monte said. “The first expansion potential is to increase channelisation of the regulated market.”

The leadership changes position Flutter Brazil for its next phase of expansion. The company aims to combine local market insights with international operational standards. Studart expressed confidence in the Brazilian market’s long-term potential.

“Flutter Brazil sees this new scenario as fertile ground for sustainable growth,” he said.