Brazil’s Federal Prosecution Service and Federal Revenue Service are investigating NSX Group, the group behind Betnacional, for suspected tax evasion, foreign exchange evasion and money laundering.
NSX was also bought by Flutter Brazil in May 2025.
Authorities executed six search and seizure warrants on Friday across João Pessoa, Recife and São Paulo. The investigation focuses on the group’s operation of a fixed-odds betting platform, which investigators say moved more than BR5bn in 2025.
NSX Brasil is authorized by the Ministry of Finance’s Secretariat of Prizes and Betting (SPA) to operate Betnacional in Brazil.
However, according to the Federal Revenue Service, the alleged financial and tax irregularities under investigation occurred both before and after Brazil introduced its regulated betting framework last year.
Investigators allege that NSX established a shell company in Curaçao to create the appearance that its betting operations were being conducted outside Brazil before the sector was regulated. Brazilian companies linked to the group were allegedly responsible for actually operating the platform within the country.
Authorities also identified suspected use of payment institutions and structured financial transactions to move funds between Brazil and other countries and some of the money allegedly returned to Brazil through payments for services, potentially providing a justification for repatriating funds previously transferred abroad.
Investigators are also examining alleged practices following the introduction of Brazil’s regulated betting framework. According to the investigation, some of the structures previously used by the group may have been adapted to continue facilitating tax evasion.
This is not Betnacional’s first legal issue this year: Brazil’s SPA has also launched administrative proceedings against Betnacional and other operations on irregular betting advertisements broadcast during World Cup matches on CazéTV.
The investigation also identified the possible use of pooled accounts held at fintech company, which may have been used to make it harder to trace the movement of funds and identify their ultimate beneficiaries
