The Federal Prosecution Service (MPF) and the Federal Revenue Service launched on Friday (28) an operation against companies responsible for Betnacional, on suspicion of tax evasion, currency evasion and money laundering. According to authorities, the investigated companies moved more than R$ 5 billion in 2025, and the court authorized asset measures of up to R$ 191 million.
Dubbed Jogo de Sombras, the operation executed six search and seizure warrants in João Pessoa, Recife and São Paulo. The investigation targets NSX Brasil, Betnacional's operator and majority-owned by Flutter Entertainment.
Curaçao structure is at the center of the investigation
One of the main points under investigation is a company created in Curaçao that, according to the MPF, would have been used to sustain the appearance that the betting operation was carried out from abroad.
The evidence gathered by authorities indicates, however, that Brazilian companies linked to Betnacional would be responsible for the effective operation of the platform in the country.
The Federal Court in Pernambuco said that invoices related to alleged services provided abroad are also under investigation, especially in operations involving Curaçao.
According to Robinson Barreirinhas, special secretary of the Federal Revenue Service, there are signs that the investigated business was already operating in Brazil for about seven years, before the federal regulation of the betting market.
The Federal Revenue Service says there were employees and beneficiaries of the activity in Brazilian territory, although the formally presented structure pointed to a foreign operation.
Another point of the investigation is the origin of funds later used to regularize the operation. Authorities are investigating whether money obtained before the regulation of betting was used to pay the license required to operate legally in Brazil.
Court authorizes measures over R$ 191 million
The 13th Federal Court of Pernambuco authorized the seizure of crypto assets, luxury goods and other assets of economic value linked to those under investigation, respecting a global limit of approximately R$ 191 million.
The investigation also analyzes transactions destined abroad and the possible use of accounts held at financial technology companies to hinder the tracking of funds and the identification of final beneficiaries.
No arrest warrants were issued at this stage of the operation.
Flutter bought control of the operation in 2025
The investigation reaches an operation that recently came under the control of one of the largest global companies in the betting sector.
A Flutter Entertainment concluded in May 2025 the purchase of 56% of NSX, then the controlling company of Betnacional, for approximately US$ 350 million.
In the transaction, Flutter also incorporated its Betfair Brasil operation into the NSX business. The activities came to be part of a unit called Flutter Brazil, bringing together Betnacional and other local brands.
The agreement also provides for mechanisms that could allow Flutter to increase its stake in the business in the coming years.
Betnacional says it cooperates with authorities
NSX Brasil confirmed that it received an inspection by the Federal Revenue Service at its office in Recife.
The company stated that its lawyers had not yet obtained full access to the case and, therefore, could not specifically comment on the accusations.
The company also stated that it delivered the requested documentation and is cooperating with the authorities, adding that its operations follow Brazilian legislation and regulation and that it maintains internal governance and compliance controls.
