NSX Group, owner of Betnacional, targeted in Brazilian tax evasion probe

Brazil’s Federal Revenue Service and the Federal Public Prosecutor’s Office have launched Operation Shadow Game against NSX Group, the owner of Betnacional, over alleged tax evasion, currency evasion, and money laundering. For PSPs, the detail that matters is simple: investigators are looking not only at post-regulation activity, but also at the payment flows, shell structures, and alleged pre-licensing operations behind them.

1. Six search and seizure warrants were executed in João Pessoa, Recife, and São Paulo. The operation involved 28 Federal Revenue Service officials, including tax auditors and tax analysts, plus 10 federal prosecutors, MPF police officers, and experts from the Secretariat for Forensics, Research, and Analysis.
2. According to the authorities, the investigation covers alleged tax and financial irregularities both before and after betting regulation in Brazil. NSX Group reportedly handled over BRL5 billion ($964.2 million) in betting services in 2025 alone, and Flutter completed its acquisition of a 56% stake in NSX last year.
3. Investigators say the group allegedly set up a shell company in Curaçao to make it appear the platform operated outside Brazil before regulation took effect. They also found indications that domestic companies linked to the group were actually running the business in Brazil.
4. The probe also focuses on payment institutions and structured financial transactions allegedly used to move funds between Brazil and abroad, with some money later returning as payments for services rendered. Tax authorities view that as a potential way to justify the repatriation of funds previously sent overseas.
5. Authorities say they found possible use of shell accounts at fintech companies to make fund flows harder to trace and to identify the ultimate beneficiaries. Investigators are also examining whether funds used to pay the licensing fee came from activity conducted before the sector was regulated, and whether previously existing structures were adapted to keep the alleged tax schemes going.

One practical point for high-risk operators: Operation Shadow Game is not just about licensing compliance. It is also about how money moved, which entities booked the revenue, and whether the pre-regulation operating model was quietly left in place under a different corporate wrapper.