Brazilian Authorities Target Betnacional Owner in Tax Evasion and Money Laundering Operation
4 sources across 2 countries · Brazil · Argentina
Who reported this
- CNN Brasil
- Folha de S.Paulo
- Estadao
- Infobae
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The Brazilian Federal Public Ministry (MPF) and the Federal Revenue Service launched Operation Jogo das Sombras on Friday, August 28, targeting NSX Brasil, the owner of the popular betting platform Betnacional. Authorities are investigating suspicions of tax evasion, money laundering, and foreign exchange evasion. The operation included six search and seizure warrants in Sao Paulo, Recife, and Joao Pessoa, and resulted in the freezing of 191 million reais in assets. Investigators allege that the group moved more than 5 billion reais in 2025 alone.
According to the Federal Revenue Service, the group allegedly established a shell company in Curacao to simulate that its operations were based outside of Brazil prior to the regulation of the betting sector. However, investigations suggest that Brazilian companies linked to the group were actually responsible for the operations within the country. Authorities also identified the possible use of fintech accounts to hide the circulation of funds and the identity of final beneficiaries. Some funds were allegedly repatriated to Brazil disguised as payments for services to give the appearance of legality.
Betnacional is a subsidiary of Flutter Entertainment, a global company listed on the New York Stock Exchange. Flutter acquired 56 percent of the Brazilian company for 2 billion reais. Despite the investigation, the Ministry of Finance stated that the platform remains operational for now, although two sanctioning processes are underway that could lead to a prohibition of its activities.
In a statement, NSX Brasil confirmed it received a visit from the Federal Revenue Service and stated it will collaborate fully with authorities. The company asserted that it conducts its operations in compliance with applicable legislation and maintains robust governance and compliance structures aligned with international standards. The founders of the brand, cousins Joao Guilherme Monte Studart and Eduardo Lima Monte, continue to lead the national operation.
How each side framed it
- Centre
- These reports focused on the legal details of the operation and the corporate structure of the company, including its ties to Wall Street.
- Centre-right
- These reports emphasized the broader social impact of betting losses on Brazilian families and the government's efforts to curb the growth of the industry.
Sources
- Centre CNN Brasil: Owner of Betnacional is target of MPF operation against money laundering
- Centre-right Estadao: Betnacional holding that moved R$ 5 bi in 2025 is target of MPF operation for tax evasion
- Centre Folha de S.Paulo: Betnacional, target of the Revenue Service, is listed on Wall Street and has Vini Jr. as influencer
- Centre Folha de S.Paulo: Owner of Betnacional is target of MPF and Revenue operation for suspicions of laundering and evasion
- Centre-right Infobae: Brazil investigates a famous betting platform for tax evasion and money laundering
100% of the statements in this article were traced back to the source articles listed above.