Betnacional Holding, Which Moved R$ 5 Billion in 2025, Targeted by Federal Prosecutor's Office for Tax Evasion

Brazilian authorities have launched a major investigation into the NSX business group, a prominent operator of sports betting platforms including Betnacional, Mr. Jackbet, and PagBet. Dubbed 'Operation Shadow Game,' the probe by the Federal Public Prosecutor's Office (MPF) and the Federal Revenue Service aims to dismantle an alleged scheme of tax evasion, capital flight, and money laundering.

Investigators claim the NSX group moved more than R$ 5 billion in 2025 alone. A key element of the alleged scheme involved establishing a shell company in Curaçao, a Caribbean island, to falsely present the betting operations as being based outside Brazil, particularly before the recent regulation of the betting industry. However, evidence suggests that Brazilian companies linked to the group were actually running the operations domestically.

The operation includes the execution of six search and seizure warrants in João Pessoa, Recife, and São Paulo, along with the seizure of assets and funds. The MPF's specialized organized crime unit (Gaeco) is leading the investigation into the alleged use of offshore front companies and potentially illicit financial practices.

Further complicating the alleged scheme, investigations indicate the possible use of "bolsão" accounts within fintech companies. These accounts are suspected of being used to obscure the movement of money and the identities of the ultimate beneficiaries, making financial tracking more difficult. This operation is the second significant federal probe into tax and financial irregularities within the burgeoning Brazilian betting sector, following a previous investigation into PixBet and lawyer Nelson Wilians.