The Federal Public Ministry and the Federal Revenue Agency carried out Operation Shadow Game on Friday to investigate crimes of tax evasion, currency evasion and money laundering related to the operation of fixed-odds betting in Brazil. The operation targets the owner of Betnacional, the NSX Brasil group, and executes six search and seizure warrants in the municipalities of João Pessoa (PB), Recife (PE) and São Paulo (SP).
The investigation focuses on the sports betting platform operated by the business group, which allegedly moved more than R$ 5 billion in 2025 alone. NSX Brasil has authorization from the Prizes and Bets Secretariat (SPA) of the Ministry of Finance to operate Betnacional in Brazil.
According to the Federal Revenue Agency, the alleged tax and financial irregularities allegedly occurred both before and after the regulation of the fixed-odds betting sector in Brazil, whose regulated market began operating last year.