Latin America remains one of the most dynamic regions for online gambling, with Brazil’s newly regulated market showing impressive growth, while tax hikes in Colombia and Peru continue to challenge operators.
Brazil Drives Strong Growth
Flutter made significant inroads in Brazil, acquiring a 56% stake in NSX, owner of Betnacional, and integrating it with Betfair Brazil. The strategy paid off: Brazil revenue surged 144% in Q2 to $44 million, offsetting minor declines in Betfair Brazil due to sports results and KYC re-registration friction. CEO Peter Jackson confirmed that LatAm remains a key focus for future expansion.
Entain reported a 21% YoY rise in Brazil NGR in H1, driven by the Club World Cup, but highlighted compliance challenges and the potential impact of black-market growth if provisional GGR tax increases from 12% to 18% become permanent.
BetMGM targets a 10% market share in Brazil, leveraging its partnership with Grupo Globo. CEO Bill Hornbuckle said Q2 marketing initiatives have boosted brand awareness and strengthened player fundamentals.
Record Results and Regional Tax Challenges
Betsson saw LatAm revenue jump 35.4% to €84.7 million, with Peru and Argentina driving growth. Sportsbook revenue increased, offsetting a slight casino revenue dip. However, tax rises and tighter ad regulations in Brazil, along with higher levies in Peru and Colombia, continue to affect margins.
Codere Online thrived in Mexico, reporting a 36% increase in active customers, but remains cautious on Brazil, citing high capital requirements. Its Colombia operations are limited due to temporary VAT impacts.
Rush Street Interactive (RSI) recorded a 42% increase in LatAm monthly active users, with Mexico as a standout performer. Colombia remains challenging, although VAT expiry in 2026 is expected to improve profitability.
Exits and Supplier Performance
Super Group experienced LatAm revenue drops after withdrawing from Brazil and facing weak performance in Mexico. Meanwhile, Kambi benefited from Brazil’s regulated market launch, boosting Americas operator turnover by 3.4%, with the Club World Cup driving 80% of bets across its network.
Overall, Brazil continues to shine as the region’s growth engine, while tax pressures in Colombia and Peru demand careful strategy and adaptability from operators.
