Latin America remains one of the fastest-growing regions for global gaming operators, with Brazil’s newly regulated online market driving strong revenues. However, increased tax burdens in Colombia and Peru continue to challenge operators’ profitability and growth strategies.
Brazil Emerges as Growth Leader
Flutter saw its most impressive growth in Brazil, with Q2 revenue up 144% to $44 million, fueled by its acquisition of a 56% stake in NSX, parent of Betnacional. While Betfair Brazil posted a slight year-on-year decline, Flutter’s new entity, Flutter Brazil, is positioned to strengthen both sportsbook and iGaming offerings.
Group CEO Peter Jackson reaffirmed the company’s long-term confidence:
“We retain strong conviction in Brazil’s market potential. Operators with scale and the best products will secure the largest share. Our strategy is to improve product and marketing, delivering meaningful upgrades over the next 12 months.”
Entain also reported a 21% increase in net gaming revenue from Brazil during H1, powered by strong football turnover, including record activity around the Club World Cup. Brazil now accounts for 5% of Entain’s global NGR, though CEO Stella David warned that tax hikes could fuel black market activity.
BetMGM, meanwhile, is targeting a 10% market share in Brazil, leveraging its partnership with Grupo Globo, Latin America’s largest media group. CEO Bill Hornbuckle described the market as a long-term priority, with early signs from player engagement metrics exceeding expectations.
Betsson Hits Record in LatAm
Betsson posted record LatAm revenue of €84.7m ($99.3m) in Q2, up 35.4% year-on-year, with Peru and Argentina singled out as key contributors. Sportsbook revenue rose to €33.2m, offsetting a slight decline in casino income.
Despite growth, Betsson highlighted challenges: further advertising restrictions and tax increases in Brazil, alongside rising fiscal burdens in Peru and Colombia. CEO Pontus Lindwall emphasized patience:
“Every newly regulated market is shaky in the beginning. We will be ready for both organic expansion and M&A in Brazil when the time is right.”
Mexico Shines for Codere and RSI
Codere Online continued its strong performance in Mexico, where revenue rose to €29m, up 2.8% year-on-year. Active customers grew 36%, despite peso devaluation. However, the company remains cautious on Brazil, citing high capital requirements, and has scaled back Colombian operations due to a temporary 19% VAT.
Rush Street Interactive (RSI) also posted robust results in Mexico, with revenue up 125% year-on-year and active users surging 42% to 403,000. CEO Richard Schwartz expects Mexico to become one of RSI’s top markets long term. Colombia, however, remains difficult, with new tax burdens eroding profitability despite GGR gains. CFO Kyle Sauers noted relief should come once the VAT expires in 2025.
Mixed Results Elsewhere
Not all operators thrived in Q2. Super Group’s LatAm revenue nearly halved, falling to $5m from $9m last year, largely due to its exit from Brazil and weaker performance in Mexico.
Supplier Kambi benefited from Brazil’s regulated launch, lifting operator turnover across the Americas by 3.4%.
