Brazil’s first full year of regulation reshaped the betting landscape in LatAm during 2025, delivering both explosive growth and unexpected friction. iGB takes a closer look at how operators performed in the region in Brazil’s first full year of operation.
Flutter’s NSX acquisition continues to pay off, though Betfair struggles
Flutter’s Brazil revenue surged 229% in the first year of the Brazil regulated market thanks to its acquisition of local operator NSX Group. This was driven in-part by a 383% revenue increase to $87 million in Q4, compared to the previous year. Its NSX business turned its Brazil revenue around in 2025.
As in the comparative period in 2024, revenue had largely come from its existing Betfair business in Brazil, which has struggled from a revenue perspective.
The Betfair Brazil revenue for FY25 was down 32% from 2024. The business attributed this downturn to adverse sports results and friction stemming from re-registration for the newly regulated market.
Flutter has set 2026 guidance midpoints for its International segment of $10.6 billion in revenue and an adjusted EBITDA of $2.23 billion. These include increased an investment of around $70 million in Brazil to grow its market position.
On Flutter’s FY25 earnings call, CEO Peter Jackson explained this investment would support its activities for the upcoming World Cup, saying: “We believe the Brazilian market presents a significant and compelling growth opportunity for Flutter and that the 2026 Fifa World Cup represents a unique moment in a soccer-obsessed market to take market share.
“As a result, we expect to invest more.”
Entain hampered by sports margin and tax in Brazil
Entain’s Brazil revenue was down 1% in FY’25, with tax headwinds and adverse sports margin failing to offset 13% growth in volume in the region.
Tax in the newly regulated Brazil market had a £54 million impact on Entain’s EBITDA, while the company also cited a lower sports margin in the market across the second half of the year.
The 3% drop in sports margin in H2 meant Entain’s NGR from its International segment declined in H2, bringing growth for the full year “down to flat”.
However, Entain maintained its market share in Brazil, with Rob Wood, the company’s CFO, stating its Sportingbet brand delivered a positive contribution to EBITDA despite the “new regulation and high competition”.
Wood added: “When we annualise against those poor margins in the second half of the year, you’d expect growth in Brazil [in 2026].”
BetMGM making ‘significant headway’ in Brazil
In August 2024, MGM Resorts International agreed a deal with latin American media giant Grupo Globo to bring BetMGM Brazil to the regulated market.
MGM CEO Bill Hornbuckle has stated on several occasions that the goal is to reach 10% market share, with BetMGM Brazil COO Daniel Xavier telling iGB at ICE Barcelona in January he believes this is an “achievable” target.
MGM once again reiterated this in its FY25 earnings presentation, with Hornbuckle stating on the post-results call the company was making progress in Brazil.
Hornbuckle also claimed the company would continue to invest in Brazil, saying: “We exited 2025 making significant headway in Brazil, particularly after the December launch of our in-house sportsbook.
“The Brazilian market is new, robust and evolving, and we are confident that our product and our JV with Globo and the valued Globo marketing assets have created funding opportunities that are worthy of sustained investment in the coming year.”
LatAm accounts for 28% of Betsson’s Q4 revenue
Betsson reported 8% revenue growth in 2025, driven by a strong Q4, during which the LatAm region was its second-largest revenue generator.
Betsson’s LatAm revenue was €84.3 million in Q4, with CEO Pontus Lindwall attributing this to “continued good growth in Western Europe and Latin America”.
The €84.3 million figure marked a 7.9% year-on-year increase, driven by strong performance in Peru, Argentina and Colombia. The three markets displayed increased customer deposits, turnover and reported revenue growth, with growth mainly across Betsson’s casino product.
LatAm accounted for 28% of Betsson’s Q4 revenue, up from the 26% reported in the quarter prior, as well as the same period of 2024.
This was despite sportsbook revenue in Peru being hampered by a lower sportsbook margin.
Codere Online exploring further LatAm expansion, but Brazil still not on the cards
Codere Online is actively seeking new expansion opportunities in LatAm, but markets with the “right ingredients”, CFO Marcus Arildsson has said.
Codere Online posted record annual NGR in FY25 of €224.1 million, once again powered by growth in its biggest market Mexico. NGR there surged 12% year-on-year.
This, combined with growth in its home market of Spain, helped Codere Online to offset an 18% decline in its ‘other’ segment, which includes its three remaining markets of Argentina, Colombia and Panama.
In a post-results interview with iGB, Arildsson said the company was cautiously looking at new opportunities, explaining: “It needs to be an opportunity that we find has all the right ingredients, meaning we need to have budget, we need to have local partners, there needs to be a regulation that suits us.”
CEO Aviv Sher has previously stated Brazil wasn’t in Codere Online’s short-term plans, and Director of Investor Relations and Communications Guillermo Lancha reiterated this to iGB, saying: “It’s not the right time to get into a significant market like Brazil. It’s also a new language, so it’s not the exact fit for our model right now.”
RSI’s LatAm revenue up 12% for the full year
Rush Street Interactive grew its LatAm revenue by 12% in FY25, in the face of regulatory headwinds, such as the value-added tax (VAT) in Colombia.
LatAm revenue was also up 17% year-on-year in Q4, with total monthly active users in the region soaring 47% to 493,000.
The company claims to be in the top five operators in Mexico, as well as second in Colombia despite the headwinds of a 19% VAT on deposits that was introduced in February last year.
But that VAT has now been suspended, and CFO Kyle Sauers voiced his confidence on the earnings call that the new tax environment, as well as Rush Street Interactive’s market share gains in 2025, will position the company for “strong growth” in both Colombia and the wider LatAm region.
The company again listed Brazil, Chile, Ecuador and Argentina as potential expansion markets, and CEO Richard Schwartz said the business is continuing to assess “additional expansion opportunities”.
LatAm a ‘key focus’ for Kambi
Kambi CEO Werner Becher remains positive over the future of the regulated Brazil market, despite a slower-than-anticipated start.
Kambi views its long-term growth prospects in LatAm as “compelling”, with the company stating it holds a “strong structural position” in the region.
The business has set FY26 guidance of an adjusted EBITDA between €20 million and €25 million, with the company expecting to reach towards the upper end of that range, provided there is no new tax on sports betting in Colombia.
Brazil, meanwhile, is already among Kambi’s top 10 markets, and on its post-results call, Becher voiced his belief the company was well-placed to capitalise on the end of operators’ unsatisfactory deals with other suppliers.
“The next window of opportunity for us is coming right now where some of these [supplier] contracts will come to an end eventually,” Becher told analysts. “We already have some inbound questions from operators in Brazil being not super happy with their existing suppliers.
“For the next, I would say 18 to 24 months Latin America will be a key focus for our sales ambitions.”
Kyle Goldsmith
Kyle has been with Clarion since December 2023, joining from the world of sports journalism, subsequently becoming a LatAm-facing senior reporter with iGB.
Original article: https://igamingbusiness.com/finance/fy2025-latam-round-up-brazil-focus-intensifies-wider-latam-grows/
