LatAm continued to be one of the most dynamic global regions for gambling in Q1. iGB takes a closer look at how operators fared across Central and South America in the opening quarter of 2026.
Growth in Brazil in particular was slow for operators in 2025, as they adapted to new regulations and tax rates and players were flooded with new options.
However, moving into 2026, a number of leading international players appear to have found their groove in the market, and Brazil performance was largely positive across the board.
Flutter continues to make strides in Brazil
Flutter Entertainment reported Brazil revenue of $74 million in Q1, a 722% rise on the $9 million reported in the same quarter last year, as its acquisition of local operator NSX Group continues to pay off.
Betnacional’s number of average monthly players increased over 40% year-on-year in Q1, with Flutter attributing this to continued product improvements across its sportsbook and iGaming offerings.
Meanwhile the brand’s revenue grew 1% year-on-year, as growth in handle and iGaming revenue was hampered by “very unfavourable” sports results. However, Flutter achieved organic growth of 10% as Betfair Brazil lapped re-registration friction challenges following the launch of Brazil’s regulated market in January 2025.
Flutter said its Q1 results validated its “continued heightened investment in this exciting market”, with further improvements to come in the form of a parlay product and promotions ahead of the World Cup in June.
The gambling giant completed its $356 million deal to acquire an initial 56% in Betnacional-owner NSX in May 2025. This created a new Flutter Brazil business incorporating its existing Betfair Brazil brand.
The operator has previously tageted an 11% share of the Brazilian betting market.
Entain also hampered by sports results
Like Flutter, Entain also suffered from unfavourable sports results in Brazil, with international NGR edging up by just 1%.
However, gaming NGR from Entain’s International segment rose 8%, offsetting a 3% decline in sports NGR. This NGR fall in sports was despite sports wager activity increasing by 11%.
On the post-Q1 earnings call, Entain CEO Stella David was pressed on the unfavourable sports results over the last three quarters in Brazil.
“Sports margins have been very poor in Q1, but volume has been up, so that’s a positive,” David said. “I think it’s something that everybody needs to watch out [for], in terms of it is probably one of the worst performing sports margins that we have seen in the short term.”
David also stated that while Entain views the World Cup as an opportunity for growth, its impact isn’t as sizeable as some would expect.
“It’s probably worth about 1% [of revenue] or something like that across the year,” David explained. “That is really where we would anticipate that to be.
“We shouldn’t over-commit to what it’s going to give, because I think there will be some volatile sports margins. What I think it does is it provides a good recruitment drive opportunity, because that’s when you get a lot of people interested in signing up to apps. Markets like Brazil will be very engaged in it.”
Peru leads LatAm growth for Betsson in Q1
LatAm continues to be a key growth driver for Betsson, which reported revenue growth of 25% for the region in Q1.
The region accounted for a third of Betsson’s total Q1 revenue, led by strong performance in Peru. On a post-Q1 interview with iGB, CEO Pontus Lindwall said the company would continue to double down on the region.
“LatAm is a part of our business where we put a lot of effort, and a few markets there are our focus markets where we invest quite a bit in marketing and sponsorships,” Lindwall told iGB. “So I do definitely expect continued growth there.”
Mexico powers Codere Online to record quarter
Codere Online’s continued focus on Mexico led it to a record quarter, with NGR of €64.4 million and an adjusted EBITDA of €6 million.
NGR from Codere Online’s largest market of Mexico rose 13% to €34.6 million in Q1, with average monthly players increasing 20% across the quarter. The market’s adjusted EBITDA stood at €2.9 million, a rise of over 60% year-on-year.
Its growth in Mexico, as well as in its home market of Spain, helped Codere Online to offset an NGR decline of 2% across its remaining three markets of Argentina, Panama and Colombia.
On the post-Q1 earnings call, CFO Marcus Arildsson said Mexico remained a “key growth driver” for the operator.
“We continue to invest in expanding our customer base, improving the product and customer experience and leveraging our scale,” Arildsson said. “At the same time, we’re being selective and disciplined in our marketing investments.
“This approach reflects our focus on pursuing efficient, high-impact opportunities rather than chasing more expensive and increasingly crowded World Cup-related content that we’re currently seeing across the market. And it supports our continued focus on marketing efficiency and return on investment.”
Rush Street Interactive hints at wider LatAm expansion
Further LatAm expansion could be on the cards for Rush Street Interactive, according to CEO Richard Schwartz.
Rush Street Interactive grew its monthly active users in LatAm by 54% year-on-year in Q1 to approximately 543,000. Average revenue per monthly active user also increased to $54, significantly up on the $32 observed in Q4 2025.
On the post-Q1 earnings call, Schwartz was quizzed on Rush Street Interactive’s plans to enter new markets in LatAm.
Schwartz said the company continued to see a “broad set of attractive growth opportunities” across LatAm, adding: “We are actively progressing those efforts.
“Given our strong performance in existing markets, with the three countries that we’re operating covering a population of 220 million people, we still have the flexibility to be deliberate and pursue those opportunities with discipline, which is what we’re doing.
“So we still have opportunities. We’re continuing to advance those opportunities, but we’re not ready to share anything at this point in time.”
Kambi the current king of suppliers in Colombia
Kambi CEO Werner Becher revealed during its first quarter results that the company currently supplies around 70% of the operator market in Colombia.
Kambi’s Q1 total revenue rose 5% to €43.5 million, with the company expecting to achieve its FY26 guidance of adjusted EBITDA of between €20 million and €25 million, despite an expected €4 million impact from a new sports betting tax in Colombia.
On the analyst call, Becher said the company was the “clear leader” in Colombia, stating there was “more to come” for Kambi in LatAm.
Becher also commented on the upcoming election in Brazil, where Kambi also has a presence.
Brazil’s President Luiz Inácio Lula da Silva has recently voiced his intention to ban betting, a proposal Becher disagrees with.
“Yes, there’s definitely a lot of momentum in Brazil [for Kambi],” Becher said. “But of course, in Brazil, everyone knows there will be an election on 4 October. And as always, before elections, there is some political noise.
“So, there are some comments from the president and others in the country to put more pressure on the regulated betting operators, which I personally don’t think is the right way to channel business into regulated markets.
“Definitely, there is some pressure on the Brazilian operators right now with more measures to probably come in the next few months,” he concluded.
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/quarterly-results/q1-latam-round-up-broad-gambling-growth-despite-volatility/
