Brazil's inaugural full year under new regulations transformed the betting sector in Latin America throughout 2025, marking a period of significant growth coupled with various challenges. Here’s a detailed overview of how operators fared in Brazil during this pivotal year.
Flutter experienced a remarkable 229% rise in Brazil revenue in the first year of the country's regulated market, largely due to its acquisition of the local operator NSX Group. This surge included an impressive 383% revenue increase amounting to $87 million in the fourth quarter compared to the prior year.
Despite this growth, the Betfair segment of Flutter faced difficulties, with revenue dropping 32% from 2024 due to negative sports results and the complications of re-registering in Brazil's newly regulated environment. Flutter is looking forward to 2026, projecting revenue for its International segment to reach $10.6 billion and adjusted EBITDA of $2.23 billion. The company plans to invest about $70 million in Brazil to strengthen its market presence. CEO Peter Jackson indicated the importance of the upcoming World Cup, emphasizing that Brazil presents a significant growth opportunity for Flutter.
Entain reported a slight decline in revenue of 1% for FY25. The company faced challenges from tax implications and lower sports margins, despite experiencing a 13% growth in volume. Tax changes alone impacted Entain’s EBITDA by £54 million, while a 3% drop in sports margin during the second half caused the company’s net gaming revenue to stabilize, resulting in flat annual growth. Nevertheless, CFO Rob Wood noted that the Sportingbet brand positively contributed to EBITDA and expressed optimism about growth potential in 2026.
BetMGM continued to develop its presence in Brazil after MGM Resorts International reached an agreement with Grupo Globo in August 2024 to operate within the regulated market. CEO Bill Hornbuckle reiterated the aim to capture a 10% market share, with COO Daniel Xavier stating this was an “achievable” target. In the latest earnings presentation, Hornbuckle highlighted the company’s progress and commitment to investment in Brazil, particularly following the launch of its in-house sportsbook.
Betsson achieved 8% revenue growth in 2025, with a strong performance in the fourth quarter. LatAm was the company’s second-largest revenue source, bringing in €84.3 million in Q4, which was a 7.9% year-on-year increase. CEO Pontus Lindwall credited the growth to success in key markets such as Peru, Argentina, and Colombia, primarily from its casino products.
Codere Online is exploring possibilities for expansion in Latin America but is selective about entering new markets. The company reported a record annual net gaming revenue of €224.1 million, mainly propelled by growth in Mexico, despite an 18% drop in its other segments, which include Argentina, Colombia, and Panama. CFO Marcus Arildsson remarked on the necessity of having the right conditions in new markets, while CEO Aviv Sher indicated Brazil was not on their immediate radar as it doesn't align with their operational model at this time.
Rush Street Interactive reported a 12% increase in LatAm revenue for FY25, even amid regulatory challenges such as the VAT introduced in Colombia. The company noted a 17% year-on-year growth in Q4 and increased active users, estimating to be among the top five operators in Mexico and second in Colombia. With the VAT now suspended, CFO Kyle Sauers expressed confidence in achieving strong growth in both Colombia and the broader LatAm region.
Kambi remains optimistic about the Brazilian market despite an initially slow progression. The company views its prospects for long-term growth in LatAm as compelling and is projecting an adjusted EBITDA of between €20 million and €25 million for FY26. Kambi identified Brazil as a top market and is poised to benefit as some operators will soon conclude their existing supplier contracts.
