The start of the World Cup in the second quarter of the year brought a wave of optimism for online gambling companies across Latin America, such as Betsson and Codere Online. However, Brazil continued to present challenges amid increasing competition and regulatory uncertainty.
In Brazil, Flutter Entertainment reported a remarkable year-on-year revenue growth of 64%, reaching $72 million. This rise was largely attributed to the acquisition of Betnacional, finalized midway through Q2 2025, which provided a favorable year-on-year comparison. Despite this revenue increase, Flutter acknowledged market weaknesses, noting a 14% decline in organic revenue, primarily influenced by the Brazilian government’s socio-economic measures and overall market softness.
Flutter remains optimistic about Brazil’s potential, with CFO Rob Coldrake expressing ongoing confidence in the company’s product and market strategies. "We’re still really excited about our potential in this market," Coldrake stated during the Q2 earnings call, emphasizing the importance of the regulatory landscape. He mentioned that while the current conditions are challenging, Flutter is encouraged about the market's medium to long-term opportunities.
Entain has faced similar difficulties in Brazil, with a 25% drop in net gaming revenue (NGR) in the first half of the year, exacerbated by a poor sports betting margin in Q1. However, CEO Stella David confirmed that market share remained steady due to improved player metrics, with sports wagers up by 10% compared to the first half of 2026. Despite the hurdles, CFO Michael Snape described the state of the Brazilian market as "incredibly difficult and unpredictable" and assured that the company is focused on sustainable growth rather than chasing short-term gains. "In Brazil, we very much hope that we’ll see some recovery in the second half," Snape added.
For Betsson, the focus on Latin America is proving beneficial, with the region becoming its largest market in Q2, contributing to 36% of total revenue. The company's €112.1 million revenue in Latin America signifies a 32.3% increase year-on-year, supported by peak revenue in Argentina, Peru, and Colombia. CEO Pontus Lindwall stated that while the World Cup has boosted figures, underlying growth from product development has been significant.
Codere Online also found success in Mexico, its largest market, achieving €36.1 million in NGR, a 24% year-on-year rise. CEO Aviv Sher emphasized the importance of continued investment in Mexico amidst a competitive landscape, noting that it remains a key area for growth. The company also reported a recovery in its other Latin American segments, with a combined €5.7 million in NGR.
Rush Street Interactive (RSI) celebrated a record-breaking Q2, with impressive growth in both revenue and adjusted EBITDA. CEO Richard Schwartz ascribed the success to its strategic execution, particularly in online casino operations and in Latin America. Monthly active users (MAUs) in the region surged by 62% year-on-year to approximately 653,000, with a corresponding increase in average revenue per MAU. The World Cup significantly contributed to this boost, and Schwartz noted that many first-time depositors from the event engaged with the casino platform.
MGM Resorts International is also bullish on Brazil, viewing it as a major long-term opportunity. CEO Bill Hornbuckle described the current market conditions as “dynamic and fluid.” The company’s partnership with Grupo Globo to launch BetMGM Brazil reflects its commitment to securing a strong market presence in the future, with a targeted 10% market share. CFO Jonathan Halkyard highlighted optimistic trends in first-time deposits and active players, signaling potential for growth despite anticipating continuing financial losses in MGM Digital's Brazilian operations.
