The World Cup, which commenced in Q2, brought some positive developments for online gambling operators throughout Latin America. Betsson and Codere Online showed strong quarterly performances, but Brazil remained a tough market with intense competition and uncertain regulations.
Flutter Entertainment reported a substantial year-on-year revenue growth of 64% to $72 million in Brazil during Q2. However, the company's organic revenue actually dropped by 14%, reflecting an overall weakened market. This rise in revenue was largely attributable to the acquisition of Betnacional, finalized midway through Q2 2025, providing a favorable year-on-year comparison.
Despite a noted “good operational progress,” Flutter acknowledged that market softness and the socio-economic measures enacted by the Brazilian government impacted its performance. Nevertheless, Flutter considers Brazil a "highly attractive growth market" and plans to develop a leading market presence.
Flutter's CFO, Rob Coldrake, expressed optimism during the post-Q2 earnings call, emphasizing the company’s product offerings and pricing strategies, including the introduction of a bet-builder feature. He stated, "We’re still really excited about our potential in this market," and mentioned the complexities of the regulatory environment, which he feels restrains overall growth.
Entain faced similar challenges, with its net gaming revenue decreasing by 25% in Brazil on a constant currency basis due to poor sports margins earlier in the year. CEO Stella David confirmed that despite these hurdles, Entain maintained its market share by enhancing player metrics, with sports betting up by 10% in the first half of 2026. CFO Michael Snape described Brazil as "incredibly difficult and unpredictable" and highlighted the firm's cautious spending approach.
Entain aims for recovery in the latter half of the year with a focus on building a sustainable business rather than simply boosting revenue. David reiterated this disciplined strategy for profitability in Brazil.
Conversely, Betsson has seen substantial success, with Latin America emerging as its largest revenue region in Q2, contributing 36% of its total. The company reported €112.1 million in revenue from this area, a 32.3% rise from the previous year, largely fueled by strong performances in Argentina, Peru, and Colombia. CEO Pontus Lindwall noted that while the World Cup provided a short-term boost, more significant underlying growth drove revenue.
Codere Online also found Mexico to be its leading market in Q2, generating €36.1 million in net gaming revenue, marking a 24% increase year-on-year. CEO Aviv Sher emphasized the importance of continued investment amid a competitive landscape, revealing an increase in the company's “other” geographical segment encompassing Argentina, Panama, and Colombia, which saw over 50% growth.
Rush Street Interactive (RSI) enjoyed a record-breaking Q2, experiencing significant growth in revenue and user engagement. The number of monthly active users in Latin America surged by 62% to approximately 653,000, with average revenue per user also climbing by 82%. CEO Richard Schwartz indicated that while expansion is being considered, the company is currently focused on optimizing its existing markets.
Finally, MGM Resorts International remains optimistic about Brazil's potential. Despite the complexities of the market, CEO Bill Hornbuckle noted that the company is committed to its growth strategy, having established a partnership with Grupo Globo to launch BetMGM Brazil in the regulated market. The company seeks to secure a 10% market share and anticipates a decline in full-year EBITDA losses for MGM Digital as operations in Brazil progress.
