The second quarter of the year ushered in the World Cup, which brought a wave of optimism to many online gambling operators in Latin America, notably Betsson and Codere Online. However, Brazil presented ongoing challenges marked by fierce competition and uncertainty in regulation.
Examining the performance of operators in the region, Flutter Entertainment reported a 64% increase in revenue year-on-year, totaling $72 million for Q2. This spike was significantly influenced by Flutter’s acquisition of Betnacional, completed in the middle of Q2 2025, providing a favorable comparison. Despite this growth, Flutter faced a 14% decline in organic revenue within Brazil, primarily due to overall market weakness and socio-economic measures instituted by the Brazilian government, which have stunted broader market growth.
Flutter's CFO, Rob Coldrake, maintained confidence in Brazil's potential as a growth market during the post-Q2 earnings call. He emphasized Flutter's advancements in product offerings and pricing as well as the rollout of their bet-builder product. “We’re still really excited about our potential in this market,” Coldrake expressed. He acknowledged the regulatory landscape as a significant factor impacting growth, yet remained positive about Flutter’s performance and prospects in the medium to long term.
Entain also experienced trials in Brazil, reporting a 25% decrease in net gaming revenue (NGR) on a consistent currency basis due to a challenging sports margin in the first quarter. CEO Stella David noted that despite obstacles, Entain managed to maintain its market share, with a reported 10% rise in sports wagers for the first half of 2026. As the sports margins began to stabilize, the company experienced improved performance with its Sportingbet brand quarter-on-quarter. CFO Michael Snape described Brazil’s market conditions as “incredibly difficult and unpredictable” and stressed that Entain is focused on sustainable business practices, avoiding unnecessary spending. “We are very focused on maintaining the proper contribution that Brazil gives us,” Snape stated.
In a positive light, Betsson's strategic focus on LatAm has yielded successful results, making it the company's largest market in Q2, representing 36% of total revenue. The company achieved €112.1 million in LatAm revenue, a 32.3% increase year-on-year, led by record earnings in Argentina, Peru, and Colombia. Group CEO Pontus Lindwall expressed a forward-looking perspective, pointing out structural growth potential in LatAm that exceeds what is seen in Western Europe. He acknowledged the World Cup’s impact but emphasized the importance of underlying growth, as this was the result of Betsson's ongoing efforts and product enhancements.
Codere Online also found Mexico to be a vital market, reporting €36.1 million in NGR from the country during Q2, marking a 24% increase year-on-year. Codere Online CEO Aviv Sher highlighted Mexico’s significance for the company and committed to further investment, noting the competitive landscape and the necessity to engage customers with promotional activities. Sher indicated confidence in the company’s operations in Mexico, viewing it as a crucial growth area. Meanwhile, Codere’s segment encompassing Argentina, Panama, and Colombia saw a strong recovery, adding €5.7 million in NGR, translating to over 50% growth year-on-year. CFO Marcus Arildsson mentioned that Codere was actively looking into expansion opportunities across other LatAm countries, particularly Uruguay and Chile.
Rush Street Interactive (RSI) had an impressive Q2, setting records in revenue, net income, and adjusted EBITDA. During the post-Q2 earnings call, CFO Kyle Sauers noted that online casino and LatAm markets were paramount to the growth achieved, with LatAm monthly active users surging 62% to around 653,000 and revenue per user increasing 82% to $55. The World Cup spurred an additional rise in engagement, with over 25% of first-time depositors during the event also participating in casino offerings. CEO Richard Schwartz conveyed that while expansion in other LatAm markets is under consideration, specific plans were not yet available.
MGM Resorts International remains optimistic about the Brazilian market despite its described “dynamic and fluid” atmosphere. In August 2024, MGM finalized a partnership with Grupo Globo to launch BetMGM Brazil in the regulated market, maintaining a target of capturing 10% market share. CFO Jonathan Halkyard stated that MGM has observed positive trends regarding first-time deposits and active players, anticipating lower full-year EBITDA losses for MGM Digital compared to last year. Gary Fritz, MGM’s CCO and president of MGM Digital, mentioned that their investment in Brazil would soon see contributions from LeoVegas, their digital operator, aiding in self-funding efforts as they navigate budgeting for future growth.
