The World Cup kicked off in Q2, resulting in promising results for various online gambling operators across Latin America, notably Betsson and Codere Online. However, Brazil continued to present challenges for companies like Flutter and Entain due to intense competition and regulatory uncertainty.
In Brazil, Flutter Entertainment reported a remarkable 64% increase in revenue to $72 million for Q2 compared to the previous year. This uptick stemmed largely from its acquisition of Betnacional, which took place midway through Q2 2025. Despite this positive year-on-year comparison, Flutter acknowledged a 14% decline in organic revenue, attributing it to overall market issues and the Brazilian government's socio-economic measures that hampered performance in the region.
Still, Flutter remains optimistic about Brazil, labeling it a "highly attractive growth market" with plans to create a market-leading platform. CFO Rob Coldrake expressed confidence during the post-earnings call, emphasizing the company’s product developments and pricing strategy. “We’re still really excited about our potential in this market,” Coldrake remarked. He noted that while regulatory conditions in Brazil are complex and hinder growth, Flutter is encouraged by its performance and the long-term opportunities.
Meanwhile, Entain also faced difficulties in Brazil during the first half of the year, reporting a 25% drop in net gaming revenue (NGR) year-on-year, significantly affected by a challenging sports margin in Q1. CEO Stella David indicated that, despite these hurdles, the company was able to maintain its market share and noted a 10% increase in sports wagers during the first half of 2026. CFO Michael Snape described the Brazilian market as “incredibly difficult and unpredictable,” emphasizing that Entain is focused on sustainably growing its business rather than engaging in costly competition.
Conversely, Betsson’s strategy in Latin America proved fruitful as the region became its largest market in Q2, contributing 36% to its overall revenue. The company reported €112.1 million in revenue from Latin America, marking a 32.3% year-on-year increase, fueled by record earnings in Argentina, Peru, and Colombia. CEO Pontus Lindwall expressed confidence that Latin America will continue to drive structural growth, believing that while the World Cup provided a temporary boost, the foundational growth from the region will yield longer-term benefits.
Codere Online identified Mexico as its primary market, achieving €36.1 million in NGR during Q2, a 24% increase year-on-year. CEO Aviv Sher noted the competitive nature of the market but reaffirmed his commitment to continue investing in it. The company also saw growth in its geographical segment that includes Argentina, Panama, and Colombia, which collectively yielded over €5.7 million in NGR, a staggering 50% increase compared to the previous year.
Rush Street Interactive (RSI) reported a record-setting Q2, highlighting significant growth in revenue, net income, and adjusted EBITDA. The company saw a 62% year-on-year rise in monthly active users (MAUs) to roughly 653,000 in Latin America, with average revenue per MAU climbing 82% to $55. CEO Richard Schwartz revealed that the World Cup had boosted MAUs significantly, especially in June and July, and anticipated continued expansion in the region.
Finally, MGM Resorts International remains committed to the Brazilian market, despite describing it as “dynamic and fluid.” Following an agreement with Latin American media firm Grupo Globo to introduce BetMGM Brazil in August 2024, the company reiterated its goal of achieving a 10% market share. CFO Jonathan Halkyard reported encouraging metrics regarding first-time deposits and active players, with expectations of reduced full-year EBITDA losses at MGM Digital compared to last year. The investment in Brazil is anticipated to be partially self-funded through MGM's digital operator, LeoVegas.
In summary, while operators in Latin America are navigating positive and negative trends, the opportunities for growth—especially in Brazil—remain a focal point for many in the industry.
