The Latin American gaming and betting market continues to be one of the most dynamic in the world, with Brazil being an unequivocal standout in the second quarter of 2025. 7 months since opening up its online gaming sector to regulation, Brazil is proving itself to be a regional powerhouse, as countries such as Colombia and Peru remain hampered by tax limitations.
Flutter Expands in Brazil with NSX Purchase
Flutter made a big strategic move in Brazil in 2024 by taking a 56% stake in NSX, the holding company of the Betnacional brand. The acquisition gave rise to Flutter Brazil, which also oversees the Betfair Brasil brand.
The agreement is already proving its value. Flutter’s Brazilian revenues increased 144% year-on-year to $44 million in Q2, offsetting a decline in the performance of Betfair Brasil. The group attributed the fall to unfavorable sporting outcomes and re-registration of customers on new KYC (Know Your Customer) guidelines.
Group CEO Peter Jackson saw the potential of the Brazilian market and indicated possible future Latin America expansion. “We have a very strong conviction that the opportunity in the Brazilian market will be hugely significant, and operators with scale and best products will capture most of it“, Jackson said.
Entain Posts Strong Growth in Brazil
Entain also observed satisfactory performance in Brazil, where revenue rose 21% year-on-year in the first half of 2025. The growth is in line with the company’s expectations following smooth integration into the regulated market.
Brazil is the fastest-growing market for Entain outside the United States, fueled in part by the FIFA Club World Cup, which saw record player action and turnover. The country accounted for 5% of the group’s H1 Net Gaming Revenue (NGR).
But CEO Stella David flashed the signal of deeper trouble, citing compliance challenges brought on by KYC obligations and Brazil’s tax load, which stripped £28 million ($38 million) out of EBITDA. She also cited threats posed by potential increases in the GGR gross gaming revenue tax rate from 12% to 18% and additional advertising restrictions.
BetMGM Aims for 10% Market Share.
MGM Resorts International entered the Brazilian market through a partnership with Latin America’s largest media conglomerate, Grupo Globo, opening BetMGM in August 2024. MGM reconfirmed its goals of achieving a 10% market share in Brazil in its Q2 update.
The launch was progressing “at full speed” with strong marketing and good fundamentals, CEO Bill Hornbuckle said. The group is optimistic about Brazil’s long-term potential.
Betsson Sets Record Revenue in Latin America
Betsson reported all-time high numbers in Latin America during Q2, with revenue increasing 35.4% to €84.7 million ($99.3 million). Revenue at the sportsbook in the area increased from €22.3 million during Q1 to €33.2 million in Q2, counteracting a modest drop in casino revenue.
The region now accounts for 28% of Betsson’s global revenue, with Peru and Argentina being strong growth markets. CEO Pontus Lindwall pointed to the company’s ability to solidify its market leadership through targeted marketing and product growth, despite looming tax hikes and ad restrictions in Brazil.
Market Challenges and Adjustments
Not all operators increased. Super Group’s Latin American revenue nearly halved year-on-year in Q2, falling from $9 million to $5 million after its Betway brand withdrew from Brazil. The company also saw a decrease in Mexico, pushing regional performance.
Meanwhile, Kambi benefited from the launch of Brazil’s regulated market, with operator turnover in the Americas rising 3.4%. The FIFA Club World Cup proved particularly popular, accounting for around 80% of global bets on Kambi’s network during the tournament.
Brazil’s Position in the Regional Landscape
The Brazilian market’s Q2 performance highlights its status as one of the most important growth drivers for the gaming industry in Latin America. Despite regulatory challenges and rising tax pressures, major operators still see the country as a high-potential market with significant long-term opportunity.
As operators adapt to shifting compliance requirements and market conditions, Brazil’s size, engagement, and growth potential ensure that it will be a hub of focus for the global betting industry in the next few years.
Source: iGaming Brasil
