In 2025, the Brazilian gambling market underwent its first full year of regulation, substantially altering the betting landscape in Latin America. This regulatory shift has been pivotal for the region, creating both opportunities for growth and challenges for operators. The regulatory environment in Brazil is significant, as it influences market dynamics across Latin America, impacting revenue streams, market share, and strategic investments for companies operating in the region.
In Brazil, Flutter Entertainment saw a considerable increase in revenue, primarily driven by its acquisition of local operator NSX Group. The company’s revenue in Brazil surged by 229% over the first regulated year, with a notable increase to $87 million in the fourth quarter. However, Flutter’s Betfair brand experienced a downturn, with revenues declining by 32% compared to 2024. This decline was attributed to adverse sports results and the need for re-registration in the newly regulated environment. Despite these challenges, Flutter plans to invest an additional $70 million in Brazil to enhance its market position ahead of the 2026 FIFA World Cup, viewing the event as a significant opportunity for growth.
Entain, another major player, faced headwinds due to tax implications and a decreased sports margin, leading to a 1% decline in its Brazilian revenue for 2025. The introduction of new tax measures cost Entain £54 million in EBITDA, and a 3% drop in sports margins during the latter half of the year further impacted its performance. However, the company managed to maintain its market share in Brazil, with the Sportingbet brand contributing positively to EBITDA despite the competitive landscape and regulatory changes. Entain anticipates a return to growth in 2026, as it adjusts to the new market conditions.
MGM Resorts International made substantial progress in Brazil through its partnership with Latin American media giant Grupo Globo. The launch of BetMGM Brazil in the regulated market is part of MGM’s strategy to capture 10% market share. The company reported making significant strides by the end of 2025, particularly after launching its in-house sportsbook in December. MGM’s collaboration with Globo is expected to provide sustained funding opportunities, bolstering its presence in the evolving Brazilian market.
Betsson saw growth in the Latin American region, with a notable 8% increase in revenue in 2025. The fourth quarter was particularly strong, with Latin America accounting for 28% of the company’s revenue, driven by performances in Peru, Argentina, and Colombia. These markets showed increased customer deposits and revenue growth, primarily in Betsson’s casino product. However, sportsbook revenue in Peru faced challenges due to lower margins.
Codere Online is exploring further expansion opportunities within Latin America but remains cautious about entering the Brazilian market. The company achieved record annual NGR of €224.1 million in 2025, largely supported by growth in Mexico. However, CEO Aviv Sher has indicated that Brazil is not currently on the company’s agenda due to language and market complexities that do not align with Codere’s strategic model.
Rush Street Interactive (RSI) reported a 12% increase in Latin American revenue for 2025, despite regulatory hurdles such as Colombia’s value-added tax (VAT). With the VAT now suspended, RSI expects favorable growth conditions moving forward. The company is evaluating potential expansion into Brazil, Chile, Ecuador, and Argentina, anticipating further gains in market share.
Kambi remains optimistic about its prospects in the Brazilian market, which is already one of its top ten markets. Despite a slower-than-expected start to regulation, Kambi is positioned for long-term growth and plans to focus on Latin America over the next 18 to 24 months. The company aims to capitalize on the expiration of existing supplier contracts in Brazil and anticipates further opportunities as operators seek better solutions.
As the Brazilian market continues to evolve under its regulatory framework, operators and stakeholders are closely monitoring how the landscape will develop. The upcoming 2026 FIFA World Cup is expected to be a critical catalyst for market activity, and companies are positioning themselves to leverage this global event. Looking ahead, the response of the market to these regulatory changes and strategic investments will be closely observed, with potential for further shifts in the competitive dynamics of the Latin American gambling industry.
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