Brazil's regulatory market reshaped the gambling landscape in Latin America in its first full year, with clear performance differentiation among operators. Flutter achieved a 229% surge in revenue in Brazil through the acquisition of NSX, while Entain stagnated due to tax increases and a decline in sports profit margins. The suspension of VAT in Colombia brings hope for 2026, and Mexico continues to lead the growth of Codere Online. In plain terms, some are feasting, some are sipping soup, and some can't even hold their bowl steady. Want to know the latest layout of the Latin American gambling market? PASA official website keeps track.
Brazilian battlefield: Flutter soars 229%, Entain holds steady, BetMGM gathers strength
In its first year under Brazilian regulation, Flutter's revenue skyrocketed by 229%, with a further 87% year-over-year increase in Q4, mainly due to the acquisition of local operator NSX. Its original Betfair business, however, declined by 32%, due to unfavorable sports results and re-registration friction. Flutter plans to invest an additional $70 million in Brazil by 2026, fully preparing for the World Cup.
Entain's revenue in Brazil slightly dropped by 1%, as tax increases and unfavorable sports profit margins offset a 13% volume increase. New regulatory market taxes impacted its EBITDA by £54 million, with sports profit margins falling by 3% in the second half of the year. However, the CFO stated that with the low profit margin base effect disappearing in the second half of the year, growth is expected to resume by 2026.
BetMGM has made "significant progress" in Brazil, CEO Hornbuckle emphasized that the joint venture with Universal Media has created "an opportunity worth continued investment," aiming for a 10% market share.
Colombia and Mexico: VAT suspension brings hope, Mexico continues to lead
The 19% deposit VAT implemented in Colombia in February 2025 has now been suspended, with RSI and Kambi both optimistic about 2026. RSI's revenue in Latin America grew by 12% for the year, with monthly active users in Q4 soaring by 47% to 493,000, ranking second in Colombia. Kambi considers Latin America a "key focus," expecting it to become a sales priority in the next 18-24 months.
Codere Online's annual NGR reached a new high, with the Mexican market growing by 12%, but the "other" segment composed of Argentina, Colombia, and Panama declined by 18%. The company is cautiously evaluating new opportunities, but Brazil is not considered due to language and resource barriers.
Betsson's Q4 revenue in Latin America was €84.3 million, accounting for 28% of the group, with strong performances in Peru, Argentina, and Colombia. Despite pressure on sports betting profit margins in Peru, overall growth remains robust.
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This article is from "PASA-Global iGaming Leader" gambling industry news channel: https://t.me/pasa_news
Original in-depth gambling channel: https://t.me/gamblingdeep
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PASA official website: https://www.pasa.news
