Betsson AB Sees Strong Latin American Growth Driven by New Market Entries
Pontus Lindwall of Betsson AB stated that recent launches in Brazil and Paraguay are expected to further fuel the company’s robust growth in Latin America, following a 70% revenue surge in the region during the first quarter.
Betsson reported an average annual revenue growth of 18.3%, reaching €293.7 million, primarily driven by a 70.3% increase in Latin American revenue, amounting to €74.5 million.
Latin America accounted for 25% of Betsson’s total Q1 revenue, boosted by increased casino activity and higher sports betting margins.
Betsson secured a full license for the newly regulated Brazilian market in February, shortly after the legal betting market’s launch.
The company launched its betting offerings in Brazil in April. Lindwall mentioned a technical launch in Paraguay in February, following the acquisition of a local online casino license in late 2024.
Betsson currently operates with local gaming licenses in 25 countries worldwide.
Lindwall believes that launches like the one in Brazil will help Betsson continue its strong performance in Latin America, where it has already achieved success in Argentina, Colombia, and Peru.
Despite this, he reiterated previous comments about the company’s cautious approach in Brazil, emphasizing a short-term focus on Spanish-speaking Latin American regions.
“Brazil is a huge market, and we want to start softly, making sure that the product is calibrated for that market,” Lindwall told analysts. “And then we will start marketing and see what the traction will be.
As we have good traction in other markets in the region, we believe in success over time. Obviously, they give us a good possibility to continue growing in the future in the Latin American region.”
Strong Performance in Latin America
Martin Öhman, CFO of Betsson, noted that the launches in Brazil and Paraguay occurred too late to have a significant impact on the first-quarter results.
Öhman elaborated on the performance of other Latin American markets, with revenue in the region reaching €31 million.
For instance, Argentina continued to demonstrate strong underlying activity in deposits, increased turnover, and high revenue during the first quarter.
Additionally, Betsson recorded increased turnover in Peru compared to the same period last year, driven by growth in sports betting and casino activities.
Öhman also revealed that the new 19% value-added tax on online gaming in Colombia, introduced in February, had not yet significantly impacted turnover in the market.
“Colombia is a fairly small market,” Öhman stated. “But, yes, of course, all tax increases and everything, all regulatory changes impact the business.
However, there is not a very significant impact on our total numbers.”
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