Latin American Gaming Market: Q4 Performance and Future Strategies

With most gambling companies having already released their Q4 results, we examine the performance of operators in the region and their future strategies.

Brazil launched its regulated online betting market on January 1st, with several international giants joining local operators to secure a full license and access what is expected to become one of the top three global markets.

Mergers and acquisitions have already proven attractive to international operators as an efficient way to enter the market.

Flutter is one such company, having already agreed last year to acquire an initial 56% stake in NSX Group, operator of the Betnacional brand in Brazil, for $350 million (£271.1 million/€323 million).

This deal is expected to close in the next quarter, but the company is already seeing positive signs in Brazil, recording consistent revenue growth of 19% in the market during Q4 2024.

Flutter Anticipates $100 Million Impact in Brazil in 2025

The company cautioned that it expects a $100 million EBITDA loss in Brazil this year, related to its launch and the NSX acquisition. However, Flutter Group CFO Rob Coldrake expressed confidence in the future of the business in Brazil, especially with Betnacional among the first to obtain a full license in January.

“We believe the market will start to consolidate quickly,” Coldrake said during the post-results conference on March 5th.

“But considering our track record, our capabilities, and our products, we are very confident and excited about our ability to succeed in the Brazilian market, and to start with NSX.”

CEO Peter Jackson revealed that the company will continue to pursue M&A opportunities, stating: “We have this $1 billion share repurchase program this year.

“Therefore, M&A will continue to be an important part of our strategy, but we need to ensure they are the right opportunities for us, in terms of generating the appropriate financial returns.”

Entain’s Expectations for Brazil Exceeded in Q4

Entain and its Sportingbet brand achieved impressive results during the quarter, with revenue growth of 41% year-on-year in Brazil, thanks to a 42% increase in the active player base.

Sportingbet is another brand that obtained a full license early on.

Speaking to analysts in a conference call about their results on March 6th, Interim CEO Stella David and CFO Rob Wood said they were optimistic about the company’s future in Brazil, especially after updates to the product offering, which drove revenue growth by 65% in Q4.

Wood cautioned, however, that Entain’s growth in Brazil is expected to stabilize in 2025 as comparisons become more difficult and the market adjusts to the new regulations.

David described Entain’s transition to regulation in Brazil as “relatively smooth” and expressed confidence that the company will continue to grow in the market.

“We now believe that, with the changes we have made, we are well-positioned to have strong growth going forward, with our leadership teams and our offering not only improved, but constantly improving,” David stated.

Betsson Advances in Latin America in Q4

While Brazil is the primary focus for many operators in Latin America, European operator Betsson is taking a broader view of the region.

Latin America was Betsson’s fastest-growing segment in 2024 and ranked second in terms of revenue by market.

Growth in Argentina, Colombia, and Peru led Betsson to an increase in Latin American revenue of 46.8% in Q4, reaching €78.2 million, an all-time high for the company. This represented 26% of total revenue in Q4.

The company is taking a cautious approach in Brazil. Betsson Group CEO Jesper Svensson previously stated that the company would primarily focus on Spanish-speaking markets in the short term, increasing investments in Brazil gradually.

Betsson AB CEO Pontus Lindwall echoed Svensson’s thoughts in his earnings call on February 6th, telling analysts: “We anticipate a competitive scenario. We want to enter this market slowly to analyze and learn.”

“We don’t want to risk any part of our P&L and our profitability by going all-in in this market. Therefore, we will make a gradual entry throughout the year here in Brazil.”

Rush Street Targets Expansion in Latin America

In Q4, Rush Street Interactive reached 348,000 monthly active users in Latin America, an increase of 71% year-over-year.

The company reported record revenue of $40 million in the region in the quarter, a jump of 54% compared to the same period last year.

It listed Colombia, Mexico, and Peru as its core markets, although it also identified expansion opportunities for Brazil, Chile, Ecuador, and Argentina, with a potential total addressable market (TAM) of $16.1 billion by 2028.

When asked about potential mergers and acquisitions (M&A) opportunities in its earnings call on February 26th, CEO Richard Schwartz suggested that the company may consider this option to increase its share in the Latin American market.

“We are evaluating and considering options all the time,” Schwartz stated. “That’s part of our industry, and we have a very clear focus to ensure a profitable business within the company.”

“We have opportunities to improve in Latin America. We are looking at options, strategic acquisitions, anything that can add value for shareholders.”

MGM Targets 10% Market Share in Brazil

In August of last year, MGM Resorts International established a joint venture with Grupo Globo, the largest media group in Latin America, to launch its BetMGM brand in Brazil.

Although the brand was launched in Brazil only this year, meaning profits were not reported in Q4, the earnings call on February 13th provided more details about the company’s plans for the market.

CEO Bill Hornbuckle described Brazil as a “significant market opportunity,” while Gary Fritz, president of MGM Resorts International Interactive, stated that the company believes it will be competitive in the country, with plans to achieve more than 10% market share.

“We have assembled a local management team in Brazil,” Fritz revealed. “We estimate a TAM of $7 billion in Brazil and are excited to compete on a level playing field.”

Additional expenses related to the launch of BetMGM in Brazil will cause MGM Digital’s losses in EBITDAR for 2025 to remain relatively consistent with those of 2024.

The operation will be driven by the newly acquired Tipico US platform, and earnings from Brazil will be reported in the company’s digital segment, which also includes BetMGM’s operations in Europe and the UK via LeoVegas.

VAT in Colombia Poses Challenge for Kambi

Finally, Kambi stated that it expects the new value-added tax (VAT) in Colombia to impact future earnings.

The supplier’s total revenue in 2024 was €176.4 million, an increase of 1.8% year-over-year. However, CEO Werner Becher warned that difficult times may lie ahead.

While most of this impact came from the migration of partners such as Kindred and LeoVegas to other solutions, Becher also highlighted the new temporary VAT on betting in Colombia, which will be charged at a rate of 19% on deposits until the end of 2025.

Kambi’s Q4 results indicate: “Due to our leading position in the Colombian market, we estimate that this rate will negatively impact revenue and, consequently, EBITA (acq), between €3 million and €5 million.”

Codere Faces Difficulties in Argentina

In another scenario, Codere Online recorded net gaming revenue (NGR) growth of €52.6 million in Q4, an increase of 4% year-over-year. However, the company highlighted difficulties in establishing itself in the Argentine market.

Codere Online CEO Aviv Sher revealed that Argentina’s regional licensing system was causing problems, with the company only holding a license for the city of Buenos Aires and not the province.

Despite the difficulties in Argentina, Codere Online’s revenue in Mexico increased by 30% in 2024, reaching €106.6 million. In Q4, net gaming revenue (NGR) rose 10%, reaching €22.8 million in the Central America region.



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