Brazil Dominates LatAm FY25 as Operators Scale for World Cup Year

Brazil’s regulated market went live on January 1, 2025, and immediately became the region’s top priority. Flutter posted Q4 Brazilian revenue of $87 million, up 383%. Kaizen Gaming’s Betano claimed the leading market share and Serie A title sponsorship. Sports betting made up roughly 55% of Brazil’s online GGR according to H2 Gambling Capital.

The wider region grew too. RSI reported FY25 revenue of $1.13 billion (+23%) with EBITDA up 66% to $153.7 million, driven by Mexico and Colombia. Codere Online hit record NGR of €224.1 million and doubled EBITDA to €13.8 million on Mexico’s strength. Betsson’s LatAm business reached 28% of group Q4 revenue with Peru, Argentina, and Colombia leading.

For operators not yet in Brazil, the entry window is closing fast. Suppliers should note that World Cup 2026 budgets are being set now. Affiliates will find Brazilian acquisition costs rising as Betano, Bet365, and Flutter fight for share.

TGJ Take

Brazil is the gravitational center, but the smarter margins might be elsewhere. RSI’s 66% EBITDA growth came from Mexico and Colombia. Codere doubled its earnings in Mexico alone. The World Cup will flood Brazil with marketing spend and push costs higher. Secondary LatAm markets could deliver better returns for operators willing to look past the hype.