LatAm Q2 2025: Brazil Booms While Colombia and Peru Struggle Under Tax Pressure
Brazil is the growth engine. Flutter, after acquiring a stake in NSX (Betnacional), reported a 144% year-on-year revenue jump, reaching $44m in Q2. Even Betfair Brasil’s decline was explained by stricter KYC requirements rather than market weakness.
Entain also posted progress: NGR in Brazil rose 21% YoY in H1, though heavy taxation cut group profits by about £28m.
BetMGM is aiming for 10% market share in Brazil, leveraging strong marketing investments and its partnership with Grupo Globo.
Betsson, meanwhile, delivered record results in LatAm: revenue surged 35.4% to €84.7m, with Peru and Argentina as key markets. Sports betting outpaced casino, offsetting a slight dip in gaming.
But Colombia and Peru told a different story.
- In Peru, a new consumption tax on betting is raising concerns about the sustainability of the regulated market.
- In Colombia, Rush Street Interactive saw GGR jump 70%, but taxes and bonuses left net income flat.
- Codere Online admitted scaling back operations in Colombia due to tax pressure.
And in a more negative sign, Super Group reported that its LatAm revenue nearly halved from $9m to $5m, largely due to its withdrawal from Brazil.
Takeaways for Affiliates and Operators
- Brazil = huge potential, but also fierce competition. Balancing product, marketing, and compliance is key.
- Tax-heavy markets (Colombia, Peru) require careful bonus strategies, tighter cost control, and realistic growth expectations.
- Regulatory shifts are constant — success depends on flexibility and quick adaptation.
- Affiliates should lean on partnerships with operators who share data, adjust offers, and respond fast to market changes.
In short: LatAm still shines with opportunity in 2025, but it’s clear that winning is no longer just about driving traffic — it’s about surviving taxes and regulations too.
