Q2 2026 LatAm Results Expose Brazil Headwinds for Flutter and Entain Against Broader Regional Gains

Online gambling operators posted mixed Q2 2026 results across Latin America. Brazil delivered challenges for Flutter Entertainment and Entain through competition and regulatory uncertainty. Other operators capitalised on the FIFA World Cup and local product gains, as reported by iGaming Business.

Brazil Tests Discipline Amid Softness and Regulatory Flux

Flutter Entertainment posted Brazil revenue of $72 million, up 64% year-on-year. The rise reflected the Betnacional acquisition completed midway through Q2 2025. Organic revenue fell 14% as market softness and government socio-economic measures weighed on performance.

Flutter CFO Rob Coldrake reiterated the operator’s long-term view on the earnings call. “We’re still really excited about our potential in this market. We’re feeling quite confident about our product and how we set up into [20]27. There is quite a moving piece with regards to the regulatory backdrop in Brazil, and that’s somewhat stifling the overall market growth. But within the context of that market, I think we’re happy with our performance, and we’re still encouraged about the medium to long-term opportunity there.”

Entain reported H1 net gaming revenue in Brazil down 25% on a constant currency basis after adverse sports margins in Q1. Sports wagers rose 10% and player metrics improved to hold market share. CFO Michael Snape termed the environment “incredibly difficult and unpredictable” and stressed measured investment. “We will compete, but we won’t compete at any cost. We will make sure that we invest really wisely.”

MGM Resorts International reaffirmed its 10% Brazil market share target and projected lower full-year EBITDA losses at MGM Digital than the previous year despite a “dynamic and fluid” setting.

Select Operators Convert Regional Tailwinds Into Record Metrics

Betsson lifted LatAm revenue 32.3% year-on-year to €112.1 million. The region represented 36% of group revenue, its highest share yet, on record performances in Argentina, Peru and Colombia. Group CEO Pontus Lindwall highlighted stronger structural growth prospects in LatAm than in Western Europe and noted underlying product efforts beyond the World Cup lift.

Codere Online produced €36.1 million NGR from Mexico, up 24%, keeping it the largest contributor ahead of Spain. The “other” LatAm segment rose over 50% to €5.7 million. Rush Street Interactive drove LatAm monthly active users 62% higher to approximately 653,000 while average revenue per MAU climbed 82% to $55. More than 25% of new World Cup depositors migrated to casino.

These outcomes signal that operators must calibrate spending to regulatory and margin realities in Brazil while scaling product and customer acquisition in less constrained LatAm jurisdictions to protect share and margins.

Reporting: iGaming Business (iGB)

Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.