Betsson CEO: Brazil and Paraguay launches will propel LatAm growth

Yesterday, Betsson reported year-on-year group revenue growth of 18.3% to €293.7 million ($334.7 million), powered by LatAm revenue increases of 70.3% to €74.5 million.

The LatAm region accounted for 25% of Betsson’s total Q1 revenue, boosted by higher casino activity and stronger sportsbook margins.

Betsson received a full licence for the newly regulated Brazilian market in February a month after the legal betting market launched.

However, it launched its betting offering in April and, on the Q1 post-results analyst call, Lindwall said the company had also conducted a technical launch in Paraguay in February, after obtaining a local online casino licence at the end of 2024.

Betsson now has operations with local gaming licences in 25 countries across the globe.

Launches such as Brazil, Lindwall believes, will aid Betsson in continuing its strong work in the LatAm region, where it has already achieved success in Argentina, Colombia and Peru.

However he reiterated previous comments on the operator taking it slow in Brazil, as it continues to focus on Spanish-speaking LatAm regions in the short-term.

“Brazil, it’s a huge market, and we want to start off in a soft way and make sure that the product is calibrated for that market,” Lindwall told analysts. “And then we’re going to start marketing and see what kind of traction we get.

“And given that we have really good traction in other markets in the region, we believe that we will be successful over time. Obviously, they give us a good possibility for the future to keep on growing in the LatAm region.”

Strong performance for Betsson in LatAm

Martin Öhman, Betsson CFO, said the launches in Brazil and Paraguay had come too late to have any real effect on the Q1 results.

However, Öhman went into further detail on how other LatAm markets are performing, with revenue in the region up by €31 million.

For instance, he said Argentina continued to show strong underlying activity in deposits, increased turnover and all-time high revenue in Q1.

Additionally, Betsson posted revenue growth in Peru compared to the same period last year, driven by sportsbook and casino growth.

Öhman also revealed the new 19% value-added tax on online gambling in Colombia, introduced in February, hadn’t yet had much of an impact on revenue in the market.

“Colombia is a fairly small market,” Öhman stated. “But yes, of course, all tax increases and everything, all regulatory changes impact business.

“However, it does not have a very significant impact on our total numbers.”

 Betsson AB’s Pontus Lindwall has said new launches in Brazil and Paraguay will continue the company’s strong growth in LatAm, as regional revenue jumped 70% in Q1.