07 October 2026
In the rapidly evolving world of sports betting, major operators are increasingly turning to strategic partnerships and media alliances to accelerate their expansion into new regulated markets, particularly in Latin America. These moves reflect a broader industry shift towards leveraging local expertise, regulatory access, and media reach to gain a competitive edge in growth-focused regions.
In January 2025, Sweden's Kambi Group announced a partnership with Stake, a cryptocurrency sportsbook, to launch a Kambi-enhanced sportsbook in Brazil. Brazil, the fifth largest sports betting market and the second largest eSports betting market in the world, has become a major target for operators following the launch of the country's first sports betting exchanges in 2022.
The Kambi-Stake alliance underscores a key trend in the sports betting industry: partnerships have become the preferred route for expansion, particularly in highly regulated and complex markets. Major operators are increasingly turning to local firms and media companies to help them navigate regulatory hurdles, build brand trust, and reach target audiences.
In September 2024, Flutter Entertainment, the parent company of sports betting giants FanDuel and Paddy Power, announced that it would acquire an initial 56% stake in NSX Group, owner of Brazil-based Sportsbook Betnacional, for approximately USD 350 million. The acquisition was part of Flutter's strategy to expand its presence in regulated markets and tap into the Brazilian market's promise of substantial growth.
MGM Resorts International, the US casino and hotel corporation, also signaled its expansion into Brazil in August 2024, entering into a joint venture with Brazilian media giant Grupo Globo. The partnership aims to launch BetMGM in the country, leveraging Grupo Globo's consumer network of around 70 million daily users across TV, digital, radio, and print media.
For sports betting operators, Argentina, Colombia, and Peru represent other critical growth markets. Betsson AB's subsidiary secured local licenses for the newly regulated online casino and sports betting business in Peru in June 2024, covering the Betsafe and Betsson brands, with an additional Inkabet license planned. Betsson also held licenses in Argentina and Colombia, showing how operations in these diverse markets are increasingly becoming the norm.
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Latin America's appeal to sports betting operators lies not just in its fast-growing markets, but also in its rich cultural affinity for sports, particularly football. In June 2024, sports betting platform VersusBet and Real Madrid, one of the world's most iconic football clubs, signed a five-year alliance for Latin America. Leveraging Real Madrid's brand power to attract Latin American audiences, the partnership expanded the VersusBet sportsbook reach in the region, including a planned entry into Brazil.
As these strategic alliances and brand partnerships paint the backdrop, the rapid expansion of sports betting operators in Latin America now extends beyond traditional sportsbooks. Sports event contracts, combining elements of trading and prediction markets with sports betting, are adding a new dimension to the competitive landscape.
In late 2024, Crypto.com, a global cryptocurrency trading platform, entered the US market with sports event contracts, offering American users the ability to trade on sports events. Crypto.com was soon followed by Kalshi, a US-based specialised exchange for making and trading event contracts on entertaining topics.
Today, the concept of sports event contracts has gained further traction, with major sportsbook brands like DraftKings, FanDuel, and Fanatics now entering or experimenting with prediction markets. As sports betting continues to expand, this new category promises to add even more competitive pressure and blur the lines between trading and gambling.
For sports betting operators, the shift to partnerships and alliances marks a critical evolution in their growth strategies. As regulatory landscapes become more complex and competitive pressure mounts, operators are finding that standalone sportsbook launches are not enough. Instead, growth now depends on partnerships that can provide local expertise, media reach, and regulatory access, all key to building a successful presence in new markets.