When the FIFA World Cup kicks off in June, the greatest sporting event of all returns to Mexico City’s storied Estadio Azteca for the first time in four decades.
The venue where Pele’s Brazil won their third Jules Rimet trophy in 1970 and, in 1986, the setting for Diego Maradona’s greatest triumph and Manuel Negrete’s famous bicycle kick, the Azteca has become almost sacred ground for football in Latin America.
In 2026, the tournament opener at the Azteca between Mexico and South Africa also marks the start of a new era for betting in Latin America.
For the first time, punters in the region’s biggest market, Brazil, will be able to legally place wagers on a World Cup game following the introduction of the country’s regulated betting market at the start of 2025. Now, as the country’s national team, the Seleção, embarks on the quest for a sixth World Cup triumph, millions of Brazilians will join punters in mature betting markets such as Mexico and Colombia in backing their team.
Understanding local betting culture
While 48 nations chase World Cup glory, operators across the rapidly expanding LatAm market are seeking a competitive edge that will make their Mundial year a success. In Brazil, where newly licensed sportsbooks are battling to attract and retain customers, competition is becoming increasingly driven by technology, trading sophistication and product innovation rather than marketing spend alone.
Among those aiming to gain an advantage are Superbet, KTO and Stake: three major Brazilian operators using technology provided by Kambi, the betting technology leader that processes more than 50% of its total wagers from the LatAm region. KTO and Stake utilise Kambi’s Turnkey Sportsbook solution, while Superbet recently launched with its Odds Feed+ product, which delivers trading and pricing services.
For Kambi’s head of sales in LatAm, Mateo Lenoble, success in Brazil will belong to those operators capable of combining advanced technology with a deep understanding of local betting culture.
“One of the interesting things about Brazilian bettors is that they love new stuff – things that are new or different,” Lenoble said. “A few years ago, it was cash out and then early payouts. Now we see that they love Kambi’s very strong in-house bet builder. Multiple bets and parlays have been popular with Brazilian bettors and now the bet builder gives them the chance to make more interesting bets.”
A tailored approach
Those looking to enter the surging Brazilian market must beware of the assumption that there is uniformity across LatAm. According to Kambi, while football accounts for almost 90% of betting in Brazil, other sports have a stronger presence elsewhere, with US sports popular in Mexico and Central American and Caribbean countries. While there is little appetite for Major League Baseball in Brazil, it is a particular favourite in the Dominican Republic.
Although Brazil’s legal market generated a staggering $7bn in gross gaming revenue during its first year, it is not the only show in LatAm. Kambi has built its reputation in the region over the long term, with its partnership with Colombian market leader BetPlay in place for more than a decade. Importantly, Kambi has always put a premium on localisation in the markets where it operates.
“It is not just about the language,” Lenoble said. “Things like pricing, trading, payments and the wider offer must be pitched at that particular market. For those companies looking across numerous markets, they must also respect regulatory compliance.
“Brazil and Mexico are important because of their size and betting culture, but Colombia is a very important market for us. We work with the top two operators there – BetPlay and RushBet – so our aim is to maintain our No.1 position.”
Technology as the difference-maker
Bringing the right offering to the market is imperative, and in Brazil that increasingly means deploying technology capable of matching the advanced solutions used by the market leaders. Some operators have tried to launch under the misapprehension that strong brand recognition or marketing spend alone would be enough, but have struggled in a landscape where bettors expect sophisticated products and highly competitive pricing.
“You need to have the technology and the product in order to succeed in this business,” Lenoble said. “Some have tried to treat it like a casino business where you just get the site up and running and watch your revenue come in. That is not valid – the sports betting industry is very particular and operators need to be on top of it or to outsource to specialists.”
Lenoble believes many operators are only now realising how important trading flexibility is to long-term profitability.
“I’m talking to operators who cannot even change their odds by themselves,” he said. “They don’t have that flexibility because they are using third-party technology that does not make it available. Being able to adjust odds and margins dynamically is crucial for a sportsbook operator.”
“I don’t see that there is going to be a major shift in Brazil. The regulations for the legalised market have been in place for some years now and I think betting is here to stay”
Kambi will achieve a technological milestone this summer when it deploys fully AI-powered sports betting trading for the World Cup, with AI currently accounting for more than 60% of all trading activity across its global network. For Kambi, AI is a means of delivering sharper pricing, more responsive trading and stronger long-term margins for operators in increasingly competitive markets.
“The benefit is that with AI, we are giving more accurate pricing, more accurate trading,” Lenoble said. “The AI hits that sweet spot between being profitable and being attractive for the bettor. This improved service therefore has a direct impact on the margin.”
Betting on long-term growth
Looking ahead, Kambi sees a bright future for Brazil and the wider region. With its dominant position as a technology provider, it is a close watcher of regulatory developments and wider market trends. Early successes in the Brazilian market have been met with criticism from those concerned that strong revenue growth signals a worsening gambling problem. Indeed, President Luiz Inácio Lula da Silva recently called for a ban to be imposed.
However, Kambi’s Lenoble believes any regulatory response will ultimately be an adjustment to existing rules, such as the already announced rise in gaming tax from 12% to 14%.
“I don’t see that there is going to be a major shift in Brazil,” he said. “The regulations for the legalised market have been in place for some years now and I think betting is here to stay. There may be some extra restrictions, but it is very stable. In Colombia too there have been some adjustments, but as a country they understand that they must protect the industry.”
That confidence is reinforced by the untapped potential still visible in Brazil’s betting sector. While operators elsewhere in Latin America are generating sportsbook margins of around 13%, some Brazilian operators are still achieving only 6-7%, underlining how much room remains for optimisation as the market matures and technology becomes increasingly important to competitive success.
Mateo Lenoble, head of sales (LatAm), Kambi
