KTO Exits Two Markets to Focus on Brazil
KTO Group has announced its exit from Peru and Chile, redirecting its efforts to the regulated Brazilian sports betting market.
KTO was among the first 17 operators to submit applications for a betting license in Brazil.
LISTEN TO THIS ARTICLE:According to KTO Founder and CEO Andreas Bardun, the company’s Latin America presence has been scaled back to focus on Brazil as the country plans to launch its sports betting market in January 2025.
KTO was among the first 17 operators to submit applications for a betting license within the initial 90-day window provided by Brazil’s gaming regulator. As a result, the company expects to receive a license in the first wave of approvals before the January 1 launch.
KTO entered Brazil in the pre-regulated betting era in 2018 and aims to capitulate on first-mover advantage in the emerging licensed market.
Since its launch in Brazil, KTO has signed a series of sponsorship deals with regional and national sports teams to further bolster its presence in the region. These include Serie B football club Chapecoense, Caxias Do Sul basketball, and Minas Tênis Clube in volleyball and basketball.
Additionally, in 2023, KTO collaborated with fellow industry leaders to establish the Brazilian Institute of Responsible Gaming, further solidifying its commitment to the market.
We entered Brazil maybe four or five years ago now when there wasn’t so much attraction, people couldn’t really see the potential. And we realised there wasn’t any kind of localisation of the product. We thought this is a good opportunity for us to come in and really start making a difference by really speaking to the local population in Brazil and I think that gives us the head start.
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KTO Keeps Options Open for LatAm Expansion
While KTO will be mainly focusing on increasing its market share in Brazil, the company isn’t ruling out expansion into other LatAm jurisdictions. Bardun hinted that KTO may consider obtaining a license and re-entering Peru in 2025.
The company initially launched in the Peruvian market in 2020 before the state regulated its sports betting sector. Although Peru has now transitioned to a licensed market, KTO did not apply for a license, unlike other competitors, including Betsson and Rush Street Interactive, which were operating in the region before the regulatory shift.
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