*Story updated following update from Founder
KTO Group has shut down its Brazilian operation and dismissed its entire team of more than 200 people, according to a LinkedIn post by Anthony MacKay, the company’s Head of Affiliations.
However, following up, Founder Andreas Bardun cryptically posted that "the reports of KTO's death are greatly exaggerated..."
According to MacKay, the operator has been unable to operate in Brazil since September 25, when Provisional Measure 1,394/2026 banned sports betting and online casinos.
“Up till the very end, we’ve done everything the right way and by the book. Not because of what the rules and regulations required, but because the KTO way was always to do things right,” stated MacKay.
KTO launched in Brazil in 2019 and opened offices in Porto Alegre and Santa Cruz do Sul in 2024, housing Portuguese-language support, marketing and customer service teams. To adapt to Brazilian regulation, it had reorganized its Latin American operations, closing or scaling back direct operations in markets such as Peru and Chile so that nearly 100% of its capacity and investment went to Brazil.
Beyond Bardun's short post, meanwhile, there were no further details.
It ranked among the country's 20 largest betting operators, with estimated Brazilian revenue of around $54m a year and a workforce spanning more than 10 nationalities. Its brand featured in regional and digital campaigns, and in sponsorships of sports influencers, radio programs, events, clubs and competitions. As recently as June, it had also added Swedish game developer Gaming Corps as a content partner.
“Although this may be the end of KTO as we know it, its values will always live with me both personally and professionally,” concluded MacKay.
“I also want to mention that with these recent events, many of my colleagues are now looking for their next opportunity and it’s a gold mine of talent which any company would be lucky to have.”
The comment comes as former employees of betting companies affected by the ban have reported difficulties finding new jobs and facing prejudice from employers outside the industry.
A partial survey by the National Association of Games and Lotteries (ANJL) found more than 3,500 workers dismissed by betting companies since the measure was issued, equivalent to 23% of the sector's workforce
