Malta-based Gentoo cuts 2026 forecast after Brazil moves to ban fixed-odds betting

Malta-based iGaming affiliate Gentoo Media has lowered its 2026 revenue forecast from €97-€100 million to €92 million after Brazil announced a ban on fixed-odds betting. 

Gentoo said Brazil has been an investment market for the company, with continued investment in customer acquisition and marketing presence to build its long-term position in the country.

From January to August 2026, Brazil generated around €3.8 million in net revenue for Gentoo and the company was expecting growth during Q4 2026, supported by investments made throughout the year as well as expected positive seasonal trends in the market.

However, Brazilian President Luis Inacio Lula da Silva has since signed an order banning fixed-odds sports betting, in the midst of a general election campaign, arguing it will help tackle the problem of families slipping into debt. 

The order is subject to consideration by the Brazilian Congress.

As a result of this order, as well as its Q3 revenue falling below previous expectations, Gentoo has updated its 2026 financial guidance.

It now expects revenue of approximately €92 million, down from €97–100 million, EBITDA before special items of approximately €40 million, down from €44–47 million, and an operating cash flow of approximately €30 million, previously €32–36 million.