The Korea Tourism Organization (KTO) has withdrawn its sports betting brand from Peru and Chile, focusing on the Brazilian licensed market launching in January 2025.
KTO founder and CEO Andreas Bardun recently stated that due to the company's priority to expand its market share in Latin America, its operations in the region have been reduced to Brazil.
KTO is one of the 17 operators that applied for a gambling license within the 90-day priority period. This means that KTO will be approved in the first round of applications, ahead of the launch date on January 1.
KTO Brazil was established in 2018, and Bardun believes that the company will benefit from the first-mover advantage in the licensed gambling market.
"We entered Brazil about four or five years ago when it was not so attractive, and people did not see the potential," Bardun told iGB. "We realized there was no localization of the product.
"We saw this as a great opportunity for us, by engaging in real communication with the local people of Brazil, we could really start to make a difference, and I think this gave us an advantage."
The company's operations in Brazil have been supported by regional and national sports teams and athletes, including the Serie B football club Chapecoense, the basketball club Caxias Do Sul, and the volleyball and basketball club Minas Tênis Clube.
In 2023, KTO collaborated with other leading operators to establish the Brazilian Institute for Responsible Gambling.
