KTO head of affiliates says firm closing, founder says no
Operators argue the ban voided five-year licences that cost a non-refundable fee.
The hit
KTO Group founder Andreas Bardun says “the reports of KTO Group’s death are greatly exaggerated,” shortly after his own head of affiliates announced its shutdown on LinkedIn. Anthony MacKay said recent developments in Brazil had led KTO to close its doors. Bardun’s post cast doubt on whether KTO is definitively closing down.
Why it matters
Some operators, including Betano, are reportedly weighing a court challenge to the ban, according to SBC News. Trade bodies ANJL & IBJR are leading the lobbying effort against it.
The record
| Brazil ban enforced | 25 September (President Lula da Silva) |
|---|---|
| Non-refundable licence fee | R$30m (£4.5m) per operator |
| Brazil regulation began | 1 January 2025 |
| KTO’s market exposure | Brazil is its sole market (Malta-headquartered) |
What happens next
Brazil’s National Congress & Supreme Court are due to deliberate on the ban after the presidential election cycle concludes on 25 October. SBC News says it has asked Bardun for comment.
Sources: KTO Group allegedly closes doors following Brazil ban
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