- gave us a clear edge. Today, KTO is more focused, more agile, and stronger than ever.


How do you measure success in early market stages - revenue, user acquisition cost, retention, brand awareness...?


In early-stage markets, many chase user acquisition at any cost. Tat’s not our approach. We run a disciplined business where profitability and brand trust are non-negotiable. We don’t measure success only by revenue or CAC. Instead, we emphasise long-term metrics like customer retention, LTV, and trust.


Trust is often overlooked in our industry, but we see it as a currency. Like banks and insurance companies, we’re in the business of selling trust— players must believe we will pay them when they win and treat them fairly when they encounter issues. While acquisition costs have increased dramatically post-regulation, our retention and LTV have also grown significantly. And thanks to our lean and flexible structure, we adapt KPIs quickly to reflect market realities.


How do you balance the significant cost of compliance in Brazil compared to the market's previous regulatory environment? Are you seeing a good return on investment? Are the licence costs sustainable?


Brazil is a high-cost operating environment, no doubt about it. But we embrace those costs as part of our commitment to excellence.


We’ve chosen to build all our critical functions - legal, compliance, customer support - in-house. Tat gives us full control and ensures we maintain the high standards we’re known for.


Tis isn’t just about iGaming regulation; it’s also about adhering to consumer rights laws, marketing standards, and labour laws. It’s complex, but we believe the return on investment is clear: quality, trust, and sustainability.


What's next for KTO's Brazilian expansion? What opportunities is the business exploring?


We’re the underdog among the big companies in Brazil—and we embrace that position. It pushes us to work smarter, deliver better, and operate with precision. Unlike others who may burn capital chasing fast growth, our strategy is rooted in doing the fundamentals exceptionally well. For us, expansion isn’t something we rush into—it’s something we earn by being better: better in product quality, customer experience, operational discipline, and compliance.


Every detail matters. Every improvement we make in how we serve our customers and run our business becomes a building block for long-term, sustainable growth. We believe that by consistently outperforming our competitors where it truly counts, expansion becomes a natural outcome—not a forced ambition. Our mindset is clear: excel first, and growth will follow.


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