August 25, 2024 | 12:00am
MANILA, Philippines — Listed DigiPlus Interactive Corp. plans to expand its operations abroad, eyeing to tap the strong potential of Brazil’s gaming market.
In a stock exchange filing, the digital entertainment company said it is exploring opportunities in Brazil’s iGaming market following the recent legalization of gaming and betting activities in the country.
Through its wholly owned subsidiary DigiPlus Brazil Interactive Ltda., the company filed an application for Licença Para Loterias De Apostas De Quota Fixa, a federal license that allows the operations of land-based and online sports betting, electronic games, live game studios and other fixed-odds betting activities in Brazil.
DigiPlus expects the result of the license application to be released on or before the end of November.
DigiPlus said the planned entry in Brazil is in recognition to the country’s strong potential as one of the fastest-growing gaming markets in Latin America.
Brazil has a population of over 200 million, with internet penetration at 87 percent.
“Currently in its preliminary stages, DigiPlus is looking to diversify its portfolio into new markets with enabling regulatory environment for iGaming,” the company said.
However, DigiPlus said it envisions the Philippines to remain as its core market.
DigiPlus is continuously ramping up efforts to diversify its portfolio with the continuing expansion of product offerings.
The company is committed to driving innovation and contributing to the country’s economic growth and social development.
In the first half, DigiPlus recorded a net income of P5.2 billion or almost five times the P1.1 billion posted in the same period in 2023, fueled by the robust performance of its digital retail segment coupled with the rationalization of revenue sharing with Philippine Amusement and Gaming Corp. for electronic games.
Revenues for the period surged by 263 percent to P32.5 billion from last year’s P8.9 billion.
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