DIGIPLUS Interactive Corp. subsidiary DigiPlus Brazil Interactive Ltd. has passed the qualification stage for a federal license that will provide it entry into Brazil’s gaming space.
In a filing with the stock exchange on Thursday, DigiPlus said the unit had been notified by Brazil’s Ministry of Finance’s Secretariat of Awards and Bets. It now has 30 days to accomplish post-qualification requirements.
The requirements include platform certification and license fee payments, which will authorize it to operate starting Jan. 1 next year onwards.
“We are committed to bringing DigiPlus’ expertise in responsible and innovative gaming to Brazil,” DigiPlus Chairman Eusebio Tanco said.
“As we navigate the final steps of the licensing process, we remain confident in our ability to align with Brazil’s regulatory requirements and introduce world-class gaming experiences to this dynamic market,” he added.
With a population of over 200 million, Brazil’s enthusiasm for sports betting is expected to contribute to DigiPlus’ growth.
“This underscores our dedication to expanding into a new region while maintaining our focus on the Philippines as our core market,” Tanco said.
DigiPlus President Andy Tsui, meanwhile, said, “We understand that the market size is about like $2 billion for 2024,” adding that this is “expected to grow about 15-20 percent over the next five years.”
“The license will be valid for five years, [and] will cost around $6 million for a five-year period,” he also said.
On Thursday, Digiplus’ share price rose by 26 centavos to close at P20.20 apiece.
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