LISTED digital gaming firm DigiPlus Interactive Corp. (Digiplus) is exploring iGaming opportunities in Brazil following its decision to legalize gaming and betting activities in the largest country in South America.
In a disclosure to the Philippine Stock Exchange on Monday, Digiplus announced that it has applied for a Licença Para Loterias De Apostas De Quota Fixa in Brazil through its subsidiary, DigiPlus Brazil Interactive Ltd.
The said license “allows the operations of land-based and online sports betting, electronic games, live game studios, and other fixed-odds betting activities in Brazil,” DigiPlus explained.
Last December, the Brazilian government enacted Law 14790, regulating online sports betting in the country and establishing the foundations for the exploitation of fixed-odds betting on sporting events and online games.
Digiplus expects the outcome of its application to be released on or before the end of November this year.
The company’s entry into Brazil is still in the preliminary stages, noted DigiPlus, adding that the Philippines will remain its “core market” even as it continues to look for ways to diversify its portfolio into new markets with an enabling regulatory environment for iGaming.
“DigiPlus recognizes Brazil’s strong potential as one of the fastest-growing gaming markets in Latin America. The country has a population of over 200 million, with internet penetration at 87 percent,” it added.
Touted as the fastest-growing digital gaming group in the country, DigiPlus reported a 377 percent surge in first-half net income to P5.2 billion on the back of a 263-percent jump in revenues to P32.5 billion.
“Despite the challenges, we strive to continue to innovate and deliver unparalleled digital entertainment experiences to our customers,” DigiPlus Chairman Eusebio Tanco said.
“By optimizing user engagement through personalized experiences and diversifying our content offerings, we believe we are poised to capture the strong growth of the digital entertainment industry,” Tanco emphasized.
DigiPlus shares on Monday fell 4.69 percent to P19.30 each amid a 0.62 percent advance for the benchmark PSE index.
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