November 22, 2024 | 12:00am
MANILA, Philippines — Digital entertainment company DigiPlus Interactive Corp. has inched closer to scoring a win on its bet in Brazil’s gaming market.
DigiPlus, through its wholly owned subsidiary DigiPlus Brazil Interactive Ltda., has passed the qualification stage for a federal license with Brazil’s Ministry of Finances Secretariat of Awards and Bets.
The development advances the company into the final stages of the licensing process, bringing it closer to participating in Brazil’s newly regulated iGaming-sector one of Latin America’s most dynamic and rapidly growing gaming markets.
“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. This underscores our dedication to expanding into a new region while maintaining our focus on the Philippines as our core market,” he said.
DigiPlus said it has 30 days to fulfill post-qualification regulatory requirements, including platform certification and license fee payments.
After completing the post-qualification requirements, Brazil’s Ministry of Finance’s Secretariat of Awards and Bets will release the final list of operators authorized to operate from Jan. 1, 2025 onwards.
Once finalized, DigiPlus can operate online sports betting and other iGaming offerings in Brazil.
Brazil represents a significant growth opportunity for DigiPlus, with a population exceeding 200 million and great enthusiasm for sports betting.
“At the moment, we’ve done some initial analysis, and Brazil has a big population, which is about twice as Philippines, and also with a deep-rooted passion for sports,” DigiPlus president Andy Tsui said.
“We understand that the market size is about $2 billion for 2024 and we expect it to grow about 15 to 20 percent over the next five years. So the market size may reach around $4 billion by 2029,” he said.
Tsui said DigiPlus can leverage its existing platform and make necessary changes to meet the local compliance requirements for the company’s expansion in Brazil.
“At the same time, we understand that the product is very similar to what we offer in the Philippines, so we are certainly better prepared for the game offering,” Tsui said.
“The license will be valid for five years and cost around $6 million. We’re also exploring options for working with local partners to kickstart a little faster,” he said.
DigiPlus announced last August that it is exploring opportunities in Brazil’s iGaming market following the recent legalization of gaming and betting activities in the country.
Through subsidiary DigiPlus Brazil Interactive Ltda., the company applied for Licença Para Loterias De Apostas De Quota Fixa. This federal license allows the operations of land-based and online sports betting, electronic games, live game studios and other fixed-odds betting activities in the South American country.
Be the first to comment