ona46 @ malingslot monferatoto DigiPlus unit in Brazil gets license
DigiPlus Interactive Corp. on Thursday said its Brazil unit has secured a license from Brasilia to operate sports betting and other online games in Latin America’s biggest country.
The company said only 10 percent of the total applicants received definitive authority from Brazil’s secretariat of awards and bets, which includes its unit DigiPlus Brazil Interactive Ltda.
“Brazil’s dynamic gaming landscape presents a pivotal milestone in DigiPlus’ global journey. We are bringing not just our innovative platforms and diverse gaming portfolio but also our unwavering commitment to responsible gaming. By combining our proven platforms with localized insights, we are confident in our ability to resonate with Brazilian players and contribute to the country’s thriving iGaming sector,” Eusebio H. Tanco, DigiPlus chairman, said.
Last August, the company filed an application for Licença Para Loterias De Apostas De Quota Fixa, which is 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.
On November 21, the company passed the qualification stage for a federal license with Brazil’s Ministry of Finance’s Secretariat of Awards and Bets. It was given 30 days to comply with the regulatory requirements.
On the same day, DigiPlus board has approved the initial funding of P660 million to pay for the license fees, minimum capitalization, financial reserves and other operational expenses as part of the post-qualification process of the awards committee.
“This initial funding is intended for a three-month horizon,” the company said.
With a population exceeding 200 million and great enthusiasm for sports betting, Brazil represents a significant growth opportunity for DigiPlus, the company said.
“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 said during the Philippine Stock Exchange’s Strengthening Access and Reach (STAR) Investor Day last November that Brazil has a big population, which is about two times as Philippines, and with a deep-rooted passion for sports.
“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 to around 44 billion by 2029,” he said.
“Basically, we can leverage our existing platform and making necessary change to meet the local compliance requirements. At the same time, we understand that the product is very similar to what we offer in the Philippines, so we start certainly better prepared for the game offering.”
Tsui said the license will be valid for five years and will cost around $6 million for the five-year period.
“We also exploring options to working with local partner so that we can kick start a little faster.”
