DIGIPLUS Interactive Corp. is ready for expansion after obtaining a gaming license in Brazil.
The unit DigiPlus Brazil Interactive Ltda. received final authority to operate sports betting and other online games from the Secretariat of Prizes and Betting of Brazil’s Ministry of Finance, DigiPlus said in a stock exchange filing on Thursday.
The company said only 10% of applicants received approval from the Brazilian agency.
“Brazil’s dynamic gaming landscape marks a crucial milestone in DigiPlus’ global journey,” DigiPlus Chairman Eusebio H. Tanco said in a separate statement. “We bring not only 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 we can resonate with Brazilian players and contribute to the country’s thriving i-gaming sector,” he added.
The company previously cited Brazil’s more than 200 million residents and its potential as one of the fastest-growing gaming markets in Latin America as reasons for the expansion.
DigiPlus passed the qualification phase for the federal license on November 21, after submitting the application in August.
The license allows the activities of physical and online sports betting, electronic games, live gaming studios and other fixed-odds gambling activities in Brazil.
The DigiPlus board also approved an initial amount of P660 million to finance licensing fees, minimum capitalization, financial reserves and other operational costs as part of the Brazilian government’s post-qualification process.
Through the first nine months of 2024, DigiPlus’ net income more than quadrupled to P8.75 billion from a year earlier, driven by retail plays, new product offerings and cost efficiencies. Revenue more than tripled to P51.56 billion.
The company operates products such as BingoPlus, ArenaPlus, PeryaGame, Tongits+ and GameZone.
DigiPlus shares fell 0.18% or five centavos to P27.10 each. – Revin Mikhael D. Ochave