DigiPlus secures Brazil license
Provided by Philippine Daily Inquirer.
MANILA, Philippines — DigiPlus Interactive Corp. will now operate its sports betting and other online games in Brazil after securing a federal license, marking its first venture outside the Philippines amid an online gaming boom.
In a stock exchange filing on Thursday, DigiPlus said the Brazilian government had granted a definitive authority to DigiPlus Brazil Interactive Ltda., its wholly owned subsidiary.
The federal license allows DigiPlus to operate land-based and online sports betting, electronic games, live game studios and other fixed-odds betting activities in the South American country.
READ: 9-month DigiPlus profit reached P8.75B
According to DigiPlus, 87 percent of Brazil’s 200-million population has access to the internet, making it a key market for iGaming.
“Brazil’s dynamic gaming landscape presents a pivotal milestone for DigiPlus,” Eusebio Tanco, DigiPlus chair, said in a statement.
“We are bringing not just our innovative platforms and diverse gaming portfolio but also our unwavering commitment to responsible gaming,” Tanco added.
The company’s entry into the South American market comes a year after the Brazilian government legalized fixed-odds betting related to sports events and online games, or iGaming.
Fixed-odds is a form of gambling where players bet on the probability of a certain event happening, such as the odds of a horse winning or losing in a race.
DigiPlus president Andy Tsui earlier said that they had applied for a five-year license worth around $6 million.
In November last year, the company’s board of directors approved an initial funding of P660 million to cover license fees, minimum capitalization, financial reserves and other operational expenses.
“This initial funding is intended for a three-month horizon,” DigiPlus said in its disclosure.
DigiPlus, which operates locally popular games like BingoPlus, ArenaPlus and GameZone, saw its earnings in the first nine months of 2024 surge by more than fourfold as strong demand for digital games fueled the rapidly growing sector.
Its net income soared by 314 percent to P8.75 billion, buoyed by the retail games segment and new product offerings.
Revenues likewise ballooned by 223 percent to P51.56 billion.
DigiPlus recently launched Pinoy Drop Ball, a digital perya (Filipino carnival) experience that promises a jackpot prize of up to P200 million if the ball drops on a card that a player bets on.
(2025/01/03-02:12)
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