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Manila Bulletin devider Business devider The Stock Market devider DigiPlus on track to launch iGaming operations in Brazil by 2025

DigiPlus on track to launch iGaming operations in Brazil by 2025

Published Nov 21, 2024 02:07 am

Tanco-led DigiPlus Interactive Corporation’s wholly owned subsidiary, DigiPlus Brazil Interactive Ltd., has moved to the final stages of acquiring an online gaming license that will kick off its expansion in the $2 billion Brazilian market.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said it has passed the qualification stage for a federal license with Brazil’s Ministry of Finance’s Secretariat of Awards and Bets (SPA).

“This milestone advances DigiPlus into the final stages of the licensing process, bringing it closer to participation in Brazil’s newly regulated iGaming sector, one of Latin America’s most dynamic and rapidly growing gaming markets,” it added.

DigiPlus said it will now have 30 days to fulfill post-qualification regulatory requirements, including platform certification and license fee payments.

After completing the post-qualification requirements, SPA shall release the final list of operators authorized to operate from Jan. 1, 2025 onwards.

Once finalized, it would enable DigiPlus to operate online sports betting and other iGaming offerings in Brazil. With a population exceeding 200 million and great enthusiasm for sports betting, Brazil represents a significant growth opportunity for DigiPlus.

“We are committed to bringing DigiPlus’ expertise in responsible and innovative gaming to Brazil,” said Digiplus Chairman Eusebio Tanco.

He added that “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.”

DigiPlus President Andy Tsui said during the PSE’s Strengthening Access and Reach (STAR) Investor Day that “Brazil has a big population, which is about two times as Philippines, and also 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,” he added.

Tsui said the license will be valid for five years and will cost around $6 million for the five-year period, also noting that “we also exploring options to working with local partner so that we can kick start a little faster.”

DigiPlus said it remains dedicated in its strategy to diversify into international markets with robust regulatory frameworks.

The company views Brazil’s newly implemented iGaming laws as an opportunity to contribute to a fair and transparent gaming environment, further advancing its mission to deliver trusted, high-quality entertainment to players worldwide.

Related Tags

Eusebio Tanco Andy Tsui DigiPlus Interactive Corp. (DigiPlus)
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