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Manila Bulletin devider Business devider The Stock Market devider DigiPlus makes initial P660-million bet on Brazil's iGaming sector

DigiPlus makes initial P660-million bet on Brazil's iGaming sector

Published Nov 22, 2024 04:13 am

Tanco-led DigiPlus Interactive Corporation is investing an initial P660 million for its foray into Brazil's $2 billion online gaming market.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said its board of directors approved the funding of P660 million to cover Brazil gaming license fees, minimum capitalization, financial reserves, and other operational expenses.

DigiPlus, through its wholly-owned subsidiary, DigiPlus Brazil Interactive Ltda., filed an application last August for Licença Para Loterias De Apostas De Quota Fixa, a federal license that allows the operation of land-based and online sports betting, electronic games, live game studios, and other fixed-odds betting activities in Brazil.

On Nov. 21, 2024, DigiPlus Brazil passed the qualification stage for a federal license with Brazil’s Ministry of Finance’s Secretariat of Awards and Bets (SPA).

DigiPlus has 30 days to fulfill post-qualification regulatory requirements, including platform certification and license fee payments. After completing these requirements, SPA will release the final list of authorized operators on Jan. 1, 2025. This will enable the corporation to operate online sports betting and other iGaming offerings in Brazil.

DigiPlus said the initial P660 million funding is part of the SPA's post-qualification process and is intended for a three-month horizon.

“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,” the firm said in a previous disclosure.

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, “Brazil has a large population, about twice that of the Philippines, and 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 around $4 billion by 2029,” he said.

“We can leverage our existing platform and make necessary changes to meet local compliance requirements. The product is very similar to what we offer in the Philippines, so we are well-prepared for the game offerings,” Tsui added.

Tsui said the license will be valid for five years and will cost around $6 million for the five-year period. He also noted, “we are also exploring options to work with local partners so that we can kick-start operations more quickly.”

Related Tags

Eusebio Tanco Andy Tsui DigiPlus Interactive Corp. (DigiPlus)
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