Gaming firm DigiPlus Interactive Corporation (DigiPlus) is exploring opportunities in Brazil’s potentially huge iGaming market following the recent legalization of gaming and betting activities in the country.
In a disclosure to the Philippine Stock Exchange, the firm said it has filed an application though through its wholly-owned subsidiary, DigiPlus Brazil Interactive Ltd., for Licença Para Loterias De Apostas De Quota Fixa.
This federal license allows land-based and online sports betting, electronic games, live game studios, and other fixed-odds betting activities in Brazil.
“The result of the license application is expected to be released on or before the end of November 2024,” the firm told the PSE.
Currently in its preliminary stages, DigiPlus is looking to diversify its portfolio into new markets with enabling regulatory environment for iGaming. However, DigiPlus said it envisions the Philippines to remain its core market.
DigiPlus said it recognizes Brazil’s strong potential as one of the fastest-growing gaming markets in Latin America. The country has a population of over 200 million, with internet penetration at 87 percent.
The firm considered the fastest-growing digital entertainment group in the country, registered a 377 percent surge in net income to P5.2 billion in the first half of the year from P1.1 billion in the same period a year ago.
DigiPlus said its sustained profit momentum was fueled by the robust performance of its digital retail segment combined with the rationalization of revenue sharing with the Philippine Amusement and Gaming Corporation for electronic games implemented in April 2024.
Revenues jumped 263 percent to P32.5 billion from P8.9 billion. EBITDA, on the other hand, reached P5.5 billion, jumping 336 percent from the previous year.
“The first semester was encouraging for DigiPlus. Despite the challenges, we strive to continue to innovate and deliver unparalleled digital entertainment experiences to our customers.
“By optimizing user engagement through personalized experiences and diversifying our content offerings, we believe we are poised to capture the strong growth of the digital entertainment industry,” said DigiPlus Chairman Eusebio Tanco.