DigiPlus Interactive Corp. said it has passed the qualification stage for a federal license with Brazil’s Ministry of Finance’s Secretariat of Awards and Bets (SPA) for a franchise to operate an online gaming business in the Latin American country.
“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 company told regulators.
DigiPlus said its unit DigiPlus Brazil Interactive Ltd. has 30 days to fulfill “post-qualification regulatory requirements, including platform certification and license fee payments” to move to the next stage of the qualification.
“After completing the post-qualification requirements, SPA shall release the final list of operators authorized to operate from Jan. 1, 2025 onwards,” the company said.
Once finalized, the company would be able to operate online sports betting and other iGaming offerings in Brazil.
“We are committed to bringing DigiPlus’ expertise in responsible and innovative gaming to Brazil,” said Eusebio Tanco, DigiPlus chairman.
“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,” he added.
Andy Tsui, DigiPlus president, on Wednesday said Brazil’s market is estimated to be around $4 billion by 2029.
With a population exceeding 200 million, and great enthusiasm for sports betting, Brazil offers a significant opportunity for DigiPlus, according to Tsui.
“We understand that Brazil has a big population, which is about two times as Philippines, and also with a deep rooted passion for spots, meaning that the football games and other decimal games. We understand that the market size is about like $2 billion for 2024 and expected to grow about 15 to 20 percent over the next five years. So the market size may reach to around $4 billion by 2029,” he said at the Philippine Stock Exchange’s Strengthening Access and Reach Investor Day recently.
“We can leverage our existing platform and make necessary changes to meet the local compliance requirements,” he added.
Tsui said the license, when awarded, will be valid for five years, costing the company around $6 million.
