DigiPlus plans to expand; The unit is eligible for a Brazilian gaming license

DigiPlus Brazil Interactive Ltd., a subsidiary of DIGIPLUS Interactive Corp., has passed the qualification stage for a federal license that will allow Brazil to enter the gaming space.

In a filing to the exchange on Thursday, DigiPlus said the unit was notified by the Secretariat of Prizes and Wagers of the Brazilian Ministry of Finance. He now has 30 days to complete post-qualification requirements.

Requirements include platform certification and licensing fee payments that will allow it to operate from January 1 next year.

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

“As we progress through the final steps of the licensing process, we remain confident in our ability to comply with Brazil’s regulatory requirements and deliver world-class gaming experiences to this dynamic market,” he added.

With a population exceeding 200 million, Brazil’s interest in sports betting is expected to contribute to the growth of DigiPlus.

“This underscores our commitment to expand into a new region while maintaining our focus on the Philippines as our core market,” Tanco said.

Meanwhile, DigiPlus President Andy Tsui said, “We understand the market size to be around $2 billion for 2024,” adding that it is “expected to grow by approximately 15-20 percent over the next five years.”

“The license will be valid for five years and will cost approximately $6 million for a five-year period,” he said.

On Thursday, Digiplus’ share price rose 26 centavos to close at £20.20 per head.