PH Gaming Firm DigiPlus Gets Approval to Operate in Brazil

October 9, 2024 BrazilPhilippines iGaming & Gambling

DigiPlus Interactive Corp. is marking its first overseas venture by securing authorization to operate betting websites in Brazil.

The announcement was made public by Brazil’s Ministry of Finance on October 1, 2024. According to the Philippine Star, the Philippine gaming company is among 93 companies awarded this crucial approval.

DigiPlus, known for operating popular local digital gaming platforms such as BingoPlus, ArenaPlus, and PeryaGame, is targeting Brazil as a new market amidst an easing regulatory environment. The company had initially anticipated receiving this authorization by the end of November, reflecting its proactive approach to entering Brazil’s newly legalized domestic gambling industry.

This development marks DigiPlus’s first foray into the international gaming market, a move that is part of its broader strategy to diversify its portfolio.

Brazil represents a lucrative opportunity for DigiPlus, with its population exceeding 200 million and an internet penetration rate of approximately 87%. These factors make Brazil one of the fastest-growing gaming markets in Latin America. Formerly known as Leisure & Resorts World Corp, DigiPlus aims to tap into this potential while continuing to prioritize the Philippines as its core market.

Last August, DigiPlus applied for the Licença Para Loterias De Apostas De Quota Fixa, a federal license that permits operations related to land-based and online sports betting, electronic games, and live game studios.

The company’s recent financial performance underscores its robust growth trajectory. In the first half of 2024, DigiPlus reported a staggering net income of PHP5.2 billion, marking a 377% increase compared to PHP 1.1 billion during the same period last year. Revenues soared by 263%, rising from PHP 8.9 billion to PHP32.5 billion. This significant growth was primarily driven by the strong performance of its digital retail segment and the favorable adjustments in revenue sharing agreements with the Philippine Amusement and Gaming Corporation (PAGCOR).

The success of its digital platforms has been evident, leading to a remarkable rise in its share price. Since the start of 2024, DigiPlus’s stock has more than doubled, climbing from PHP8.1 to PHP20.25 as of mid-August.