Local gaming firm plans Brazil expansion
Expanding outside the Philippines followed Brazil’s recent legalization of gaming and betting activities
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Expanding outside the Philippines followed Brazil’s recent legalization of gaming and betting activities
DigiPlus Interactive Corp., the listed company that operates local digital gaming platforms like BingoPlus, ArenaPlus and PeryaGame, is eyeing to enter the Brazilian market — marking its first overseas venture.
The company said in a report to the exchange on Monday that its wholly-owned subsidiary, DigiPlus Brazil Interactive Ltda., applied for Licença Para Loterias De Apostas De Quota Fixa, over the weekend.
The application seeks to secure a federal license that allows the operations of land-based and online sports betting, electronic games, live game studios, and other fixed-odds betting activities in Brazil.
The anticipated release date for the license application results is on or before the end of November.
According to DigiPlus, expanding outside the Philippines followed Brazil’s recent legalization of gaming and betting activities.
Huge potential
DigiPlus noted 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.
However, despite the company’s pursuit of portfolio diversification into new markets with favorable iGaming regulatory environments, the Philippines remains its primary focus.
During the first half of the year, DigiPlus said it booked a net income of P5.2 billion, representing a 377 percent surge from the reported bottom line of P1.1 billion.
Meanwhile, revenues surged by 263 percent to P32.5 billion from P8.9 billion, driven by the performance of its digital retail segment, among others.
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