DigiPlus Interactive Corp. has tapped a Brazilian bank to help identify an industrial partner to launch its online gaming operations in Brazil by the fourth quarter of the year.
In a recent interview with reporters, DigiPlus chairman Eusebio Tanco said the company is financially prepared for the expansion but remains open to a local partnership.
“I think we have sufficient resources, but maybe as a strategic partner,” Tanco said, emphasizing the need for a gaming-focused partner.
DigiPlus vice president for Investor Relations Celeste Jovenir confirmed that the company has yet to secure a partner.
“We haven’t identified a partner yet. The team is still on the search, looking at different companies there. So we have an investment banker helping us. It's a local Brazilian bank,” Jovenir said.
Jovenir added that the company has already assembled the management team responsible for the Brazil operation.
DigiPlus initially allocated P660 million for its Brazil venture, covering the gaming license and operational expenses for the first three months. The company is still finalizing the full plan for the expansion.
DigiPlus aims to leverage its local online betting platform, ArenaPlus, for its entry into the Brazilian market.
The company, along with several other applicants, secured a gaming license to operate sports betting and online gaming in Brazil.
Only 10 percent of those who applied were granted licenses, following the country's recent opening of its gaming sector.
The license allows DigiPlus to operate land-based and online sports betting, electronic games, live game studios, and other fixed-odds betting activities in Portuguese-speaking Brazil.
DigiPlus sees Brazil, a country’s population of over 200 million, as a promising market for sports betting.
Brazil’s gaming market is projected to grow from $2 billion in 2023 to $4 billion by 2029, with an estimated annual growth rate of 15 to 20 percent.