Gaming firm DigiPlus Interactive Corp. on Monday bared exploring opportunities in Brazil’s iGaming market following the recent legalization of online gaming and betting activities in the country.
DigiPlus said it is into the Latin American country through wholly-owned subsidiary DigiPlus Brazil Interactive Ltda.
The firm filed an application at the Licença Para Loterias De Apostas De Quota Fixa, Brazil’s federal licensing allowing the operations of land-based and online sports betting, electronic games, live game studios, and other fixed-odds betting activities.
“The result of the license application is expected to be released on or before the end of November 2024,” the company said.
DigiPlus is diversifying its portfolio into new markets with an enabling regulatory environment for iGaming.
“DigiPlus envisions the Philippines to remain as its core market,” the company said.
It also told the regulator that Brazil is acknowledged as one of the fastest-growing gaming markets in Latin America with a population of over 200 million and an internet penetration of 87 percent.
DigiPlus earlier reported net income of P3.22 billion in the second quarter this year, a five-fold increase from a year ago of P651.04 million.
DigiPlus reported profits fueled by the robust performance of its digital retail segment and the rationalization of revenue sharing with the Philippine Amusement and Gaming Corp. for electronic games implemented in April.
Revenue jumped four-fold to P18.92 billion from P4.7 billion on higher user traffic and contributions from its new game offerings.
In the first half ended June this year, DigiPlus reported net income of P5.2 billion, a 377 percent increase from P1.09 billion last year.
Six-month revenue rose 263 percent to P32.5 billion from P8.9 billion.
“The first semester was encouraging for DigiPlus. Despite the challenges, we strive to continue to innovate and deliver unparalleled digital entertainment experiences to our customers. By optimizing user engagement through personalized experiences and diversifying our content offerings, we believe we are poised to capture the strong growth of the digital entertainment industry,” DigiPlus chairman Eusebio Tanco said.
