DigiPlus Interactive Corp., is based in the Philippines. Brazil has granted him a federal gaming license, allowing him to operate land-based and online sports betting, electronic games, live game studios, and other fixed-odds betting activities.
The filing with the Philippine Stock Exchange recently made the announcement.
DigiPlus Brazil Interactive Ltda. successfully passed the qualification stage for the license on November 21 of the previous year for the license with Brazil’s Ministry of Finance’s Secretariat of Awards and Bets or SPA. The relevant authorities have given the company 30 days to fulfill post-qualification regulatory requirements. This includes license fee payments.
The SPA has released the final list of authorized operators. This lets DigiPlus offer online sports betting and iGaming services in Brazil starting January 1st of this year.
The Board of Directors of the company approved an initial funding of PHP660 million or $11.4 million to cover license fees, minimum capitalization, financial reserves, as well as other operational expenses related to the post-qualification process on the same day. This funding intends to support operations for the next three months.
The official list published in the DOU or Official Gazette of the Union details 81 licenses issued including DigiPlus. 15 of which are permanent and 66 are provisional.
These companies have passed significant financial and regulatory requirements. These includes mandatory payment of R$30 million or $4.7 million to the federal government, as well as the creation of an emergency fund of R$5 million or $789,862.
The authorities have granted permanent licenses to SuperBet, MGM, and SportyBet. In contrary, companies like bet365, Betsson, Betano, Caesars, and SportingBet received provisional licenses.
This licensing process is part of the broader effort of the Brazilian government to regulate the swiftly growing online betting market. Companies authorized to operate in Brazil should meet strict requirements set by the Secretariat of Prizes and Bets. Congress approved these rules. They address different issues, including taxation, advertising ethics, as well as player protection.
