DIGIPLUS Interactive Corp. is geared for expansion after securing a gaming license in Brazil.

Its unit DigiPlus Brazil Interactive Ltda. received the definitive authority to operate sports betting and other online games from the Brazilian Ministry of Finance’s Secretariat of Awards and Bets, DigiPlus said in a stock exchange filing on Thursday.

The company said only 10% of applicants got the approval from the Brazilian agency.

“Brazil’s dynamic gaming landscape presents a pivotal milestone in DigiPlus’ global journey,” DigiPlus Chairman Eusebio H. Tanco said in a separate statement. “We are bringing not just our innovative platforms and diverse gaming portfolio but also our unwavering commitment to responsible gaming.”

“By combining our proven platforms with localized insights, we are confident in our ability to resonate with Brazilian players and contribute to the country’s thriving i-gaming sector,” he added.

The company earlier cited Brazil’s population of over 200 million and its potential as one of the fastest-growing gaming markets in Latin America as reasons for the expansion.

DigiPlus passed the qualification stage for the federal license on Nov. 21 after filing the application in August.

The license allows the operations of land-based and online sports betting, electronic games, live game studios and other fixed-odds betting activities in Brazil.

The DigiPlus board also approved an initial P660 million to fund the license fees, minimum capitalization, financial reserves and other operational expenses as part of the Brazilian government’s post-qualification process.

For the first nine months of 2024, DigiPlus net income more than quadrupled to P8.75 billion from a year earlier, led by retail games, new product offerings and cost efficiencies. Revenue more than tripled to P51.56 billion.

The company operates products such as BingoPlus, ArenaPlus, PeryaGame, Tongits+ and GameZone.

DigiPlus shares fell 0.18% or five centavos to P27.10 each. — Revin Mikhael D. Ochave