MANILA, Philippines — Digital entertainment company DigiPlus Interactive Corp. has initially earmarked P660 million for its maiden international expansion.
In a stock exchange filing, DigiPlus said it secured board approval for the funding to pay for the Brazil gaming license fees, minimum capitalization, financial reserves and other operational expenses.
DigiPlus said the initial funding is intended for a three-month horizon.
The amount is part of the post-qualification process of Brazil’s Ministry of Finance’s Secretariat of Awards and Bets.
DigiPlus, through wholly owned subsidiary DigiPlus Brazil Interactive Ltda., previously filed an application for Licença Para Loterias De Apostas De Quota Fixa, 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.
DigiPlus Brazil already passed the qualification stage for a federal license with Brazil’s Ministry of Finance’s Secretariat of Awards and Bets.
DigiPlus said it has 30 days to fulfill post-qualification regulatory requirements, including platform certification and license fee payments.
After completion of the post-qualification requirements, Brazil’s Ministry of Finance’s Secretariat of Awards and Bets will release the final list of operators authorized to operate from Jan. 1 onwards.
Once finalized, DigiPlus will be able to operate online sports betting and other iGaming offerings in Brazil.
Brazil represents a significant growth opportunity for DigiPlus with a population exceeding 200 million and great enthusiasm for sports betting.