Gaming firm DigiPlus Interactive Corp. (DigiPlus), currently the hottest stock in the stock exchange, is looking to expand in Brazil following the recent legalization of gaming and betting activities in the country.
Digiplus said in a disclosure to the stock exchange Monday its wholly-owned subsidiary DigiPlus Brazil Interactive Ltda. Had filed an application for Licença Para Loterias De Apostas De Quota Fixa.
This is 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 said the result of the license application was expected to be released on or before the end of November 2024.
“Currently in its preliminary stages, DigiPlus is looking to diversify its portfolio into new markets with enabling regulatory environment for iGaming. DigiPlus envisions the Philippines to remain its core market,” the company said.
DigiPlus said Brazil has a strong potential as one of the fastest-growing gaming markets in Latin America given its population of over 200 million, with internet penetration at 87 percent.
DigiPlus, formerly Leisure and Resorts World Corp., is the fastest-growing digital entertainment group in the country. It offers retail and electronic games, including sports betting.
DigiPlus registered a net income of P5.2 billion in the first half of 2024, up 377 percent from P1.1 billion in the same period last year. Revenues soared 263 percent to P32.5 billion from P8.9 billion.
The significant growth was fueled by the robust performance of its digital retail segment combined with the rationalization of revenue sharing with Philippine Amusement and Gaming Corp. (PAGCOR) for electronic games implemented in April 2024.
Share price of DigiPlus more than doubled from P8.1 at the start of the year to P20.25 as of Friday.
