Listed gaming firm DigiPlus Interactive Corp. said Tuesday it is looking for a joint venture partner for its online gaming operations in Brazil.
DigiPlus chairman Eusebio Tanco said in a recent interview the company tapped a Brazilian bank to help find an industrial partner in the country.
DigiPlus secured a license to operate online gaming in Brazil in December 2024 and plans to launch its online gaming business by the fourth quarter of the year.
Tanco said while the company has sufficient resources to finance the rollout of online gaming in Brazil, it would need a strategic partner with knowledge about online gaming business in the largest country in South America.
“We haven’t identified a partner yet. The team is still on the search, looking at different companies there. We have an investment banker helping us. It’s a local Brazilian bank,” said DigiPlus vice president for investor relations Celeste Jovenir.
Jovenir said company formed a management team for the Brazil operation.
DigiPlus budgeted P660 million for its Brazil project, which will cover the gaming license and operating expenses for the first three months.
DigiPlus plans to initially engage in sports betting in Brazil, given the popularity of football in the region.
DigiPlus is one of the few applicants recently granted a gaming license to operate online games in Brazil. Only 10 percent of applicants were approved.
The license allows DigiPlus to operate land-based and online sports betting, electronic games, live game studios and other fixed-odds betting activities in the Portuguese-speaking country.
DigiPlus president Andy Tsui earlier expressed optimism about the Brazil venture, given the country’s population of over 200 million and strong interest in sports betting.
Brazil’s gaming market is expected to grow to $4 billion by 2029 from $2 billion last year, with an annual growth rate of 15 percent to 20 percent over the next five years.
The share price DigiPlus rose P0.25 Tuesday to close at P29.90.