Game company DigiPlus Interactive Corp. said Thursday its wholly-owned subsidiary DigiPlus Brazil Interactive Ltd. has entered the final stages of acquiring an online gaming license.

In a disclosure to the Philippine Stock Exchange (PSE), the company said it has passed the qualification stage for a federal license with the Brazilian Ministry of Finance’s Prize and Wagering Secretariat.

“This milestone moves DigiPlus into the final stages of the licensing process, bringing it closer to participating in the newly regulated iGaming sector in Brazil, one of the most dynamic and fastest growing gaming markets in Latin America.”

DigiPlus said it will now have 30 days to meet post-qualification regulatory requirements, including platform certification and payment of license fees.

After fulfilling the post-qualification requirements, the Brazilian regulator will publish the final list of operators authorized to operate from 1 January 2025.

Once completed, it would allow DigiPlus to operate online sports betting and other iGaming offerings in Brazil.

With a population exceeding 200 million and great enthusiasm for sports betting, Brazil represents a significant growth opportunity for DigiPlus, the company said.

“We are committed to bringing DigiPlus’ expertise in responsible and innovative gaming to Brazil,” said Eusebio Tanco, President of Digiplus.

“As we move through the final steps of the licensing process, we remain confident in our ability to align with Brazil’s regulatory requirements and introduce world-class gaming experiences to this dynamic market. This underscores our commitment to expand into a new region while maintaining our focus on the Philippines as our core market.”

DigiPlus President Andy Tsui said during PSE’s Strengthening Access and Coverage (STAR) Investor Day, Brazil has a large population that is about twice the size of the Philippines and also has deep-rooted passion for sports.

“We understand the market size to be around $2 billion by 2024 and expect it to grow by around 15 to 20% over the next five years. So the market size can reach around 44 billion by 2029.

“Basically, we can use our existing platform and make the necessary changes to meet local compliance requirements. At the same time, we understand that the product is very similar to what we offer in the Philippines, so we definitely start better prepared for the gaming offering,” he said.

Tsui said the license will be valid for five years and will cost about $6 million over the five-year period.

“We’re also exploring options to work with a local partner so we can get off the ground a little faster.”