DigiPlus monitors Brazil after betting ban

DIGIPLUS Interactive Corp. said it is assessing the impact of Brazil’s new ban on fixed-odds betting and online gaming, but does not expect the measure to materially affect its financial condition or operating results. Brazilian President Luiz Inácio Lula da Silva issued a Medida Provisória, or provisional measure, prohibiting the operation, offering, intermediation, and advertising of fixed-odds betting and online gaming activities in the country, DigiPlus said in a disclosure on Monday. The measure took effect upon publication and remains subject to approval by the Brazilian Congress within the constitutionally prescribed period, which may extend to 120 days. DigiPlus said it is assessing the development and its potential implications for the company. “Based on the company’s assessment as of this date, the provisional measure is not expected to have a material impact on the company’s financial condition or results of operations,” it said. “The company will continue to monitor developments in Brazil and will make the appropriate disclosures should there be any material developments,” it added. DigiPlus has been expanding in Brazil’s regulated online betting market, where it operates under the BingoPlus brand. In July, the listed digital entertainment company joined the Brazilian Institute for Responsible Gaming as part of its expansion in the country. In the Philippines, DigiPlus operates digital gaming and entertainment platforms including BingoPlus and ArenaPlus. The company is also building a team for its planned entry into South Africa, where it is targeting the start of operations in 2027. On Monday, DigiPlus shares fell by 6.47% or 55 centavos to P7.95 apiece. — Alexandria Grace C. Magno