“Now that PLUS has locked down its gaming license in Brazil, we can expect the company to keep on breaking their own records,” Jeri Alfonso, Unicapital gaming analyst, told InsiderPH.
“The online casino market in Brazil is expected to hit $1.27 billion this year. PLUS hasn’t shared their target market share yet, but just for the sake of argument, if they snag even 1 percent, that is still an additional $12.7M (or P738.7 million) in revenue for the company,” Alfonso said.
Unicapital had previously issued a buy rating on PLUS, which operates BingoPlus and ArenaPlus in the Philippines, with a target price of P28.70 per share. PLUS shares jumped 6.83 percent to P28.95 per share on Friday.
Alfonso said the company could also unlock growth via Brazil’s sports betting market.
“With this market predicted to reach $850 million, a 1 percent share would mean another $8.5 million (or P494.4 million) in PLUS’ pocket,” she added.
DigiPlus earlier said its Brazilian subsidiary secured a license to operate sports betting and online gaming in Brazil, effective Jan. 1 this year.
Management’s view
“Brazil’s dynamic gaming landscape presents a pivotal milestone in DigiPlus’ global journey. We are bringing not just our innovative platforms and diverse gaming portfolio but also our unwavering commitment to responsible gaming,” said tycoon and PLUS chair Eusebio Tanco.
“By combining our proven platforms with localized insights, we are confident in our ability to resonate with Brazilian players and contribute to the country’s thriving iGaming sector,” he added.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
