Take the case of DigiPlus Interactive Corp. (PLUS), an online gambling company that rose to become the most valuable gaming platform in the Philippines in less than three years.
Its next big play is expanding into Brazil, but it has no plans of leaving success to chance, as it aims to secure a strong local partner for its first overseas venture, chair and business tycoon Eusebio Tanco said in a recent interview.
“It’s better to have a local partner,” said Tanco, adding that they will likely form a joint venture vehicle for the expansion. “It’s not so much for funding. I think we have sufficient resources."
Their preference, he explained, is for a strategic partner with gaming expertise in Brazil.
No partner yet
“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 investment bank,” said Celeste Jovenir, DigiPlus vice president for investor relations.
DigiPlus is setting aside P660 million for its Brazil expansion, which is expected to launch in the fourth quarter of 2025.
Big opportunity
“It’s a great opportunity for PLUS,” said Alfred Benjamin R. Garcia, research head at AP Securities Inc.
“Brazil is a huge gaming market, and although the online sports betting space there is already crowded, there’s still a lot of market share to be grabbed,” he added.
Stock surge
DigiPlus, which saw explosive earnings growth after diving into online gaming in early 2022, hit a record high of P30.45 per share.
It pared gains by the close to P29.90—up 0.84 percent—valuing the company at close to P132 billion.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.