Paysafe Limited, a leading multinational online payments behemoth, has received permission from the Central Bank of Brazil to offer its online banking services in the midst of the newly-regulated Brazilian online gaming and online sports betting market.
By obtaining this license, Paysafe is now legally allowed to expand its collaborations with iGaming operators in Brazil, and as such, the company is eligible to offer eCommerce payment solutions to merchants across various entertainment industries.
This means that Paysafe is set to further strengthen its already strong presence in the iGaming realm in Latin America, a market where this company is already present in dozens of regulated jurisdictions.
At the moment of writing, Paysafe offers its services in more than 90 regulated markets in Latin America, including Peru, Mexico, Colombia, Argentina, Uruguay, and as of recently, Brazil.
Robert Gatto, Chief Revenue Officer at Paysafe, commented on the approval and said that Paysafe is perfectly positioned to “serve the Brazilian market”, and this also includes the new iGaming sector which is poised to become the third-largest online gaming market globally.
Moreover, Paysafe is also keen on using its extensive regulatory, compliance, and payments expertise to support the expansion of Brazilian iGaming operators and consequently, play a crucial role in streamlining online transactions for entertainment merchandise and local travel.
Considering the size of the population, as well as its fondness toward online betting and sports in general, IBIA issued a report where it says that Brazil is set to become the number one iGaming market in Latin America, and the third-largest in the world.
*Interesting fact: Ever since Paysafe Limited announced its entrance into the Brazilian iGaming market, its shares (PSFE) have gone up by 1.77%, selling at $17.81 at the last check this Tuesday.
With a population of 212 million residents and an estimated revenue of $34 billion from sports betting alone by 2028, it is no surprise that many of the top iGaming brands and online payment companies have gravitated towards this country in a bid to capitalize on this newly-regulated and very profitable jurisdiction.
