Last updated on October 25th, 2024
The subsidiary of stake in Brazil, Stake Brazil Ltda, has received authorization from Brazil’s Ministry of Finance to legally offer its gaming services, thus joining an exclusive list of 93 operators who are allowed to operate in the country.
The decision to allow Stake Brazil Ltda access to the gaming market in Brazil comes after a thorough review of Stake’s supporting documents and application.
Consequently, Stake’s subsidiary chose São Paulo as the base of operations, announcing its plan to open an office and hire a country manager, following the same blueprint of doing business as in other LatAm countries where it operates.
Moreover, the operator already has major plans to forge partnerships with sports teams and individuals in the country, citing big names such as UFC Brazil, UFC champion Alex Pereira, Alexandre Pantoja, and Série A side Juventude, among others.
This should impose no problem for Stake, as this is an operator who already boasts an extensive list of partnerships with some of the world’s biggest brands and athletes, including being a title sponsor of F1’s Sauber team for the 2024/2025 season.
Some of the most prominent Stake partnerships include Canadian rapper Drake, English football teams Watford, Everton, and Gillingham, Puerto Rican rapper Anuel AA, Indian football club Mumbai City, Argentine footballer Sergio Aguero, etc.
At the moment of writing, more than 200 operators have applied for a gaming license at the Prizes and Betting Secretariat (SPA) to legally provide their services in Brazil.
Although the SPA set the 1st of October as an authorization deadline, warning operators who haven’t applied that their operations will be suspended, the governing body still received 15 additional requests after the initial deadline.
Given that the regulated online gaming market of Brazil is set to go live on the 1st of January 2025, the SPA will more than likely approve several additional operators despite them not meeting the deadline.
