Pay4Fun, the first payment institution in the entertainment and iGaming sector to be authorized by the Central Bank of Brazil, moved R$ 2.6 billion in the first half of 2024, representing an increase of 121% compared to the R$ 1.2 billion transacted in 1S23. In the same period, it recorded operational revenue of R$ 54.5 million, a growth of 100% compared to R$ 27.1 million in the same period of the previous year, according to CEO Leonardo Baptista.
The sports betting market in Brazil continues to expand, and from January 1, 2025, the norms of the regulation will come into force. The creation of a regulated environment will be aligned with the growth of the sector, promoting greater security for consumers and operators.
In this scenario, Leonardo Baptista, CEO and co-founder of Pay4Fun, states: “Since our foundation in 2018, we have operated in full compliance with the current regulatory norms. The safety and well-being of consumers must be guaranteed, allowing everyone to make their bets responsibly and consciously".
Ordinance of the Secretary of Prizes and Betting
Showing the need to validate the norms and regulate the sports betting market, the Secretary of Prizes and Betting of Brazil, Regis Dudena, published in September an ordinance that anticipates the prohibition of sports betting sites and online games without the proper authorization from the Ministry of Finance, effective from October 1.
The agency began, on October 11, the process of blocking these sites and removing the apps of companies operating irregularly. This scenario represents an opportunity for companies to keep up with the market growth, contributing to a safer and more conscious betting environment for everyone.
“Pay4Fun emerges as an ideal partner for operators to adapt to the norms of the regulated market. Since our foundation, we have offered solutions that ensure security, agility, and ethical compliance. All this is important for sports betting in Brazil to continue growing responsibly and with integrity”, emphasized Leonardo Baptista.
New transactional account in the online betting market
Also, in the first half of 2024, Pay4Fun developed an innovative transactional account to meet the needs of the online betting market. The account is in full compliance with the recent Brazilian payment laws for the sector, published by the Ministry of Finance and allows essential functionalities, such as the use of Pix, also benefiting unbanked users, who can access the account with prepaid credits.
“With this account, users can register a Pix key to make deposits, transfers, and receive prizes, as well as make payments via QR Code. This change brought greater agility and convenience, allowing customers to carry out transactions both between the transactional account of Pay4Fun and with other banking institutions. Since July 8, the novelty is available for download on the App Store and Play Store”, concludes the CEO of the company.
Founded in 2018, Pay4Fun is the first payment institution, operating in the sports betting sector, to receive authorization from the Central Bank of Brazil. The company reached the mark of R$ 8.1 billion in financial transactions in 2023.
In 2024, the company won the category of Innovation in Payments at the SBC Awards and reached the 10th place in the GPTW Ranking of medium-sized companies. In 2023, the company earned the RA 1.000 seal, from Reclame AQUI, the 3rd position as the best financial service company to work for at GPTW and the 2nd classification at the SBC Awards in Barcelona, as payment innovation of the year.
Source: GMB
