Paysafe, a global financial services platform, announced that it has received approval from the Central Bank of Brazil for its payment institution (IP) license for the launch of the regulated market for sports betting and online gaming in the country. The authorization allows Paysafe to expand its partnerships with iGaming operators to the most populous jurisdiction in Latin America.
The IP license allows Paysafe, which also recently joined the Brazilian Association of Fintechs (ABFintechs), to deepen its substantial presence in the regulated iGaming space in Latin America.
The over 90 regulated global iGaming jurisdictions where Paysafe is currently present include Argentina, Colombia, Mexico, Panama, Paraguay, Puerto Rico, and most recently, Peru, whose new regulated market went into operation at the beginning of 2024.
With a population of 212 million and a projected sports betting turnover of $34 billion by 2028, Brazil is expected to eclipse all other Latin American jurisdictions in size—and Paysafe is strongly positioned to support the market's growth potential.
In addition to being able to extend its established partnerships with major international operators to Brazil, Paysafe offers a suite of payment options that cater to the diverse payment preferences of Brazilians.
By partnering with Paysafe, Brazilian operators can offer their customers Skrill and NETELLER, the most established digital wallets specifically developed for iGaming, as well as a variety of other alternative payment methods (APMs) through Paysafe's SafetyPay payment gateway, including instant bank transfers using the BCB's Pix payment system.
In addition to online sports betting and iGaming, the IP license from Paysafe allows the company to support Brazilian e-commerce, travel, and entertainment merchants, as well as digital content creators with its suite of APMs.
“With this expansion, Paysafe is poised to better serve the Brazilian market with payment solutions, including the regulated Brazilian iGaming market, which will mark a new era not just for gaming in Latin America, but also for the global space, with the country becoming the third largest betting jurisdiction on the planet,” said Rob Gatto, Chief Revenue Officer of Paysafe.
“We are very pleased to bring our deep experience in payments, regulation, and compliance to this important new market to support the growth of Brazilian operators with our payment solutions after our new payment institution license, which will also allow us to streamline online transactions for local travel and entertainment merchants,”.
Source: GMB
