Key points:
- Paysafe has entered the Brazilian iGaming market
- The provider has announced licensing approval from the Central Bank of Brazil
- This announcement closely follows the regulation of the nation’s iGaming and sports betting markets
Payments provider Paysafe has announced the official approval of its payment institution (PI) licence by the Central Bank of Brazil (BCB), marking its entry into the nation’s market following the regulation of iGaming and sports betting on January 1, 2025.
Now, as per this latest regulatory approval, Paysafe will be able to offer its payment services to online gaming operators in Brazil, opening the company up to partnerships in the nation for the first time. Further, the company has specified additional collaborative possibilities with local merchants in other industries with eCommerce payments.
After opening its regulated online gaming and sports betting markets in the new year – Brazil is poised to become one of the world’s largest markets, with a large number of gambling conglomerates already having received their respective license approvals.
Rob Gatto, Chief Revenue Officer at Paysafe, spoke on the latest news, saying, “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 for not only Latin American gaming but also the global space, with the country becoming the third largest betting jurisdiction on earth.”
Good to know: In April 2024, Paysafe also debuted its Pay by Bank solution within the US online gaming market
“We’re delighted to bring our deep payments, regulatory and compliance experience into play in this important new market to support Brazilian operators’ growth with our payment solutions following our new payment institution license, which will also allow us to streamline online transactions for local travel and entertainment merchants.”
Paysafe reported Q1 revenue of $417m last year. More recently, in October, Paysafe entered into a new collaboration which saw it become GiG’s endorsed payments platform for operators using the CoreX solution.
