Stake is one of three companies to be added to the approved list of betting operators by the Brazilian government during a time of transition in the country.
Stake Brazil Ltd joins Hiper Bet and LBBR in the list of 96 operators approved at the federal level after various issues in the authorization process were resolved.
With the brand set to launch iGaming offerings to players in Brazil, an office will be opened in Sao Paulo headed by a country manager, replicating the approach taken in other Latin American nations.
In seeking approval for expansion, Stake outlined its existing relationships in Brazil including partnerships with Serie A club Juventude and the UFC, especially with fighters such as Alex Pereira and Alexandre Pantoja.
Outside of Brazil, the UFC named Stake as its official sponsor partner in Asia, while the established crypto casino and sportsbook platform is also a principal partner of the English Premier League soccer club, Everton FC.
The company also has a partnership with Canadian rapper Drake, generating a lot of publicity around his large wagers.
All operators were required to apply for a license
As part of the shake-up of the gambling infrastructure in Brazil, companies had until September 30 to submit their applications for a federal betting license or face prohibition from the full market when it relaunches on January 1, 2025.
An amendment to regulations ensured companies that already operated in the Brazilian market, and had submitted a fresh application, were permitted to continue to trade for the rest of the year.
“While the Ministry of Finance is in the process of evaluating a full license application, Stake’s inclusion on the authorized operator list will allow Stake Brazil to continue offering the best-in-class gaming and betting experience that local consumers have come to expect,” said a company statement.
“Stake would like to extend its gratitude to customers, partners, and the Brazilian regulatory authorities for their support and cooperation during this process.”
Image credit: Via Pexels
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