Paysafe has received approval from the Central Bank of Brazil (BCB) for a payment institution (IP) license to operate in the country’s regulated sports betting and online gaming market.
The payment institution license allows Paysafe, which also recently joined the Brazilian Association of Fintechs (ABFintechs), to expand its presence in Latin America’s regulated iGaming space.
The more than 90 global regulated iGaming jurisdictions in which Paysafe currently has a presence include Argentina, Colombia, Mexico, Panama, Paraguay, Puerto Rico and most recently Peru, whose new regulated market came online in early 2024.
With a population of 212 million and a projected sports betting turnover of US$ 34bn by 2028, Brazil is expected to overtake all other Latin American jurisdictions in size.
By partnering with Paysafe, Brazilian operators can offer their customers Skrill and NETELLER, the specialized iGaming digital wallets, as well as a range of other alternative payment methods (APMs) through the SafetyPay payment gateway, including instant bank transfers using the Brazilian Central Bank’s Pix payment system.
“With this expansion, Paysafe is poised to better serve the Brazilian market with payment solutions, including the regulated iGaming market, which will mark a new era not only for Latin American gaming, but also for the global space, with the country becoming the third largest betting jurisdiction on the planet,” said Rob Gatto, Chief Revenue Officer, Paysafe.
