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Cirsa has ruled out entering Brazil’s gaming market, according to a CincoDias report. The Spanish casino operator excluded the country from its potential markets ahead of its IPO prospectus scheduled for July 9.
The company cited licensing issues among operators as a key factor in its decision.
DigiPlus Interactive Corp has taken a different path. The Philippines-based company has been preparing to bring its content to Brazil throughout 2025.
DigiPlus recently installed an operations manager in anticipation of its planned launch.
Cirsa said the lack of operator licensing influenced its decision to rule out Brazil. The company stated that “most operators” continue operating without proper licenses.
“Despite being formally regulated since January 1, the market is currently stabilising and most of its players continue to operate without licenses,” Cirsa said in a statement.
The Spanish company views the current licensing situation as problematic for market entry.
Brazil implemented formal gaming regulations on January 1, 2025. However, the transition period has created ongoing challenges for operators seeking proper authorisation.
Cirsa has not made final decisions about other markets near Brazil. The company said it hasn’t ruled out entering the Bahamas, Chile, Jamaica and Uruguay.
“As of the date of publication of this prospectus, we have not made any formal decisions or developed any specific plans to enter any of these adjacent markets,” Cirsa stated.
DigiPlus announced plans to launch its Brazil operations in September. The company said it remains on schedule for this timeline.
DigiPlus appointed Graham Tidey as country manager for its Brazil operations in March. Tidey brings industry experience to the role.
The company has established a local team in Brazil with regulatory and cultural knowledge of the market.
Cirsa’s decision reflects concerns about the current regulatory environment in Brazil. The company wants clarity on licensing requirements before committing to market entry.
DigiPlus sees Brazil as representing growth opportunities. The company described Brazil as “a gaming market twice the size of the Philippines.”
DigiPlus said its expansion strategy aims to extend “market leadership beyond Southeast Asia.” The company plans to combine technology with local gaming experiences.
The company stated its approach focuses on “secure technology, highly immersive games, and an unwavering commitment to safe, fair, and responsible digital entertainment.”
Both companies acknowledge Brazil’s market potential. Their different timelines reflect varying risk tolerance levels regarding regulatory uncertainty.
The September launch will provide the first major test of international operator success in Brazil’s newly regulated market.
Earlier this month, Cirsa announced that it is heading to the public market with a $2.7 billion valuation target, making it the second-largest IPO of 2025 in Spain.
