DraftKings readies for Latam expansion


According to Bloomberg DraftKings are exploring entry into Brazil’s new regulated online gambling market.

The new law allows companies to run fixed-odds betting operations in relation to sport events and online games, upon authorization from the Ministry of Finance.

The law defines online games as ‘an electronic channel that enables virtual betting on a game whose result is determined by the outcome of a future event based on the random generation of numbers, symbols, figures or objects defined in the game’s rules’.

Companies authorized to exploit fixed-odds betting (operators) must comply with certain technical requirements and pay a maximum of BRL 30 million in fees.

“We are excited to see Brazil pass online gaming legislation, and as one of over 100 companies who submitted non-binding expressions of interest, we are continuing to explore the potential of expanding into Brazil in the future,” Griffin Finan, senior vice president and deputy general counsel for DraftKings, said in an email statement.