This comes after the company was authorised by the Ministry of Finance to move forward in the bidding process for a licence allowing access to the market.
Stake – through its subsidiary Stake Brazil Ltd. – is just one out of the more than 100 companies taking part in the licensing application process, all having to submit proposals strengthened by various supporting documents and bank account checks, among others.
A statement by the company, translated by SBC Noticias, read: “The Ministry of Finance is in the process of evaluating a complete licence application, the inclusion of Stake in the list of authorised operators will allow Stake Brazil to continue offering the best-in-class gambling and betting experience that local consumers expect.”
Additional information revealed that Stake will deploy a fresh team of experts for the new office, spearheaded by a dedicated country manager to lead the firm’s expansion into the country.
The gambling firm has already started building strategic business relationships, having signed a sponsorship agreement with Serie A team Juventude.
Another sport that Stake has strong connections within Brazil is the UFC, with the company having worked with Alex Pereira and Alexandre Pantoja.
“Stake wishes to extend its gratitude to Brazilian customers, partners and regulatory authorities for their support and cooperation during this process,” the statement concluded.
Dingnews.com 11/10/2024