Rei do Pitaco filed a request last Friday (19) with the Secretariat of Prizes and Bets (SPA) of the Ministry of Finance to operate sports betting and online games in Brazil.
The platform complied with all the requirements stipulated by ordinance no. 827/2024 and is already included in the Betting Management System (SIGAP).
Rei do Pitaco follows the evolution of the market in Brazil
The company wants its request to be granted by the government and for the license to be granted by December 31st of this year. Thus, it could operate in the national regulated market from January 1st of next year. This is because the SPA requires that grant requests be made by August 20, 2024.
In this way, Rei do Pitaco executives celebrated compliance with standards and the company’s evolution. “Rei do Pitaco has been growing responsibly in recent years, always concerned about following the guidelines to protect our player”, said Kiko Augusto, CEO of Rei do Pitaco.
“Thus, with the evolution of the sports betting market in Brazil, we saw a positively challenging moment, as well as an opportunity to expand the business to consolidate ourselves as the reference company in entertainment in the country”, he added.
Rafael Marchetti Marcondes, CLO of Rei do Pitaco, reinforced the commitment to the regulated market: “Rei do Pitaco has been concerned since its inception with following the best international practices, complying with all industry rules, contributing to a strengthened and reflect a safe and trustworthy environment for its players.”
“The submission of the license application to operate sports betting and online gaming in Brazil reflects the company’s important moment of growth and its commitment to the regulated sector”, added Marcondes.
Differences between fantasy sports and sports betting
In a press release, the bookmaker highlighted the difference between Fantasy Sports, a service offered by the company, and sports betting.
In other words, in fantasy games, the results depend on the technical and analytical skills of the players when evaluating historical data on the athletes’ performances. In sports betting, luck determines the result, and prizes are linked to a fixed odds.
In fantasy sports, the user takes on the role of a kind of virtual coach. But in sports betting, players choose events that they believe they can gain financially from their predictions.
