Pay4Fun, a payment institution that operates in the sports betting sector, has just signed a partnership with Cibelae, an Ibero-American lottery and state betting corporation.
The agreement aims to promote the development of lotteries in Brazil and Latin America, as well as to support the growth of Pay4Fun in the segment.
In Brazil, Pay4Fun is already present in the lottery sector. The institution implemented the totem payment solution in video lottery terminals in Paraíba, in partnership with two local operators.
The solution currently allows you to make deposits and withdrawals in a safe and convenient way.
Cibelae is a non-profit organization that represents state lotteries in Latin American and Caribbean countries.
Therefore, the association is recognized as a member of the Word Lottery Association (WLA), the largest professional association of state lottery and gaming organizations, present in more than 80 countries and six continents.
Pay4Fun is also closely following the movement towards opening state lotteries in Brazil. The market has great growth potential and the institution is confident that it will contribute to its development.
Currently, in Brazil, federal lotteries are regulated by Caixa Econômica Federal, while state lotteries are regulated by each state individually.
This scenario has been discussed in Congress for possible changes to the current system. “We believe that our solution can be an important tool to attract players and improve the gaming experience at physical lottery locations”, says Leonardo Baptista, CEO and co-founder of Pay4Fun.
“We are confident that we can contribute to the growth of land based in Brazil and the association with Cibelae reinforces our commitment”, he concluded.
About Pay4Fun
Founded in 2018, Pay4Fun is the first payment institution, operating in the online entertainment sector, to receive authorization from the Central Bank. Working with more than 500 integrated websites in the entertainment segment.
The institution was considered the Best Payment Method for Latin America in the awards promoted by SAGSE 2022. And, chosen as the Best Payment Method at the Brazilian iGaming Awards.
In 2023, Pay4Fun won the RA 1,000 seal, from Reclame Aqui, as well as 3rd position as the best financial service company to work for in GPTW.
Furthermore, the company was ranked 2nd at the SBC Awards, in Barcelona, as payment innovation of the year.
