Online casino operator Stake has announced it will open an office in Sao Paulo after receiving the green light from the Ministry of Finance to advance its application for an online gambling license.
Its subsidiary Stake Brazil joins more than 100 companies that have applied for licenses ahead of the regulated market opening on January 1.
Stake said the office will have a new team led by a country manager. The company already operates in the unregulated market in Brazil. It is known for its sponsorship deals with Serie A team Juventude and UFC fighters Alex Pereira and Alexandre Pantoja.
The company said:
The Ministry of Finance is in the process of evaluating the license application. Stake’s inclusion in the list of authorized operators will allow Stake Brazil to continue to offer the best-in-class gambling and betting experience that local customers have come to expect.