Rei do Pitaco Earns License to Operate Online Sports Betting and Gaming in Brazil

Company Will Pivot From Initial Daily Fantasy Sports Offering to Become one of Brazil’s First Online Sportsbooks

SAO PAULO, Brazil, Jan. 14, 2025 (GLOBE NEWSWIRE) — Rei do Pitaco, formerly one of Brazil’s pre-eminent Daily Fantasy Sports operators, has received license from the Secretariat of Prizes and Betting (SPA) of Brazil’s Ministry of Finance to operate sports betting and online gaming in Brazil. Out of 114 companies who applied, Rei do Pitaco is one of only 14 to receive a definitive license, while 52 others earned provisional licenses.

Rei do Pitaco, which has operated in Brazil since its founding there in 2019, will now turn its focus to building its top-flight, technology-driven online sportsbook that will cater to its millions of existing customers, as well as the millions of other citizens in Brazil.

“I’m extremely proud of the work our team has put in to building a strong foundation for the future of sports betting in Brazil,” said co-founder and CEO Kiko Augusto. “This license is a tremendous achievement and reinforces our position as a company that has always played by the rules and always will. We are ready to offer our users an even safer, more reliable, and diverse experience within Brazil’s regulatory framework.”

Brazil’s regulated sports betting industry is expected to begin formal operations in January 2025 and represents a large, untapped market for sports betting operators. Rei do Pitaco is a well-recognized and trusted brand in Brazil and is primed to take on a major role in shaping a high-growth industry that is already projected to top $10 billion annually with TAM growth of 40% or more annually.

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“We’ve already shown within the Daily Fantasy Sports space, that we’re capable of building the dominant platform,” said Rei do Pitaco co-founder Mateus Dantas. “Many of the existing iGaming platforms in Brazil are generic marketing machines built by international companies with no real stake in our country. Our tech is built in Brazil, for Brazil, by Brazilians and we look forward to giving them our best.”

Rei do Pitaco’s entertainment hub will be built entirely in-house and offers comprehensive sports betting, customized and localized casino games and Rei do Pitaco’s already-established market-leading fantasy sports offerings. The company will continue to showcase its understanding of Brazilian sports fans, with deep coverage of the country’s sports markets, personalized recommendations based on local preferences, a variety of casino games and industry-leading VIP and rewards programs.

“From day one, we have taken a strategic long-term approach, foregoing the opportunity to build an offshore betting hub, with our sites set firmly on building within Brazil’s regulations,” added Augusto. “We’re excited to receive this authorization from our government, and to work within their regulations to create new jobs, new sports fans and a world-class sports betting operation for millions of customers throughout Brazil.”

Rei do Pitaco’s online sportsbook and iGaming platform is already licensed and available for users, since the beginning of January, 2025. To learn more please visit https://reidopitaco.com.br/

About Rei do Pitaco
Rei do Pitaco is an online sports betting and iGaming platform that was founded in 2019. The company previously produced the largest daily fantasy game platform in Latin America, with millions of registered customers. Não é bet, é PITACO! www.reidopitaco.com.br.

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Media Contact:
Jake Katz
[email protected]