With the application submitted by the legal entity MMD Tecnologia, Entretenimento e Marketing Ltda, in accordance with the current regulations of the Federal Government through Regulation No. 827/2024, Rei do Pitaco ensures that its request is considered and the license is granted no later than December 31, 2024, since the protocol has been submitted within the deadline established by the SPA.

The protocol that Rei do Pitaco has implemented at the SPA strengthens the company’s security and responsibility in a growing and consolidating market.

Executives celebrate company growth

“Rei do Pitaco has grown responsibly in recent years, always committed to following the guidelines for player protection. With the evolution of the sports betting market in Brazil, we see a positive challenging moment and an opportunity to expand the business and establish ourselves as the reference company in entertainment in the country,” say Kiko Augusto, CEO of Rei do Pitaco.

Rei do Pitaco’s CLO, Rafael Marchetti Marcondesemphasises the commitment to the regulated market: “Since its inception, Rei do Pitaco has been committed to following international best practices, complying with all industry regulations, contributing to a strengthened market and reflecting a safe and reliable environment for its players. The submission of the application for a license to operate sports betting and online games in Brazil reflects the important moment of growth for the company and its commitment to the regulated sector.”

“Rei do Pitaco, already a leader in another segment, establishes itself as one of the first companies to have adopted all the requirements to operate in the Brazilian market and apply for a national license,” adds Marcondes.

On Rei do Pitaco platforms, this license application will give users access to various game modes, including the traditionally known fantasy sport and sports betting.

Users can clearly see which game they are opening, which product is on which tab and which website domains are there, and clearly comply with all government guidelines for consumer protection.

Own platform

Rei do Pitaco decided to develop its own sports betting and online gaming platform, just as it did when it launched its established fantasy sport.

The entire system has been developed in-house by a team of highly qualified specialists and the company is now signing its first agreements with the major global game providers and aggregators to provide the best user experience.

Rei do Pitaco has announced that it will soon start offering sports betting and online games. The company also announced that it will adopt the same name for its betting that is already familiar to the Brazilian public.

Sports Betting vs Fantasy Sports

The similarity between fantasy sports and betting platforms is that both use sports as a backdrop. However, the mechanics of these activities are completely different.

Sports betting is a lottery mode, a game where the outcome is determined by chance. Fantasy sports are classified as a skill game, where the outcome is determined by the technical and analytical ability of each participant to evaluate historical performance data of athletes.

The dynamics of the games also clearly differentiate each game. In fantasy sports, the participant acts as a virtual coach, putting together a team with a set of players who can achieve certain results (including mixing different teams to do well), while in sports betting there is no coaching figure; the player simply chooses events that they think will or will not occur. They do not have to combine players to achieve a positive result.

Rei do Pitaco is a fantasy sports startup focused on expanding its presence in the entertainment market. Today, it has over 16 million downloads and 7 million active users nationwide. Since its inception, the leading sportstech startup in Brazil has distributed over R$220 million (US$40 million) in prizes to more than 570,000 participants, and promoted over 100,000 competitions between national and international sports tournaments in both female and male categories.

Rei do Pitaco has obtained ISO certifications for quality management (9.001), information security (27.001), anti-money laundering (37.001) and compliance (31.301), in addition to the Racial Equality Seal of the São Paulo City Hall and compliance with the UN Global Compact.

Source: GMB