With the application submitted by the legal entity MMD Tecnologia, Entretenimento e Marketing Ltda, in accordance with the current federal government regulations through Ordinance No. 827/2024, Rei do Pitaco ensures that its request is considered, and the license granted by December 31, 2024, as the protocol was submitted within the deadline established by the SPA.
The protocol carried out at the SPA by Rei do Pitaco reinforces the company's security and responsibility in a growing and consolidating market.
Executives celebrate company’s growth
“Rei do Pitaco has been growing responsibly in recent years, always committed to following player protection guidelines. With the evolution of the sports betting market in Brazil, we see a positively challenging moment and an opportunity to expand the business to establish ourselves as the reference company in entertainment in the country,” says Kiko Augusto, CEO of Rei do Pitaco.
Rei do Pitaco's CLO, Rafael Marchetti Marcondes, emphasizes the commitment to the regulated market: “Rei do Pitaco has been committed since its inception to following international best practices, complying with all industry rules, 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 market leader in another segment, is establishing itself as one of the first companies to adopt all the requirements to operate in the Brazilian market and apply for a national license,” adds Marcondes.
On Rei do Pitaco's platforms, with this license application for operation, users will be able to access various game modes at their fingertips, including the traditionally known fantasy sport and sports betting.
Users will have a clear distinction of the game they are accessing, each product in its tab and different website domains, following all public authority guidelines for final consumer protection clearly.
Own platform
Rei do Pitaco decided to develop its own platform for sports betting and online games, just as it did when it launched its established fantasy sport.
The entire system was created internally by a team of high-level specialists, and the company is now closing the first agreements with the most important global game providers and aggregators to offer the best user experience.
Rei do Pitaco announced that it will start the operation of sports betting and online games in the coming days and revealed that it will adopt the same name already recognized by the Brazilian public for its betting operations.
Sports betting vs. fantasy sport
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 whose outcome is determined by chance. Fantasy sports are classified as a game of skill, 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 one. In fantasy sports, the competitor acts as a virtual coach, assembling a team with a set of players that can achieve certain results (including mixing different teams to do well), while in sports betting there is no coach figure; the player simply chooses events they believe may or may not materialize. They do not need to combine players to achieve a positive outcome.
Rei do Pitaco is a fantasy sports startup focused on expanding its presence in the entertainment market. Today, it has more than 16 million downloads and 7 million active users across the country. Since its foundation, the leading sportstech startup in Brazil has distributed over R$220 million (US$ 40m) in prizes to more than 570,000 participants, promoting over 100,000 leagues between national and international sports tournaments in both female and male categories.
Rei do Pitaco has achieved 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 from the São Paulo City Hall and adherence to the UN Global Compact.
Source: GMB
