Paysafe Limited (NYSE:PSFE) has obtained approval from the Central Bank of Brazil for a payment institution license for the country’s launch of its regulated online sports-betting and gambling market.

This license allows Paysafe to expand its partnerships with iGaming operators in Brazil and offer eCommerce payment solutions to merchants across various industries.

With this approval, Paysafe strengthens its presence in the Latin American iGaming market, where it already operates in over 90 regulated jurisdictions, including Argentina, Colombia, Mexico, and Peru.

Notably, according to an IBIA report, Brazil is poised to become the largest iGaming market in Latin America, with a population of 212 million and a projected sports-betting turnover of $34 billion by 2028.

Rob Gatto, Chief Revenue Officer at Paysafe, stated that Paysafe is well-positioned to serve the Brazilian market, including the newly regulated iGaming sector, which is set to become the third-largest betting jurisdiction globally.

The company is looking forward to leveraging their extensive payments, regulatory, and compliance expertise to support the growth of Brazilian operators and streamline online transactions for local travel and entertainment merchants.

Investors can gain exposure to the stock via Gabelli ETFs Trust Gabelli Financial Services Opportunities ETF (NYSE:GABF) and SPDR S&P Kensho New Economies Composite ETF (NYSE:KOMP).

Price Action: PSFE shares are up 1.77% at $17.81 at the last check Tuesday.

Read Next:

• Paysafe Stock Falls Despite Q3 Earnings Beat, Outlook Remains Unchanged

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This article Paysafe Expands Into Brazil With New Payment License, Eyes $34 Billion iGaming Boom originally appeared on Benzinga.com

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