Pay4Fun, the first payment institution operating in the entertainment and sports betting segment authorized by the Central Bank of Brazil (BC), carried out transactions worth BRL 2.6 billion ($447,668,000) in the first half of 2024. The figure represents an increase of 121% over the BRL 1.2 billion ($206,616,000) transacted in the same period of 2023.
In the same period, the company recorded operating revenues of BRL 54.5 million ($9,383,810), an increase of 100 percent compared to BRL 27.1 million ($4,666,078) in the previous year.
“Since our founding in 2018, we have operated in full compliance with current regulations. The safety and well-being of consumers must be guaranteed, allowing everyone to place their bets responsibly and consciously,” said Leonardo Baptista, CEO and Co-Founder of Pay4Fun.
Showing the need to validate the rules and regulate the sports betting market, Regis Dudena, Secretary for Prizes and Betting at the Ministry of Finance, published in September an ordinance advancing the prohibition of sports betting and online gaming sites without proper government authorization, coming into force on October 1.
On October 11, the Treasury started the process of blocking these sites and removing the applications of companies operating irregularly. According to Pay4Fun, this scenario represents an opportunity for companies to keep pace with the growth of the market, contributing to a safer and more conscious gambling environment for all.
“Pay4Fun has emerged as an ideal partner for operators to adapt to the rules of the regulated market. We offer solutions that guarantee security, agility, and ethical compliance. All this is important for sports betting in Brazil to continue to grow responsibly and with integrity,” Baptista added.
New transactional account to serve the online betting market
In the first half of 2024, Pay4Fun developed a transactional account to meet the needs of the online gambling market. This account complies with recent Brazilian payment laws for the sector, published by the Ministry of Finance, and enables essential functionalities, such as the use of Pix while benefiting unbanked users, who can access the account with prepaid credits.
“With this account, users can register a Pix key to make deposits, transfers and receive rewards, as well as make payments via QR code. The change has brought greater agility and convenience, allowing customers to make transactions both between Pay4Fun’s transactional account and with other banks. Since July 8, the new functionality is available for download on the App Store and Play Store,” the company’s CEO noted.
Original article: https://www.yogonet.com/international/news/2024/11/28/86854-pay4fun-generates-447-million-in-gambling-transactions-in-first-half-of-2024
