Pay4Funthe 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 (USD 447,668,000) in the first half of 2024. The figure represents an increase of 121% over the BRL 1,200 million (USD 206,616,000) transacted in the same period of 2023.
In the same period, The company recorded operating income of BRL 54.5 million (USD 9,383,810), an increase of 100 percent compared to 27.1 million (USD 4,666,078) 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.“he stated Leonardo Baptista, CEO and co-founder of Pay4Fun.
Showing the need to validate the rules and regulate the sports betting market, Regis Dudena, Secretary of Prizes and Betting of the Ministry of Finance, published an ordinance in September that advanced the prohibition of sports betting sites and online games without the due government authorization, coming into force on October 1.
On October 11, the Treasury began the process of blocking these sites and eliminating applications from companies that operate irregularly. According to Pay4Fun, This scenario represents an opportunity for companies to keep up with the pace of market growth.contributing to a safer and more aware betting environment for everyone.
“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 so that sports betting in Brazil continues to grow in a responsible and honest way,” 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 betting market. This account complies with recent Brazilian payment laws for the sector, published by the Ministry of Finance, and allows essential functionalities, such as the use of Pix, while benefiting unbanked users, who can access the account with credits prepaid.
“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 between both the account Pay4Fun transactional as with other banking entities. Since July 8, the new functionality is available for download in the App Store and Play Store,” highlighted the company’s CEO.
