Brazilian digital bank PicPay has disclosed plans to enter the country’s regulated sports betting market.
According to the brand’s initial public offering (IPO) prospectus filed with the Securities and Exchange Commission, PicPay confirmed that it submitted an application in May 2025 to Brazil’s gaming regulator, Secretariat of Prizes and Bets (SPA), under the Ministry of Finance.
The company sought authorization to operate fixed-odds sports betting.
The request was made through Nosso Time iGaming, a subsidiary of the group’s non-financial holding, and is still under regulatory analysis.
The filing frames the initiative as part of PicPay’s strategy to diversify revenue streams beyond traditional financial services.
The company notes that Brazil’s market has become increasingly relevant in both economic and legal terms, offering greater certainty for large brands considering entry into the sector.
PicPay said it intends to operate in sports betting focused on major events, while emphasizing commitments to responsible gaming and financial education. The company confirmed only the information contained in the prospectus, without providing further operational details.
The prospectus highlights that PicPay’s extensive active user base could represent a competitive advantage if the license is approved.
Integration with the platform’s existing payments and financial services could simplify deposits and withdrawals, while potentially increasing user engagement within the ecosystem.
The filing also reveals that PicPay began testing iGaming-related products before formally applying for a betting license.
In October 2025, the company launched a product offering monthly prize draws and instant rewards, which attracted more than 700,000 users in its first two months, according to the prospectus.
PicPay described the initiative as a low-cost, high-reward engagement tool that demonstrated strong consumer appeal.
Brazil’s New Year lottery recently generated $560m in Federal Government funding
