Brazil could have more than 300 betting companies, and one of the operators in the betting market will be Caixa Econômica Federal. By 9 PM on this Tuesday (20th), the last day of the preferential purchase period for licenses to operate in the Brazilian online betting market, 102 companies had purchased an operating license.

The authorized businesses will be able to operate in sports betting, online slot machines, and live casino game streaming. Since each license costs R$ 30 million, according to companies consulted by Folha, the Ministry of Finance, responsible for the sector, could collect at least R$ 3.06 billion ($ 548 million) in this first phase of licensing, which started on May 22nd.

Each license allows registered CNPJs to operate up to three brands, meaning there could be 306 betting companies in the country. The money will be paid at the end of the year, after an analysis by the Secretariat of Prizes and Bets (SPA), the responsible authority. Furthermore, companies must maintain a financial reserve of R$ 5 million in the country and make an initial investment of R$ 15 million in the business.

The numbers could still grow until midnight this Tuesday. In the last seven days, the number of registered companies jumped from 10 to the current 102. In a list released by the Ministry of Finance earlier this year, 134 companies had shown interest in participating in the regulated Brazilian market. At that time, Globo and Kwai had indicated they would invest in online betting. These companies are not listed in the first round of licensing. The lotteries of Caixa Econômica Federal made the 81st request to operate in the online betting market.