DigiPlus taps Teneo as strategic advisor for global expansion

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The Backstory

From Philippine leader to cross-border operator

DigiPlus Interactive’s appointment of Teneo as strategic adviser follows a year in which the Philippine online gaming group moved from discussing overseas growth to building the legal, operational and advisory structure needed to pursue it. The company, best known for BingoPlus, ArenaPlus and GameZone, has been trying to turn a dominant domestic position into a broader digital entertainment platform while navigating tighter regulation at home and execution risk abroad.

The logic behind the latest move is clear: DigiPlus is no longer managing only a Philippine consumer gaming business. It has secured market access in Brazil and South Africa, studied opportunities in New Zealand and expanded its land-based exposure in Manila through a planned controlling stake in International Entertainment Corp, owner of LaVie Resort & Casino. That mix of online expansion, regulatory complexity and capital allocation has made governance and strategic advice more central to the investment case.

Teneo’s role, as described by DigiPlus, is to provide senior counsel on risks, opportunities and decision-making across jurisdictions. The appointment comes after the company created a regional corporate base, tested its first overseas product and faced investor pressure to show discipline while its share price traded at a steep discount to peers.

Singapore became the operating bridge

DigiPlus began laying the groundwork for international expansion with a Singapore entity designed to support growth without breaching local gaming rules. In June, the company said it would establish DigiPlus Global Pte Ltd as a wholly owned subsidiary through Diginvest Holdings, positioning Singapore as a regional hub for partnerships, talent acquisition and overseas corporate support. The company was explicit that the unit would not conduct igaming operations in Singapore, reflecting the city-state’s strict regulatory framework.

The move gave DigiPlus a platform in one of Asia’s main business and technology centers while keeping gaming activity tied to licensed markets. Chairman Eusebio Tanco framed Singapore as a base for attracting senior professionals and forming strategic alliances, not as a consumer-facing betting market. That distinction mattered because DigiPlus was preparing to enter jurisdictions where licensing, payment systems, marketing rules and responsible-gaming controls differ sharply from its Philippine home market.

The strategy advanced when the company later launched DigiPlus Global as its international hub. The unit was registered under Singapore’s business activity classification for head and regional offices, serving as the central administrative and management office for overseas initiatives. By separating corporate support from gaming operations, DigiPlus sought to build international capacity while avoiding unnecessary regulatory exposure in Singapore.

That hub also underscored a wider shift in the company’s structure. DigiPlus was moving from a business centered on Philippine platforms into one requiring local teams, jurisdiction-specific compliance, market-entry planning and cross-border technology support. Teneo’s mandate now fits into that architecture as an additional layer of strategic guidance.

Brazil offered the first major test

Brazil became the most visible proof point for DigiPlus’ overseas ambitions. The company secured an igaming license in the country at the start of 2025, opening the door to one of the world’s most closely watched regulated online betting markets. Brazil’s appeal was straightforward: a large population, deep sports culture and an online gaming sector estimated at $4.6 billion by LCA Economic Consulting.

DigiPlus later said it would launch online gaming products in Brazil in September, with a lineup of live casino games, slots and table games tailored to local users. The rollout was supported by upgraded technology infrastructure following a migration to Amazon Web Services. The company also put Graham Tidey on the ground as Brazil country manager, leading a team with legal and cultural expertise.

The Brazilian effort was important because it showed how DigiPlus intended to translate its Philippine experience into a new market. It could not simply export BingoPlus or ArenaPlus unchanged. Brazil required local branding, payment familiarity, cultural adaptation and compliance with a new national regulatory regime. For a company whose growth had been shaped by the Philippine online bingo and sportsbook market, Brazil represented both opportunity and a stress test.

The test quickly became more complicated. After a soft launch of GamePlus in Brazil on Sept. 22, DigiPlus postponed its full Brazil launch until 2026, describing the move as a strategic pause. The company said the brief launch window had produced insights into player behavior and local entertainment preferences, which would be used to refine the product before a broader rollout.

The delay did not end the Brazil strategy, but it showed that overseas growth would require patience and capital discipline. The company had achieved licensing and operational readiness, yet chose to defer expansion rather than push ahead with a product it believed needed more localization. That decision helps explain why DigiPlus is now adding outside strategic counsel as it weighs additional markets and launch timing.

Home-market pressure raised the stakes

DigiPlus’ international push has unfolded as its Philippine business faced a tougher regulatory environment. The most significant recent disruption came from the Bangko Sentral ng Pilipinas directive requiring e-wallets, including GCash, to unlink from igaming sites. The change affected user activity and transaction flows, forcing licensed operators to adjust payment channels and customer access points.

DigiPlus responded by partnering with Bayad Center as a new payment channel for its online services. Even so, the e-wallet delinking weighed on sentiment and became one of the central issues for investors assessing whether the company’s earnings power was impaired or merely disrupted. The timing was difficult: as DigiPlus was spending management attention and resources on overseas expansion, its core domestic market was being reshaped by regulatory intervention.

The pressure showed up in the stock. One report cited in the company’s Brazil postponement coverage said DigiPlus shares had fallen 63% to 24.3 Philippine pesos on Oct. 10. The decline sharpened the debate over whether management should prioritize expansion, buybacks or both. It also highlighted a broader risk for online gaming companies in regulated markets: growth depends not only on consumer demand, but also on payment access, advertising rules, licensing conditions and political tolerance.

That backdrop makes DigiPlus’ global strategy more consequential. International markets can diversify revenue and reduce reliance on the Philippines, but they also introduce new regulatory and operational risks. The company must balance the appeal of Brazil, South Africa and potential future markets with the need to protect cash flow and restore investor confidence at home.

Investors pushed for capital discipline

The tension between expansion and valuation became explicit when shareholder Tomasz Juroszek, writing on behalf of the Juroszek family investment foundations, urged DigiPlus to launch a substantial share repurchase. The group, which said it held a combined 1.4% stake, argued that buying back stock would be the most value-accretive use of capital given the company’s depressed valuation.

The letter said DigiPlus traded at 2.4 times enterprise value to EBITDA, roughly one-third of the peer median, while offering a 32% free cash flow yield. Juroszek argued the discount reflected sentiment rather than deterioration in the business. He cited the e-wallet disruption and wider macroeconomic pressure as temporary headwinds, not evidence that DigiPlus had lost its competitive position.

The investor also pointed to the company’s balance sheet, saying it had more than 20 billion pesos of cash and virtually no debt. That financial position gives DigiPlus options: fund overseas launches, support technology investment, pursue acquisitions or return capital through buybacks. The board’s challenge is deciding which use of cash produces the best risk-adjusted return while the market questions the durability of domestic growth and the timing of international payoff.

Teneo’s appointment can be read against that capital-allocation debate. DigiPlus is not merely seeking publicity for expansion; it is adding advice at a moment when investors are scrutinizing whether global growth initiatives justify their cost. The company must prove that international diversification will create value rather than distract from a still-profitable core business.

A broader platform strategy takes shape

DigiPlus’ current trajectory suggests a company trying to become a multi-market digital entertainment operator rather than a single-country gaming platform. The Singapore hub gives it corporate reach, Brazil gives it a major international test case, South Africa adds another licensed path and the potential New Zealand process would extend its regulated-market ambitions further.

At the same time, its planned conversion of HK$1.6 billion, or $205 million, in subscription notes into a controlling stake in International Entertainment Corp would deepen its Manila footprint through LaVie Resort & Casino. That move would place DigiPlus closer to the integrated resort sector, complementing its online platforms with physical gaming and hospitality exposure in the Philippine capital.

The strategy carries promise and risk in equal measure. DigiPlus has cash, recognizable brands and experience operating at scale in a regulated Asian market. But it is entering countries where consumer habits, compliance expectations and competitive dynamics differ materially from the Philippines. Brazil’s delay showed that licensing is only the start; product-market fit can determine whether an overseas launch becomes a growth engine or a costly experiment.

Teneo’s advisory role therefore arrives at a pivotal point. DigiPlus must sequence market entries, manage regulatory exposure, preserve investor trust and decide how aggressively to deploy capital while its shares remain under pressure. The company’s next phase will be judged less by the number of licenses it accumulates than by whether those licenses translate into sustainable earnings beyond the Philippines.