11:02 AM EDT, 04/05/2024 (MT Newswires) -- (Updates with MGM Resorts' ( MGM ) response in the sixth paragraph.)

DraftKings ( DKNG ) is exploring entry into Brazil's online gaming market as the country has passed online gaming legislation, the company confirmed to MT Newswires on Wednesday in an email.

"We are excited to see Brazil pass online gaming legislation, and as one of over 100 companies who submitted non-binding expressions of interest, we are continuing to explore the potential of expanding into Brazil in the future," a DraftKings ( DKNG ) spokesperson told MT Newswires, quoting Griffin Finan, the company's senior vice president and deputy general counsel.

MGM Resorts ( MGM ) and Hard Rock International are also mulling entry into Brazil's new regulated online gambling market, Bloomberg reported, citing Brazil's Ministry of Finance.

The companies are among more than 130 firms that have pre-registered to get a Brazilian license, the report said, citing the ministry.

Obtaining a license will require the companies to pay as much as 30 million Brazilian reais ($5.9 million), Bloomberg said, adding the license may have to be renewed every five years.

An MGM spokesperson declined MT Newswires' request for comment on the matter, while Hard Rock has not responded.

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