Rei do Pitaco

About Rei do Pitaco

Rei do Pitaco is a Brazilian daily fantasy sports (DFS) operator that has expanded into the regulated sports betting market. The company was founded in 2019 by Mateus Dantas and Kiko Augusto. The founders, both with backgrounds in computer science and software engineering at major tech firms like Google, Facebook, and Snap, identified an opportunity in the Brazilian market for a DFS platform that offered cash prizes, a feature not prominently available at the time.

The company's core product allows users to draft teams of professional soccer players from various leagues, including Brazilian Serie A, the English Premier League, and La Liga. Points are awarded based on the real-world statistical performance of these athletes in matches. This model targets sports fans, providing an additional layer of engagement with live games. The business generates revenue by taking a commission, reportedly between 10% and 25%, from the entry fees paid by users to participate in paid contests. While free-to-play options are available, the paid leagues are the primary revenue driver. Since its inception, the platform has distributed over R$150 million in prizes to hundreds of thousands of users.

Rei do Pitaco has demonstrated significant growth, attracting substantial venture capital investment. After an initial seed round of $6 million in 2021, the company secured a $32 million Series A round in January 2022. This funding was led by D1 Capital Partners and included participation from notable investors like Kaszek, Bullpen Capital, Left Lane, and Globo Ventures. The capital has been allocated to product improvement, user acquisition, and team expansion. Recognizing the impending regulation of sports betting in Brazil, the company strategically positioned itself to transition from a DFS-centric platform to a licensed sportsbook. Operating legally in Brazil since its launch and paying local taxes, the company secured its sports betting license and began operating in the newly regulated market in early 2025.