Cryptocurrency betting and gaming operator Stake.com has acquired Betfair Colombia, which sees the brand enter the market via the acquisition of Betfair's licence.
The licensing approval, granted by ColJuegos, the Colombia regulator, lasts until 2025.
“Expanding into the Colombia market is a strategic decision that aligns perfectly with our vision for growth and innovation,” said Brais Pena, chief strategy officer at Easygo, the founder of Stake.com.
“Colombia’s position as the first regulated market in Latin America makes it an ideal destination for Stake’s expansion, with the intention of being one of the dominant players in the market in two years.”
Plans beyond Colombia
With Stake acquiring Betfair Colombia, the operator plans for Colombia to serve as its base for growth throughout Latin America, with its current licence approved until 2025. This follows Betfair’s initial launch on the market in Latin America’s second-largest market in 2020.
In total, Coljuegos has issued more than 20 licences since Colombia regulated in 2017. The regulator collected more than $140m dollars in taxation of GGR between January and August of 2023, representing a growth of 16.7% year-on-year.
As well as Colombia, Stake has already secured market access in Mexico and Paraguay through agreements with local operators and it has expressed interest in future regulated markets in Peru and Brazil.
The operator has also signed a raft of brand ambassadors targeting the Americas in recent years. These include Argentinian football legend, Sergio Aguero, rapper Drake and the Alfa Romeo Formula 1 team.
Stake has also been the official Latin American betting partner for the Ultimate Fighting Championship (UFC) since 2021.
“We view the Colombian market as a pivotal entry point for our Latin American expansion,” Brais Pena added. “We are committed to contributing positively to the local economy, fostering innovation and delivering exceptional entertainment value to our customers.”