Tag: Betfair

Stake acquires Betfair Colombia

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 i..

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Flutter revenue up 31% in Q3 as US becomes largest market

Flutter Entertainment forecast a 31% year-on-year increase in revenue for the third quarter of its 2022 financial year, primarily due to growth within its US and international businesses.

In a trading update, Flutter said that revenue for the three months to the end of September is expected to amount to £1.89bn (€2.17bn/$2.18bn), which would be a significant increase from £1.44bn in the corresponding period last year.

On a constant currency basis, revenue is forecast to increase by 82%.

Flutter said it expects this to be driven by growth within the US, where its revenue is forecast to rise 114% year-on-year, or 82% on a constant currency basis, to $598m, making it Flutter’s largest market.

This, the group said, was down to a 106% rise in sports revenue – comprising sportsbook, exchange, daily fantasy sports, advance deposit wagering and B2B product verticals – driven by customer acquisition across existing states as the new NFL season began.

US igaming revenue is also expected t..

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Predictions, exchanges and the rise of political betting

Operators have long dismissed political betting as at most a PR loss-leader – but is the calculus changing? iGB spoke to Smarkets head of political markets Matthew Shaddick to hear about the shifting landscape.

When political betting goes wrong, it really goes wrong. In the 2020 US presidential election, with conspiracies spreading from the White House to the message board, protests began assembling outside state houses and ballot-counting venues throughout the critical states of Pennsylvania, Michigan and Wisconsin, where the race was agonisingly close. It was the first stirrings of what was to become the so-called “Stop the Steal” movement – the last-ditch organisational effort to save the Trump presidency.

It was also the beginning of what is often known as the “shenanigans” – the weaponisation of an array of legal and legislative tools to muddy the water and frustrate democratic majorities; a catalogue of failed dirty tricks that culminated with the insurrection at the United St..

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