The cryptocurrency betting and gaming enterprise, Stake, has acquired Betfair Colombia, providing them with entry into the Colombian market through Betfair’s permit.
The permit, authorized by ColJuegos, the Colombian regulatory body, is valid until 2025.
“Entering the Colombian market is a significant event for us, and it aligns perfectly with our growth plans and innovative ideas,” stated Brais Pena, the chief strategy officer at Easygo, the company behind Stake.com.
“Colombia is the initial regulated market in Latin America, making it the ideal location for Stake’s expansion. Our aim is to become a leading player in the market within two years.”
Stake intends to utilize Colombia as a foundation for growth throughout Latin America, with their license valid until 2025. This follows Betfair’s entry into the second-largest market in Latin America in 2020.
Since Colombia began regulating gambling in 2017, Coljuegos has issued over 20 licenses. The regulatory body generated over $140 million in gambling taxes between January and August 2023, representing a 16.7% increase compared to the previous year.
Outside of Colombia, Stake has secured market entry in Mexico and Paraguay through collaborative agreements with local operators. They have also expressed a desire to enter future regulated markets in Peru and Brazil.
In recent years, the company has also partnered with a variety of brand ambassadors across the Americas. These include Argentine football legend Sergio Agüero, rapper Drake, and the Alfa Romeo Formula 1 team.
Since 2021, Stake has been the official betting partner of the Ultimate Fighting Championship (UFC) in Latin America.
“We believe that the Colombian market is a crucial entry point for our Latin American expansion,” stated Blaise Pena. “We are committed to making a positive impact on the local economy, driving innovation, and providing exceptional entertainment value to our customers.”
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