Stake acquires Betfair Colombia – M&A
Leading cryptocurrency betting and gaming operator Stake.com has announced its acquisition of Betfair Colombia, marking a significant milestone in its strategic expansion into the Colombian market. This move facilitates Stake’s entry into the market via the acquisition of Betfair’s operating license.
This new licensing agreement has been approved by ColJuegos, the regulatory body overseeing gaming operations in Colombia, and is valid until 2025, providing a solid foundation for Stake’s future endeavors in the region.
“The decision to expand into the Colombian market is a strategic move that aligns seamlessly with our broader growth and innovation goals,” stated Brais Pena, Chief Strategy Officer at Easygo, the pioneering entity behind Stake.com.
“As the first regulated gaming market in Latin America, Colombia presents a prime opportunity for Stake to establish itself as a leading player within two years.”
Future Expansion Plans
With the acquisition of Betfair Colombia, Stake.com envisions utilizing the Colombian market as a launchpad for growth across Latin America. This initiative follows Betfair’s initial entry into Colombia in 2020, further solidifying the country’s position as the second-largest regulated market in the region.
Since the regulation of online gaming in Colombia in 2017, ColJuegos has granted over 20 operational licenses. The regulator reported a substantial increase in tax revenue, accumulating more than $140 million from Gross Gaming Revenue (GGR) between January and August 2023, which represents a year-on-year growth of 16.7%.
In addition to Colombia, Stake.com has successfully secured market access in Mexico and Paraguay through partnerships with local operators, and the company has expressed keen interest in exploring further growth opportunities in the regulated markets of Peru and Brazil.
To bolster its recognition in the Americas, Stake.com has engaged a diverse roster of brand ambassadors, including Argentinian football legend Sergio Aguero, global superstar Drake, and the prestigious Alfa Romeo Formula 1 team.
Moreover, Stake has established a strong presence in the sports betting landscape as the official Latin American betting partner for the Ultimate Fighting Championship (UFC) since 2021, enhancing its visibility and appeal among sports enthusiasts.
“We consider the Colombian market to be a critical entry point for our expansion strategy in Latin America,” Brais Pena elaborated. “We are dedicated to making a positive impact on the local economy, driving innovation, and delivering exceptional entertainment experiences for our customers.”
