A cryptocurrency wagering and gaming enterprise, Stake, has acquired Betfair Colombia, enabling their entry into the Colombian marketplace. This agreement grants Stake the license previously held by Betfair, which remains valid until 2025.
Stake’s Chief Strategy Officer, Brais Pena, stated that entering the Colombian market signifies a significant advancement for their company. He believes Colombia provides an ideal environment for Stake’s growth, being the initial regulated market within Latin America. Their objective is to establish themselves as a leading force within the market within a two-year timeframe.
Stake intends to leverage their newly acquired Colombian base as a springboard for expansion throughout Latin America. This move follows Betfair’s launch in the second largest market in Latin America in 2020.
Since 2017, Colombia has been implementing regulations for its gambling sector, issuing over 20 licenses. The regulatory body, Coljuegos, generated over $140 million in tax revenue from gambling activities between January and August 2023, representing a 16.7% increase compared to the previous year.
Outside of Colombia, Stake has gained access to markets in Mexico and Paraguay by partnering with local companies. They’ve also shown interest in entering regulated markets in Peru and Brazil in the future.
In recent years, the company has signed deals with several brand ambassadors in the Americas. These include Argentine soccer 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 view the Colombian market as a crucial starting point for our expansion in Latin America,” Brais Pena stated. “We are dedicated to making a positive impact on the local economy, fostering innovation, and providing our customers with exceptional entertainment value.”
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