Stake.com, a cryptocurrency betting and gaming operator that operates in Colombia, has purchased Betfair Colombia. This acquisition allows the company to enter the Colombian market by acquiring Betfair Colombia’s license.
ColJuegos is the Colombian regulator that granted this license approval. It lasts for 2025.
Brais Pena is the chief strategy officer of Easygo and founder of Stake.com. He said, “Expanding to the Colombian market was a strategic choice that perfectly aligns with our vision for innovation, growth, and success.”
Stake has set its sights on Colombia, the first market in Latin America to be regulated. The country is a perfect destination for Stake expansion. It aims to become one of the leading players in the industry in just two years.
Plan beyond Colombia
Stake plans to use Colombia as a base of operations for Latin America. Its current license is valid until 2025. The acquisition follows Betfair’s first launch in Latin America’s second largest market, in 2020.
Since Colombia began to regulate in 2017, Coljuegos issued over 20 licenses. Between January 2023 and August 2023, the regulator has collected over $140m in taxes on GGR. This represents a 16.7% increase year-on-year.
Stake, in addition to Colombia, has secured access to the market in Mexico and Paraguay via agreements with local operators. It has also expressed an interest in future regulated marketplaces in Peru and Brazil.
In recent years, the operator also recruited a number of brand ambassadors to promote its products in North America. This includes Argentinian soccer legend Sergio Aguero and rapper Drake, as well as the Alfa Romeo Formula 1 Team.
Stake is also the official Latin American betting partners for the Ultimate Fighting Championship since 2021.
Brais Pena said, “We see the Colombian market a key entry point to our Latin American growth.” We are dedicated to contributing to the local economies, encouraging innovation and providing exceptional entertainment to our customers.