Stake.com, a cryptocurrency betting and gaming operator, has made a major move into the Colombian market with the acquisition of Betfair Colombia and its operating license. The licensing approval, granted by ColJuegos, the Colombian regulator, is set to last until 2025.
According to Brais Pena, chief strategy officer at Easygo, the founder of Stake.com, expanding into the Colombia market is a strategic decision that aligns perfectly with their vision for growth and innovation. Pena sees Colombia as an ideal destination for Stake’s expansion, with the intention of becoming one of the dominant players in the market in two years.
With the acquisition of Betfair Colombia, Stake plans to use Colombia as a base for its growth throughout Latin America, taking advantage of its current license approved until 2025. This follows Betfair’s initial launch in the Latin American market’s second-largest market in 2020.
Coljuegos has issued over 20 licenses since Colombia was regulated in 2017, with the regulator collecting more than $140 million in taxation of GGR between January and August of 2023, representing a growth of 16.7% year-on-year.
In addition to Colombia, Stake has also secured market access in Mexico and Paraguay through agreements with local operators and expressed interest in future regulated markets in Peru and Brazil. The operator has also signed a number of high-profile brand ambassadors targeting the Americas, including Argentinian football legend Sergio Aguero, rapper Drake, and the Alfa Romeo Formula 1 team. Stake has also been the official Latin American betting partner for the Ultimate Fighting Championship (UFC) since 2021.
Pena sees the Colombian market as a pivotal entry point for Stake’s Latin American expansion and is committed to contributing positively to the local economy, fostering innovation, and delivering exceptional entertainment value to its customers.