Stake.com, a rapidly growing online casino and sports betting operator, has made a significant move by acquiring Betfair Colombia, an affiliate of a major UK-based sports betting service provider. The details of the acquisition deal have not been disclosed, but it was announced via social media by Brais Pena Sanchez, Stake’s chief strategy officer.
The acquisition represents the launch of Stake.com.co, an online casino and sportsbook that will comply with local gambling regulations in Colombia. This move will also allow Stake’s parent company, Easygo, to secure a license to operate in Colombia until 2025. It is clear that the intention behind this transaction is for Easygo, an Australia-based software developer, to establish a presence in the Colombian sports betting market.
By acquiring Betfair Colombia, Easygo stands to benefit in multiple ways. Betfair Colombia is a subsidiary of Flutter Entertainment, a UK-based casino giant, which means that the acquisition will eliminate potential competition and bring Betfair’s established Colombian customer base to Stake. This will facilitate Stake’s expansion across the Latin American market.
Stake.com is already known to Latin American players as a crypto-casino licensed in multiple jurisdictions. The company’s offerings, supported by a team of ambitious developers from Easygo, are now available to Colombian players at Stake.com.co. It’s worth noting that in regulated markets, Stake.com offers non-crypto gambling to enter into sponsorship agreements with sports teams.
The Colombian gambling market has grown significantly in recent years, and it is the first regulated online gaming market in Latin America. As the market continues to evolve, there are plans to implement various reforms, including advertising procedures and other amendments. The National gambling regulator, Coljuegos, has proposed a bill to become the exclusive gambling advertising authority in the country.
According to reports, the proposed legislation will also require sports betting operators to obtain a local license to be eligible to enter sponsorship agreements with Colombian sports teams. If approved, the new legislation will take effect on January 1, 2024. Therefore, Stake’s acquisition of Betfair Colombia seems to align with the new legislation and positions the company to start entering sponsorship agreements with Colombian sports teams as soon as possible.