The cryptocurrency wagering and gaming firm, Stake.com, has acquired Betfair Colombia, granting them entry into the Colombian marketplace through Betfair’s authorized permit.
This is a significant step for Stake, as Colombia represents the initial regulated market in Latin America. Stake’s Chief Strategy Officer, Brais Pena, stated their ambition to become a leading participant in the Colombian marketplace within a two-year timeframe.
Stake intends to utilize Colombia as a foundation for expansion across Latin America. This follows Betfair’s introduction into the region in 2020.
Since Colombia initiated the regulation of online gambling in 2017, Coljuegos has issued over 20 licenses. The regulatory body collected more than $140 million in taxes from gambling earnings between January and August 2023, reflecting a 16.7% increase from the preceding year.
Outside of Colombia, Stake has obtained market entry in Mexico and Paraguay through collaborations with local operators. They have also shown interest in future regulated markets in Peru and Brazil.
In recent years, the company has also signed agreements with a variety of brand representatives throughout the Americas. These include Argentine soccer legend Sergio Agüero, rapper Drake, and the Alfa Romeo Formula One team.
Since 2021, Stake has been the official betting partner of the Ultimate Fighting Championship (UFC) in Latin America.
“We believe the Colombian market is a crucial starting point for our Latin American expansion,” stated Blaise Pena. “We are dedicated to actively contributing to the local economy, promoting innovation, and providing exceptional entertainment value to our customers.”
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