Stake Acquires Betfair Colombia, Expanding into Latin America

The cryptocurrency wagering and gaming enterprise, Stake, has acquired Betfair Colombia, securing a presence in the Colombian marketplace. This move is strategically sound for Stake, enabling them to broaden their operations into a regulated market within Latin America. They intend to utilize Colombia as a foundation for further expansion across the region. The license obtained from Betfair is valid until 2025.

Stake’s Chief Strategy Officer, Brais Pena, declared that Colombia’s standing as the initial regulated market in Latin America makes it an optimal location for growth. They aspire to become a prominent participant in the Colombian market within a two-year timeframe.

Colombia has witnessed a burgeoning market for online gambling since the government initiated regulation of the industry in 2017. Coljuegos, the Colombian regulatory body, has issued over 20 licenses since then and collected over $140 million in taxes from January to August 2023. This signifies a 16.7% increase from the preceding year.

Outside of Colombia, Stake has gained access to markets in Mexico and Paraguay through collaborations with local businesses, and has expressed interest in future regulated markets in Peru and Brazil.

In recent years, the company has also formed partnerships with several brand ambassadors 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 Latin American betting partner of the Ultimate Fighting Championship (UFC).

“We believe the Colombian market is a crucial starting point for our Latin American expansion,” stated Blaise Pena. “We are dedicated to making a positive impact on the local economy, encouraging innovation, and providing exceptional entertainment value to our clients.”

Sign up for the iGaming Newsletter.