Stake.com, a prominent casino and sports betting operator, has acquired Betfair Colombia, an affiliate of a well-known UK-based global sports betting service provider. The details of the acquisition deal have not been disclosed, but it was announced via a social network by Stake’s chief strategy officer, Brais Pena Sanchez.
The acquisition represents the launch of Stake.com.co, an online casino and sportsbook that will comply with local gambling legal requirements in Colombia. Additionally, the deal will enable Stake’s parent company, Easygo, to secure a license to operate in Colombia until 2025. This move reflects Easygo’s intention to tap into the passionate Colombian market for sports betting operations.
Upon completion of the acquisition, Stake.com will be launched, and this is expected to bring dual benefits for Easygo. Betfair Colombia is a sub-vertical of Flutter Entertainment, a UK-based casino giant, and the acquisition will eliminate prospective competition, bring Betfair’s Colombian customer base to Stake, and facilitate further expansion across the Latin American market.
Stake.com is already known to Latin American players as a crypto-casino licensed in Curacao and other jurisdictions. It holds several licenses in regulated local markets and, with the support of developers from Easygo, is now available to Colombian players at Stake.com.co. The platform offers non-crypto gambling in regulated markets and has entered into sponsorship agreements with sports teams, such as the front-of-shirt deal signed with Everton FC in England in June 2022.
The Colombian market is the first regulated online gaming market in Latin America and has significant growth potential for licensed operators. The jurisdiction is set to implement a range of reforms in the gambling industry, including advertising procedures and other amendments. National gambling regulator Coljuegos has proposed a bill to become the exclusive gambling advertising authority in the country.
The new legislation will also require sports betting operators to obtain a local license to enter sponsorship agreements with Colombian sports teams. If approved, the new legislation will take effect on January 1, 2024. Stake’s acquisition of Betfair Colombia aligns with the new legislation and positions the operator to start sponsorship agreements with Colombian sports teams at the earliest opportunity.