Stake.com, a fast-growing casino and sports betting operator, acquires Betfair Colombia, an affiliate of the UK-based global sports betting service provider. As reported, the details of the acquisition deal have not been disclosed but only announced via a social network by the Stake’s chief strategy officer Brais Pena Sanchez.
Launching Stake.com.co in Colombia:
According to the source, Sanchez has revealed that the acquisition represents the launch of online casino and sports book Stake.com.co which will be compliant to local gambling legal requirements. Also, the deal will enable Stake parent company Easygo to secure a license to operate in Colombia until 2025. One may assume that the underlying reason for the transaction is the intention of Australia-based software developer Easygo to get involved in the sports betting operations in the passionate Colombian market.
For the given purpose, the developer is launching Stake.com as soon as the acquisition of Betfair Colombia is completed. The acquisition may represent a dual benefit for Easygo, as one of the leading Colombian operators is a sub-vertical of Flutter Entertainment, the UK-based casino giant holding title over Betfair’s global operations. Therefore the acquisition may eliminate the prospective competition, bring the Betfair’s fully developed Colombian customer base to Stake, and facilitate its further expansion across the Latin American market.
Crypto and Sponsorship Offerings:
However, Stake.com is already familiar to Latin American players as a crypto-casino licensed in Curacao and other jurisdictions. The company reportedly holds several licenses in regulated local markets. The source reports that the Stake’s offerings – supported by a team of ambitious developers from Easygo – is now available to Colombian players at Stake.com.co. In other regulated markets, Stake.com offers non-crypto gambling to be able to enter sponsorship agreements with sports teams such as the front-of-shirt deal signed with Everton FC in England in June 2022, according to the source. The offerings exclude crypto gambling in jurisdictions prohibiting operators to accept cryptocurrency payments due to anti-money laundering and responsible gaming concerns.
Colombian Gambling Reforms:
The Colombian market has grown significantly in the past five years. Being the first regulated online gaming market in Latin America, Colombia represents an enormous growth potential for licensed operators. At the moment, the jurisdiction is set to implement a range of reforms in the gambling industry. As reported, these reforms will include advertising procedures and other amendments. National gambling regulator Coljuegos has already proposed a bill to become the exclusive gambling advertising authority in the country.
Ready To Start:
The new legislation will reportedly also oblige sports betting operators to obtain a local license to be eligible to enter sponsorship agreements with Colombian sports teams. The proposed rules have reportedly been passed to the Congress. If approved, the new legislation will reportedly take effect on January 1, 2024. Therefore, Stake seems to acquire Betfair Colombia to align with the new legislation and start with sponsorship agreements with Colombian sports teams at the earliest opportunity.