Stake.com Expands in Latin America with Acquisition of Betfair Colombia
Stake.com, an Australia-based online gaming company, has made a significant move to expand its presence in the Latin American market. The company has successfully acquired Betfair Colombia, as confirmed by Brais Pena Sánchez, the chief strategy officer of Stake.com parent company Easygo, in a LinkedIn post.
With this acquisition, Stake.com.co, a locally regulated online casino and sportsbook, is now live in Colombia. This strategic move not only extends Stake.com’s market presence but also secures a license for Easygo to operate in Colombia until 2025. As a result, users attempting to access Stake.com from a Colombian IP address are now redirected to Stake.com.co, and the same is true for betfair.com.co.
The financial details of the acquisition were not revealed by Sánchez. Stake.com, which is a Curacao-licensed crypto casino and the company behind the streaming platform Kick, has been making efforts to establish its presence in regulated markets. In the UK, the platform operates as a non-crypto gambling entity under a UK Gambling Commission (UKGC) license.
Stake.com is also eyeing the Australian online gambling market, a challenging objective considering the lack of regulation in the country. There have been rumors of its interest in making a move for Rush Street Interactive, but no new information has surfaced on this.
In December 2019, Betfair, operating under the umbrella of parent company Flutter Entertainment, obtained a gaming license in Colombia, allowing it to enter the Colombian online gaming market. The move reflected Betfair’s strategic expansion into the Latin American gaming landscape, which has been experiencing robust growth in recent years.
The Colombian online gaming market has been a pivotal hub in the broader Latin American gaming industry, with a regulatory framework conducive to online gaming operators. Despite the flourishing landscape, the recent sale of Betfair Colombia raises questions about the rationale and timing behind the move.
Stake.com’s acquisition of Betfair Colombia marks a significant expansion for the company in the Latin American gaming market and demonstrates its commitment to establishing a global footprint in the online gaming space.