Cryptocurrency betting and gaming operator Stake.com has acquired Betfair Colombia, which sees the brand enter the market by acquiring the Betfair license.

The license approval granted by ColJuegos, the Colombian regulator, is valid until 2025.

“Expanding into the Colombian market is a strategic decision that fits perfectly with our vision of growth and innovation,” said Brais Pena, Chief Strategy Officer at Easygo, the founder of Stake.com.

“Colombia’s position as the first regulated market in Latin America makes it an ideal destination for Stake’s expansion, with the intention of being one of the dominant players in the market in two years.”

Plans beyond Colombia

With Stake’s acquisition of Betfair Colombia, the operator plans to use Colombia as a base for growth across Latin America, with the current license approved until 2025. This follows Betfair’s first launch in Latin America’s second largest market in 2020.

In total, Coljuegos has issued more than 20 licenses since Colombia was regulated in 2017. The regulator has collected more than $140 million in taxes on GGR between January and August 2023, representing a year-on-year growth of 16.7%.

In addition to Colombia, Stake has already secured market access in Mexico and Paraguay through agreements with local operators and has expressed interest in future regulated markets in Peru and Brazil.

The operator has also signed a number of brand ambassadors for the American continent in recent years. These include Argentine football legend Sergio Agüero, rapper Drake and the Formula 1 team Alfa Romeo.

Since 2021, Stake has also been the official Latin American betting partner for the Ultimate Fighting Championship (UFC).

“We see the Colombian market as a key entry point for our expansion in Latin America,” added Brais Pena. “We are committed to making a positive contribution to the local economy, encouraging innovation and providing our customers with exceptional entertainment value.”