Stake.com Broadens Horizons in Colombia with Betfair Purchase
Stake.com is determined to become a major contender in the online gaming industry and has found a way to grow in Latin America. The Australian company has successfully acquired Betfair Colombia, as announced on LinkedIn by Brais Pena Sánchez, the chief strategy officer of Stake.com's parent company Easygo.
Along with this acquisition, a locally regulated online casino and sportsbook called Stake.com.co has now launched. This strategic move not only increases Stake.com's market reach but also secures a license for Easygo to operate in Colombia until 2025.
As a result of the acquisition, users accessing Stake.com from a Colombian IP address will now be redirected to Stake.com.co. The same happens when trying to access betfair.com.co. Sánchez did not disclose the details of the financial transaction.
Broadening the Global Landscape
Stake.com, a Curacao-licensed crypto casino and the company responsible for streaming platform Kick, has been taking steps to establish itself in regulated markets. In the UK, the platform operates as a non-crypto gambling entity under a UK Gambling Commission (UKGC) license obtained through the white-label provider TGP Limited.
The UK gaming regulator's regulations prohibit operators from accepting cryptocurrency payments for gambling deposits, citing concerns related to anti-money laundering and responsible gaming practices.
Stake.com is also exploring opportunities in Australia's online gambling market, which is complex to penetrate. Despite this, Betfair managed to secure access to the country many years ago.
There have also been rumors of Stake.com's interest in acquiring Rush Street Interactive. However, no new information has emerged on this front in recent months.
Staking a Claim as iGaming Booms
In December 2019, Betfair, under the Flutter Entertainment umbrella, achieved a notable achievement by obtaining a gaming license in Colombia. This regulatory approval allowed Betfair to enter the Colombian online gaming market, introducing its comprehensive online sports betting and gaming portfolio just two months later.
This move showcased Betfair's strategic growth into the burgeoning Latin American gaming industry. The Colombian online gaming market, which has been experiencing rapid growth, has become a crucial player in the broader Latin American gaming landscape.
Colombia's regulatory framework has fostered a favorable environment for online gaming operators, contributing to the sector's consistent growth. The desire for varied and captivating gaming experiences, along with a tech-savvy population, has fueled the iGaming market's ongoing expansion.
Considering this thriving environment, along with the ever-changing regulatory landscape, the sale of Betfair Colombia seems puzzling. Given Colombia's significance in the Latin American gaming scene, the decision to part ways with the market raises questions about the motive and timing behind such a decision.
Read also:
- Remaining contenders down to two in DFB's struggle versus Brazil.
- Law enforcement agencies in various metropolises plan expansive measures for May 1.
- Berlin Transport Senator Schreiner Steps Down over Doctorate Issues
- The Next Development in the DAZN/DFL Billion Euro Controversy
Source: www.casino.org
