Crypto casino operator Stake has marked its entry into the Colombian market through the acquisition of Betfair Colombia.
This strategic move also includes an extension of its licence, allowing operations in the country until 2025.
Brais Pena, Chief Strategy Officer at Easygo, the company behind Stake, said: “Expanding into the Colombian market is a strategic decision that aligns perfectly with our vision for growth and innovation.
"Colombia's position as the first regulated market in Latin America, coupled with its stable environment and robust entertainment industry, 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.”
Stake has a list of partnerships, including collaborations with UFC and partnerships with celebrities like Sergio Aguero, Drake and the Alfa Romeo Formula 1 Stake team.
Stake views Colombia as its operational base for expanding throughout Latin America. The company has already secured market access in Mexico and Paraguay through agreements with local operators. It has also expressed interest in entering regulated markets in Peru and Brazil.
Pena added: “We view the Colombian market as a pivotal entry point for our Latin American expansion. We are committed to contributing positively to the local economy, fostering innovation and delivering exceptional entertainment value to our customers.”
This development aligns with Stake's track record of partnerships, such as their sponsorship of the European Cricket Championship and the African Warriors Fighting Championship.
