10/11/2023
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Categories: News |
Published by: BTCGOSU |
Last updated: 10/11/2023
In a groundbreaking move, Stake.com, a leading crypto gambling platform, has successfully acquired the client base of Betfair Colombia from Flutter Entertainment. This undisclosed deal marks a pivotal moment for Stake.com as it extends its reach into Latin America.
Regulatory Approval: A License from Coljuegos
Stake.com has secured a license from the Colombian regulator, Coljuegos, enabling the platform to operate in the country until 2025. The acquisition positions Stake.com as a key player in the regulated Colombian online casino and sports betting market.
Operational Changes: Stake.com.co Emerges
Brais Pena Sánchez, Chief Strategy Officer of Easygo, Stake.com’s parent company, announced on LinkedIn that the platform will now operate under stake.com.co. Colombian users are redirected to sign up for Stake.com.co, facilitating compliance with local regulations and expanding the platform’s presence.
Local Licensing Strategy
Stake.com, recognized for its Curacao license, holds multiple local licenses in regulated markets, including the UK. These licenses empower the platform to engage in sponsorship agreements with sports teams and advertise its services in specific markets.
Regulatory Landscape in Colombia
Colombia is in the process of reforming its gambling advertising rules, with Coljuegos proposing changes effective January 1, 2024. These changes would designate Coljuegos as the sole regulatory authority for gambling advertising, imposing restrictions on operators without a Coljuegos license.
Expansion Amid Regulatory Changes
Stake.com’s foray into the Colombian market follows its successful launch in the UK, where it secured a front-of-shirt deal with Premier League football club Everton FC in June 2022.
Cryptocurrency Limitations
While Stake.com operates as a crypto casino, Colombian regulations prohibit cryptocurrency payments for gambling deposits, citing concerns about anti-money laundering and responsible gaming.
Confidential Acquisition Details
The specifics of the acquisition deal between Stake.com and Flutter Entertainment remain confidential. Both entities have chosen not to disclose detailed information about the transaction.
Future Prospects: US Market Entry
Stake.com’s Colombian expansion aligns with its broader strategy, as the platform eyes entry into the regulated US market. Plans for a significant merger or acquisition in the US market have been hinted at, with Rush Street Interactive (RSI) emerging as a potential candidate due to its extensive presence in multiple US states.
Stake.com’s move into the Colombian market comes at a time when the online player base in the country has exceeded 3.8 million, indicating a promising market for the newly established stake.com.co platform. As Stake.com navigates regulatory landscapes and explores new horizons, its strategic moves continue to shape the dynamic world of crypto gambling.
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