The platform could potentially use Colombia as a launchpad for expansion in other regional countries.
Cryptocurrency casino and sports betting platform Stake.com has acquired Betfair Colombia, a prominent online gambling and sports betting platform. This strategic move marks Stake.com’s entry into the Colombian market, potentially giving it a launchpad for expansion into other Latin American countries.
Aiming Expansion into Latin America
Betfair’s license is valid until 2025, providing Stake.com ample time to consolidate its position and expand in other countries. Colombia can serve as the operational hub for countries such as Mexico, Paraguay, Peru, and Brazil.
“Expanding into the Colombia 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 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,” media reports quoted Brais Pena, chief strategy officer at Easygo, the parent company of Stake.com.
Stake.com Already in Mexico, Paraguay
Stake.com has secured market access in Mexico and Paraguay through agreements with local operators, and it aims to explore opportunities in future regulated markets such as Peru and Brazil.
Stake.com, a leader in the crypto casino space, aims to leverage Betfair Colombia’s existing popularity among local players by providing a world-class betting experience to Colombian players. With a focus on cutting-edge technology, Stake.com provides features like live streaming of matches, instant deposits and withdrawals, and user-friendly interfaces, ensuring a seamless gaming experience.
In recent years, Stake.com has expanded its roster of brand ambassadors with a focus on the Americas. Notable among these figures include Argentinian football legend Sergio Aguero, renowned rapper Drake, and the prestigious Alfa Romeo Formula 1 team. Additionally, Stake has proudly served as the official Latin American betting partner for the Ultimate Fighting Championship (UFC) since 2021.
Latin America represents a promising growth opportunity in online gambling and sports betting. With Colombia’s regulation of online gaming in 2017, the industry has seen significant revenue growth.
Suffered $42 Million in Security Breach
On September 4, Stake.com reported a security breach and confirmed unauthorized transactions involving ETH/BSC hot wallets. Hackers stole nearly $42 million worth of crypto tokens from Stake.com’s hot wallets. The United States Federal Bureau of Investigation (FBI) claimed the heist was made by North Korea’s notorious hackers, the Lazarus Group, which is also known as APT 38.