Stake acquires Betfair Colombia in major regulated push
Crypto-first operator heads to regulated Latam market following undisclosed deal for Flutter subsidiary
Stake has acquired Betfair Colombia from Flutter Entertainment in an undisclosed deal.
In what will be seen as a major step towards operating in regulated markets, the crypto-first firm confirmed it will hold a licence in the South American country until 2025.
Stake will now operate the stake.com.co site, having received approval from the Colombian regulator, Coljuegos.
Stake has yet to officially confirm the deal, with Easygo chief strategy officer Brais Pena Sanchez reporting the deal on LinkedIn.
Easygo is the tech company founded by Stake co-founders Ed Craven and Bijan Tehrani which the operator is powered by.
Pena Sanchez added on X, formerly known as Twitter, that there was a “small but very good team” now based in Colombia for the firm.
A statement on Stake’s Colombian site reads: “One of the world’s largest casinos and sportsbooks arrives in Colombia.
“With its innovative technology, easy-to-use platform and amazing partnerships, Stake is set to revolutionise the gaming industry in Colombia.”
Betfair launched in Colombia in February 2020 after being awarded a licence in December 2019.
At the time of the launch, Flutter International CEO Dan Taylor said: “The launch is in line with our strategy to grow in international markets and our commitment to bring the best products and safest gambling experience to life for Colombian customers.”
The move for Betfair Colombia comes after Craven confirmed Stake was looking to flex its M&A muscles earlier this year.
In June, Craven said the operator was set to make a move into the US market with a “large acquisition”.
Flutter Entertainment had no comment to make when approached by EGR.