With the acquisition of Betfair Colombia, cryptocurrency casino operator Stake announced its arrival into the Colombian market.
As part of this calculated move, its licence has been extended, enabling operations in the nation until 2025.
The business that created Stake, Easygo, said in a statement that Brais Pena, Chief Strategy Officer, "aligns perfectly with our vision for growth and innovation" by expanding into the Colombian market.
"Colombia is the perfect location for Stake's expansion, with the goal of becoming one of the leading players in the market in two years, given its status as the first regulated market in Latin America, as well as its stable environment and thriving entertainment industry."
Stake maintains a roster of collaborations and partnerships, which includes the Alfa Romeo Formula 1 Stake team, Sergio Aguero, Drake, and the UFC.
Colombia serves as Stake's operations base as it plans to spread throughout Latin America. The corporation has previously negotiated deals with local operators to get market access in Paraguay and Mexico. Additionally, it has indicated interest in joining Brazil's and Peru's regulated markets.
"We see the Colombian market as a crucial entry point for our Latin American expansion," Pena continued. Our commitment is in providing outstanding entertainment value to our patrons, encouraging innovation, and making a beneficial impact on the local economy.
This development is consistent with Stake's history of forming alliances, as seen by its sponsorship of the African Warriors Fighting Championship and the European Cricket Championship.