Crypto Platform Stake Gets a Foothold in New South American Markets
by Oskar Trotman
Popular crypto casino Stake has entered the Colombian market after securing a Coljuegos license and purchasing the client base of Betfair Colombia. The move signals a significant shift forward for Stake and its parent company Easygo’s strategy to expand into the Latin American market.
The reputable operator holds several licenses, including a Curacao certificate of legitimacy, and has been vetted by the UKGC, but offers non-crypto betting services to UK bettors. The Colombian regulator requires Stake to renew its license in 2025, and Colombian players can access the platform via the dedicated URL Stake.com.co. According to the latest assessment, the decision to expand into the Colombian market is driven by the growing pool of players in this Latin American country, which is nearly 4 million.
Conquering New American Markets
Stake Casino is active across South America and North America. The parent company Easygo has concluded partnerships with Mexican and Paraguayan operators, with plans to move into the freshly regulated markets of Peru and Brazil.
Some of the emerging markets have forbidden cryptocurrency payments for gambling due to money laundering concerns. It will be interesting to see how Stake, a platform renowned for a crypto-first approach to online casino and sports betting, will navigate these restrictions.
And Easygo is dreaming big, with plans to enter the US market after claims in June of this year that company officials are negotiating potential acquisitions or mergers with operators already active in the heavenly regulated North American market.
One rumored acquisition for the US market is Rush Street Interactive, a Chicago-based company operating under the BetRivers and PlaySugarHouse brands in 10 US states. The mobile and retail gambling operator can serve as a shortcut for Stake’s entrance into a strictly regulated market in several US states.
Unique Gambling Opportunities for Colombian Players
The decision to secure a Coljuegos license was partly motivated by Columbia’s marketing rules for gambling, which forbids operators without a proper license to initiate sponsorship deals with individuals or sports teams and from advertising to individuals without proper authorization.
The new regulatory rules will take effect at the start of 2024, and sponsorships play a big part in Stake’s advertising efforts. The gambling brand collaborates with musician Drake and footballer Sergio Aguero and has been a partner of the UFC. In 2022, Stake formalized a sponsorship deal with Premier League club Everton FC in June 2022.
The company’s local licenses enable it to enter into sponsorship agreements with sports teams and advertise its services in specific markets.
Colombia will offer Stake a solid jumping-off point in the company’s future offense to enter other Latin American markets. The Betfair Colombia acquisition details are still undisclosed, but the moves will offer a stable base of operation and faster integration. Players will benefit from a diverse range of betting products.