Brais Pena, the Chief Strategy Officer of Stake’s technology arm Easygo, tells SBC Leaders it’s not all about crypto as the operator expands into the regulated markets of Colombia and Peru
The evolution of Latin America’s iGaming market has evolved at such a pace that it seems governed by one rule: no blinking allowed.
With regulatory updates coming thick and fast, new operators emerging and international ones eyeing acquisitions, the eyes of the world are focused on a region full of opportunities.
In such an environment, it is no surprise to see Stake moving quickly to position itself in new markets such as Colombia and Peru, while also targeting Brazilian territory.
However, what might come as more of a surprise is the context to the crypto-focused operator’s expansion. Brais Pena is the Chief Strategy Officer of Stake’s Melbourne-based technology arm Easygo, which also powers Kick.com and Twist Gaming, among other growing brands.
Pena tells us that the evolution of the legal framework in Latin America is key to the execution of Stake’s strategic moves in the region.
Boots on the ground
Last month, the company announced it had obtained a licence to operate a sportsbook and online casino in Peru. While the licence was new, Stake has had a growing presence in the Andean nation for a few years.
“We now have the ability to improve our local footprint thanks to the new regulation promoted by the Ministry of Foreign Trade and Tourism,” Pena explains.
Soon after the licence was gained, Stake put “boots on the ground” and launched its localised site Stake.pe.
The company named Jennyfer Escobar as country manager, and will soon open a local office to continue growing its team in Latin America.
This was Stake’s second move in the region after acquiring Betfair’s Colombian licence from Flutter in November 2023.
Pena explains: “We considered Colombia an ideal destination for Stake’s expansion on so many levels. We thought that utilising the country as a base to start our Latin American expansion based on the current local knowledge and local regulations in the area was going to be an edge.”
Stake has multiplied the size of its team in Colombia by five times since arriving late last year. He highlights the huge amount of talent in the country, which he believes a lot of the European companies haven’t tapped into.
“It’s not just about operating a good product in Colombia and creating first-class customer experiences. We’re also committed to contributing positively to the local economy, fostering innovation and delivering exceptional entertainment value,” he says.
Into Brazil
Pena is hopeful that Stake will be able to repeat the formula in Latin America that has turned it into one of the biggest operators in the world.
“We have always focused on creating unique experiences for our customers. They are at the centre of everything we do,” he continues. “Once you are able to have a conversation with customers and get honest feedback, you can improve your products or the way you operate. Our company has that state of mind in our core – from the founders to new employees that joined last week.”
“Community is the key to success and this mindset has helped us find the right audience and create that big community around Stake. If you add the right marketing and the right product to that formula, that is how you get the growth that we have,” states Pena.
The operator is known first and foremost as a crypto casino, which Pena describes as an “up and coming technology” at the time Stake was launched.
“We identified an opportunity to innovate in the industry and do something new and unique. It was a solution to the high barrier to entry that the industry suffers.”
Still, he says it is not all about crypto and highlights Stake’s established presence in regulated markets like Colombia, Italy and Peru with fiat currency.
“As we continue to expand, adapting to the changing needs of our customers and global markets remains a priority,” he adds.
With the company’s arrival in regulated Latin American markets, the question remains whether they want to expand that reach, specifically in what most see as the crown jewel: Brazil.
Stake already has a foothold in the country and has a strong presence there.
“We have partnerships in Brazil with high-profile organisations like [football club] Juventude, and events within UFC,” he emphasises.
The operator is also one of 113 applicants that have already submitted a licence request to the Prizes and Betting Secretariat, which will regulate the industry under the auspices of the Ministry of Finance. With the government insistent that it will sort through all these applications this year, expectation is high.
“You’ll definitely hear from us more in the future,” Pena says as he goes over the company’s plans for South America. “We know that the best is yet to come in Latin America. We have already established a growing presence in Colombia, Peru, and built on strong relations in other countries such as Paraguay and Mexico, amongst others. We have invested in the region but the immense potential for growth and innovation in the whole region motivates us to aim even higher.”
Stake has evolved substantially over the last 12 months and is on course to exponentially grow, not only in Latin America but also in the rest of the world. The recent acquisition of Idealbet from Octavian Group in Italy is a sign of things to come. Pena assures us that the company “can’t wait to share a few exciting announcements that are in the pipeline over the next few months.”
“You can expect more innovation and growth, and further expansion into new regions,” he anticipates about what’s next for the company in 2025.
With their recent expansion into Colombia and Peru, and their licence application in Brazil, it is safe to assume that, rather sooner than later, Stake is bound to take the centre of the stage in the Latin American gaming landscape.
