Entry into new markets: Colombia
Leading the way in regulated online gambling in Latin America
When we unveiled our new strategy on 11 November a key component was entry into new locally regulated markets where we don’t have a presence, as well as our promise to investors to operate 100% across regulated markets by the end of 2023. Less than one month later, on the day of our rebrand to Entain, we updated the market about our entry into Colombia.
Colombia is Latin America’s sole regulated online gambling marketplace, having launched its online gambling regime in 2017. Three years on, we became the first global sports betting and gaming operator to gain a licence in Latin America, from Colombian federal regulator Coljuegos, and went live in country on 9 December.
We’re able to enter new markets so quickly because of our proprietary technology and portfolio of leading products. Our business has grown fast through being in growth markets, growing faster than those markets, as well as through M&A. If we are entering a new country through acquisition, we are experienced at integrating the business, often integrating it onto our own technology. If we are entering a new country, the core platform lets us prepare a new customer-facing offering which is fully compliant with the specific regulations of a new market within weeks, and which also offers the pick of our hundreds of games.
We are well positioned to build on this foothold on the continent and are monitoring all LatAm market developments closely. We are looking into other opportunities across the region, in particular in Brazil, where we are already present (our brand SportingBet already has a number one market position) and which we expect to regulate in the near future.