BtoBet Partners With Betfair
This week, Aspire Global subsidiary and B2B sportsbook BtoBet announced that it had partnered with Betfair, effectively growing its presence in Colombia. This is just the latest in a string of deals made by BtoBet with various companies in Latin America, most centrally Camanbet, a Venezuela-based gambling operator which has been officially tied to the company since May of this year. This is not BtoBet’s first move into Colombia.
Sports betting in Colombia is continuing to grow, even during the pandemic. ©Willypomares/Pixabay
BtoBet’s Continued Moves Into Latin America
In May of this year, Gibraltar-based B2B sportsbook and tech company BtoBet announced that it had created a partnership with Camanbet, a Venezuelan gambling operator. It was an interesting move into the region, as Venezuela is often overlooked in the Latin American gambling economy in favor of nearby competitive markets like Colombia and Peru.
At the time, representatives from both BtoBet and Camanbet indicated that the partnership would be beneficial for each company. For BtoBet, the deal came at auspicious timing for the company: just a few months after company CEO Alessandro Fried announced that the firm had allied with more than 100 gambling platforms internationally.
By late August, the partnership had made its first formal moves into the online realm, and went live with a collaborative iGaming platform for users in Venezuela. According to BtoBet chief marketing officer Sabrina Soldà, the integrated platform would allow for new users to more seamlessly begin their online gambling, with fewer steps to register.
BtoBet, Megapuesta, and Rappi
Just a few weeks before BtoBet and Camanbet’s online platform went live, another big announcement came from BtoBet, this time moving still further into an even bigger market in Latin America: Colombia. In early August, BtoBet announced that it would be collaborating with Megapuesta and app-based delivery service Rappi.
This was a particularly exciting venture, as it marked a fascinating new development in the integration of sports betting and the app economy, two sectors which have been increasingly growing since the onset of the novel coronavirus pandemic and ensuing international lockdowns.
A Big Step Into Colombia
In Latin America, Rappi is the equivalent of delivery apps like Lieferando, Uber Eats, and Seamless. Since its founding in 2015, the company has expanded rapidly from its central node in Bogotá, Colombia, and now has a presence in countries across Central and South America, including Uruguay, Mexico, Ecuador, Peru, Argentina, Brazil, and Costa Rica.
Despite that, however, BtoBet, Megapuesta, and Rappi officials made clear that this partnership was intended to begin strictly with Rappi’s Colombian business. Should the program be successful, it will continue to grow across Rappi’s business in Latin America, including in countries like Uruguay, Mexico, Argentina, and Peru.
BtoBet and Betfair: BtoBet Staying Big In Colombia
So, while this new deal with Betfair does not mean BtoBet’s very first entry into Colombia, the deal signifies just how seriously BtoBet is taking Colombia. This is a wise choice, as the demonstrated success of Colombia’s legal, regulated online gambling market has consistently made it the leading country in the region for international companies.
What Does The Partnership Mean?
This new deal means that Betfair will offer BtoBet’s unique Neuron 3 sports betting platform to its customers in Colombia. The Neuron 3 platform has consistently been a hit with players, who are also likely to be relieved to know Betfair’s solid reputation for risk management and established knowledge of Colombia’s iGaming landscape.
Earlier This Fall: BtoBet Acquired
As BtoBet was continuing to make international deals, the company was acquired by Aspire Global on September 17, 2020, but the deal was finalized on October 12, 2020. And this was no small purchase: according to reports, Aspire Global bought out BtoBet to the tune of $23.6 million (around 20 million euros), the majority of which will be paid up front.
The deal does come with some strings attached: the partnership will be formally active for two years, at which point BtoBet’s performance will be reviewed by its new parent company. According to representatives from Aspire Global, this purchase has not impacted Aspire’s earnings for 2020.
Still, for the time being, the acquisition is total. Aspire Global officially controls 100% of BtoBet’s shares, a move which company representatives explain is crucial to Aspire’s larger strategy of continuing to expand into the iGaming market. This decision was preceded by Aspire’s purchase of another gambling company, Pariplay, in 2019.
Throughout The Pandemic, Colombia’s Gaming Industry Perseveres
Though the global coronavirus pandemic has devastated the economy, there has been no sign of slowing in Colombia’s gambling business, with international companies announcing moves into the country on a consistent basis. It also helps that the government has finally elected to reopen all gambling locations in Bogotá, Colombia’s capital, after eight months.
Colombia: Beating Out The Competition
It likely helps that Colombia — unlike competing nearby countries like Argentina and Brazil — elected to legalize regulated gambling several years ago. As the pandemic has dragged on, both Argentina and Brazil have seriously considered legalizing various forms of gambling, but progress is slow.
Today, legislators in Brazil in particular are consistently pushing to regulate some form of a legal gambling market in the country, which is the largest economy in Latin America. Their requests have taken on only more urgency as Brazil has become the second hardest-hit country in the world by the pandemic, with more than 150,000 deaths from COVID-19.
