Colombian sports betting and online gaming brand Colbet is preparing to launch online casino operations in the Latin American country and will undergo a shedding to assume the name of its majority stakeholder Betsson.
Online Casino Launch Imminent
The news was aired by Colbet general director Santiago Melo in an interview with local news outlet La Republica in which he also said the sports betting vertical that contributes to around 80% of the operator would continue to dominate.
Melo also outlined soccer, tennis, and basketball as the sports forming Colbet’s most popular betting markets, singling out soccer as the most important sport in the country and the region in anticipation of this year’s FIFA World Cup that would add extra stimulus for fans and bettors.
“Football is still the most popular sport, it’s led by passion and it’s what’s going to help us once the Liga Colombiana returns to activity.”Santiago Melo, General Director, Colbet
Referring to the company’s online casino product, Melo said the vertical would expand its contribution to around 20% of the group’s total revenue, driven by the upcoming launch in Colombia. Colbet received approval from the country’s gaming regulator Coljuegos in 2017 to become the fourth legally licensed iGaming firm in the country.
“According to Coljuegos’ numbers, casinos’ growth levels are above 100%, which is why it’s very important for us to compete in the market.”Santiago Melo, General Director, Colbet
Melo also noted that the expansion of the company’s online casino offering to around 400 game titles from a previous 25 would further boost its iGaming presence. Colbet significantly expanded its product offering after considerations it was not enough to attract players and enable the brand to pursue its growth strategy.
Rebranding to Increase Popularity
Currently ranked eighth in popularity, Colbet believes that will soon change and it will achieve its objective to enter the top three most popular brands among sports fans in Colombia once it changes its name to Betsson.
Betsson Group acquired a 70% stake in Colbet in July 2020 to continue to expand its presence in the Latin American region. The Nasdaq Stockholm-listed group had already strengthened its footprint with the acquisition of Incabet in Peru and a joint venture with Big Bola Casinos in Mexico. Betsson was later named the official sponsor of CONMEBOL Copa America 2021.
Following Colbet’s acquisition, Betsson decided to migrate the brand’s operations to its core platform, seeking to leverage its cutting edge technology and wide range of payment solutions to provide the local market with a modern sportsbook and online casino.
Commenting on the rebranding, Melo outlined it was necessary for Colbet to become part of the international structure of Betsson, seeing it as the culmination of a transitory 2021 which saw the appointment of a new commercial team and a change of platform.