Betfair has collaborated up with the South American Football Confederation (CONMEBOL), making it the very first official gambling partner of the Latin American organization.
The deal gives Betfair the green light to promote itself in stadiums all through the region, with the use of its logo. This is on top of advertising through social media and broadcast channels.
Betfair is now part of a select group of prominent partners of the CONMEBOL, which has Bridgestone, Santander, Gatorade, Qatar Airways, and MasterCard. The deal would expire on December 2022.
Stephen Mault, who functions as the head of brands at Betfair, stated:
“We are delighted to be the official betting partner of the CONMEBOL Libertadores and CONMEBOL Sudamericana. These two prestigious tournaments have provided so many memorable moments in world football throughout the ages.”
Both events are premier club competitions in the region and draw massive crowds each and every year. The CONMEBOL Libertadores has been staged since 1960 and has 47 teams from 10 different countries. The CONMEBOL Sudamericana, which started in 2002, is a merger of two previous tournaments.
Betfair is one of a few worldwide gambling firms that is looking for a slice of the pie of the potentially lucrative Latin American market. A lot of countries are looking at further developing gambling regulations to try and cash in on its ever-growing popularity.
Brazil already has a consultation that looks to study whether it is a viable idea to allow retail and/or sports betting. The study, which is closely looking at seven different areas of the gambling space, would be completed very soon.
There was a gambling regulation that was signed by the previous Brazilian President in 2018 that related to sports betting. This put into action the consultation on the impact of the legalization of gambling, as well as establishing the foundations of an official framework in case gambling expansion is given the nod.
Other countries in the region with potentially profitable gambling markets include Argentina, Colombia, and Mexico. The likes of Bet365 have settled on deals with local firms over in Mexico.
Mexico is considered to be the second-largest gambling market in Latin America, and with people having more disposable income, the gambling industry there is thriving. Foreign operators can now collaborate with local companies to expand their offering.
And while online gambling has not officially kicked off in Mexico, a new regulatory framework is already being worked on to develop this sector.
Meanwhile, Argentina is the largest market for gambling in the region. Online sports betting is considered legal in the Argentinian capital of Buenos Aires, with seven licenses up for grabs.
Operators such as Bet365 have also been working on partnerships with local companies in this region. These efforts have seen some political holdups, with anti-gambling legislators being somewhat more popular in the country of late.