The deal is the latest for BtoBet in the Latin American nation and comes a month after it was acquired by Aspire Global in a deal worth an initial €20m (£18.3m/$23.6m).
BtoBet, which has signed a number of agreements in Colombia since the market opened up in 2017, said the Betfair deal includes scope to expand the partnership into other regulated markets in the future.
“As one of the world’s largest international online sports betting brands, Betfair will become one of the first B2B partners to leverage BtoBet’s position in the market since its acquisition by Aspire Global,” BtoBet founder Alessandro Fried said.
“We are confident that we will become key players in the market by combining Betfair’s strong brand and extensive industry knowledge with our flexible technology.”
Commenting on the BtoBet partnership, Mike Woodbridge, Betfair’s international director, added: “We are excited about this planned partnership and the chance to offer a top-class betting experience to Colombian customers by combining BtoBet’s excellent Neuron 3 platform with Betfair’s industry leading trading and risk management capabilities.”
BtoBet’s strong presence in Latin America was one of the key reasons Aspire chose to acquire the supplier, it said following the deal’s announcement. BtoBet has partnered with 32 operators between Europe, Africa and Latin America, with a particular focus on the latter two regions. In announcing the acquisition, Aspire said this made it a perfect fit with Aspire, which has a stronger presence in Europe and North America.
During the first six months of 2020, BtoBet generated revenue of €3.1m, while EBITDA came to €1.2m. In 2019, it generated revenue of €4.4m and EBITDA of €1.5m.
Regulator Coljuegos has issued 18 online gaming licences since Colombia became the first jurisdiction in the Latin America region to formally approve online gambling back in October 2016.