Ecuador
Estelarbet, the Latin American leader in Sports Predictions, launches operations in Ecuador
Estelarbet, a Latin American leader in Sports Betting, launched its operation at the Atahualpa Stadium in Quito.
The Atahualpa Stadium in Quito was once again a meeting place, but this time we’re not talking about a Copa Libertadores final or a concert by Marc Anthony or Romeo Santos. This time, it was a Sports Betting platform that was launched and presented to the Ecuadorian audience, especially those from Quito.
In an unprecedented event, this brand, which is also present in Brazil, Peru, and Chile, held a unique showcase encounter. The match featured Club Atlético Vinotinto (the team of the renowned Luis “Pichu” Escalada) against the “All-Star Team” of Estelarbet (composed of TV personalities, influencers, and former players). Club Atlético Vinotinto emerged victorious, claiming the coveted Estelarbet Cup 2023. This event took place on Friday, August 25th, at 9:00 PM in prime time, following the Liga Pro match between Club Deportivo El Nacional and Cumbaya S.C, which ended in a 2-2 draw.
The launch of Estelarbet comes in the context of the legalization of sports betting sites, with their tax regulation established by the Organic Law for the Strengthening of Family Economy, approved by the Constitutional Court on June 16 of the current year. The law introduced a 15% tax for Sports Betting companies domiciled in Ecuador, calculated based on total generated income and commissions minus paid prizes. For companies not domiciled in Ecuador, the 15% tax will be calculated on the monthly betting value. This law, which is already in effect, establishes a tax framework that will apply to these companies starting January 1, 2024.
During the event on August 25th, Estelarbet also participated in a press conference with the presence of around 12 major media outlets from the country, where we revealed some of the upcoming surprises. Estelarbet’s CEO, Sebastián Salazar, stated: “We are very excited to start our operations in the country. As you know, there are sports betting sites of all kinds, but we are a Latin American sports betting site. Our company will start hiring local staff and establishing offices here. For us as a company, Ecuador has always been a country we’ve been looking at and have had an interest in participating in. There’s a recent legislative change, and we believe that this legislative change, which introduces a 15% tax for sports betting companies, is quite positive from the perspective of fiscal revenue. We are thrilled to be able to offer an attractive and differentiated range of markets and an entertaining offering to captivate the Ecuadorian audience and also contribute to the country’s sports development.”
In line with Ecuador, other countries in the region are currently processing local regulations. Peru has already approved its regulations, Chile is currently in discussion, several provinces in Argentina have operational regulations, and Brazil has approved regulations for sports betting sites, although there’s no clarity on the effective date of their complementary rules. Colombia has had regulations since 2017, and the fiscal revenue from betting contributes to financing healthcare for Colombians through Coljuegos.
Estelarbet offers over 30,000 markets every month for a variety of sports, including soccer, basketball, volleyball, tennis, MMA, baseball, and many more. Their platform is available on both Android and IOS. Additionally, they highlight that they are in the process of integrating with all available payment methods in Ecuador, they have payment networks in stores, and they provide 24/7 online support.
As CEO Sebastián emphasized: “It was a magical night; Tri players were invited, but unfortunately, they had work commitments. Our prizes dazzled, we shared with clients, influencers, and company partners in an exclusive dinner. At Estelarbet, we are committed to bringing a next-level gaming and entertainment experience to Ecuador. We are filled with excitement as we commence our journey in Ecuador, positioning ourselves as the Sports Betting platform where stars play.”