SBC News Happyhour.io backs Chilean challenger Betsala

Happyhour.io backs Chilean challenger Betsala

iGaming venture capital fund and accelerator Happyhour.io has backed Betsala.com – a South American sportsbook brand targeting growth in Chile’s nascent online betting market. 

The early-stage investment by Happyhour.io follows Betsala establishing its brand in Chile back in 2020, differentiating itself from competitors with a focus on “localised market odds and its unique weekly Free Bet Club.”

Betsala holds a Curacao eGaming Licence (CEG) and is founded by former William Hill Spain and LatAm Country Manager Albert Bellavista (CEO), who commented; “We have the right management team, experience and vision to be a sports betting and gaming powerhouse in Chile.”

“The investment from Happyhour will allow us to scale rapidly with product and operational know-how to become the sports betting brand in Latin America.”

Further to the capital investment, Betsala will join Happyhour.io’s accelerator programme, with its enterprise benefitting from expertise in product development, engineering, marketing and further strategic go-to-market insights.

Happyhour.io has underscored the high-growth potential of Chile’s online gambling marketplace that is “predicted to reach US$425M in operator gross gaming revenues over the next five years.”

Robin Reed, CEO of Happyhour, remarked: “We invest in people and businesses that will transform the industry. Betsala is poised to become the largest online operator in Chile and we are excited to be a part of this rapid growth into the market.” 

2022 has seen Chile progress on launching a federal regime for online gambling, a government remit assigned to the Ministry of Finance, which published the first draft of a ‘Gambling Bill’ in March.

However, progress has stalled as the Gambling Bill has been unable to clear concerns on its tax framework related to market parity between international and domestic operators.

Chilean stakeholders await for the Ministry to present the second draft of the Gambling Bill, expected to provide updated tax provisions and further legislation related to advertising and welfare policies approved by the Chamber of Deputies.

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