Fifth Street aims to roll out JefeBet brand in LATAM in 1Q23
Fifth Street Gaming is making a major push to target the Latin American (LATAM) market and is aiming to roll out its JefeBet online brand, most likely in Colombia, in the first quarter of next year, CEO Seth Schorr said.
FSG Digital, the digital arm of Fifth Street, launched JefeBet.com in March this year. The Spanish language site is catering for the Latin American community in the U.S. In April, the company also reached an accord with Dallas-based Ojos Locos Sports Cantina to collaborate on the first hotel and casino dedicated to the segment.
The companies are renovating and rebranding the Lucky Club Hotel and Casino in North Las Vegas. Schorr said he expects that property to reopen in about six months.
“We are the first brand in the U.S. to cater for the 64 million Americans who identify as Latino,” Schorr said on the sidelines of the iGaming Next summit in Malta last week. He said it will be the first Las Vegas casino to be fully immersed in the Latino culture.
“At the same time we’re launching online.We will be rolling out a real money gaming casino in Latin America, most likely Colombia in 1Q23,” he said.
The company expects its experience of catering for the Latino market in the U.S. to aid its expansion into new markets south of the border.
Opportunities in LATAM
“The Hispanic audience in the US has a lot of similarities with the LATAM market, so we think it’s a great opportunity. We think there are a lot of great players there at the moment.”
Colombia was the first country in LATAM to legalize online gambling in 2016, with others slowly following suit. Argentina regulates iGaming on a state-by-state basis, while Uruguay this Summer passed regulation. The market most are waiting for is Brazil where pending legislation has been delayed.
The newly rebranded Las Vegas casino will house a 10,000-square-foot casino, 10,000 square feet of indoor/outdoor entertainment space and a restaurant able to accommodate nearly 300 guests. It will offer events such as concerts featuring Latino artists, Mexican rodeos and food festivals.
Schorr said he doesn’t expect any cannibalisation of clients across the land-based and online verticals, but rather that the digital offers a way to maintain relationships with guests.
“Even if we’re just connecting and making sure they don’t forget about us, that’s a big win in my opinion,” he said.
“Our goal is that JefeBet becomes a global brand, an authentic Latino brand that the community can identify with as something that was specifically built for them.”
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