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About Erik The Red
Philip Pietras, 52, admitted to stealing from more than 170 people, many of whom are senior citizens who sought to limit the emotional and financial burdens placed on their loved ones by prepaying for their funerals. But instead of placing those funds, meant for caskets and burial services, in escrow accounts, Pietras pocketed the money to gamble.
Pietras accepted a plea deal from the state, and prosecutors expect him to enter a guilty plea on Oct. 23 and be formally sentenced on Jan. 22, 2027.
Under the terms of the state’s offer, Pietras will admit to stealing his clients’ money for his personal use. In exchange for his admission, the state has recommended a prison sentence of 7.5 years instead of 15 years, followed by five years of probation.
How to play Erik The Red
Atucha suggests global scale is only an advantage for international operators when it is executed with a local perspective. Having been in the Peruvian market since 2008, Betsson boasts considerably more local experience than a newer international entrant. “We have seen it all,” Rossi says.
Rossi argues that there is no single ingredient behind the operator’s success in Peru. Betsson has made Peru a key growth market in LatAm, which for the first time in Q2 took over as its largest region by revenue, accounting for 36% of its Q2 revenue at €310.2 million.
“I always like to say that it’s a mix of different factors,” Rossi suggests. “As a matter of fact, Peru has always been one of our driving markets in LatAm, and you always have the attention from the business to be kept on a quite substantial level of investment.
What is Erik The Red?
Younger patrons are increasingly familiar with crypto, but the lack of regulatory adoption in the regulated space can push bettors to offshore or unlicensed platforms, most of which do accept it. At the ICE Barcelona conference in 2025, a panel of international sports betting CEOs lamented the fact that they were barred from adopting crypto, while their black-market competitors were not.
A report released in June by payment provider Paysafe said the percentage of online sports bettors who dabble in crypto is 64%, more than double the US average of 30%. Crypto deposits are only legal in two states, Wyoming and Colorado, but crypto withdrawals are not legal anywhere – 85% of respondents said they would welcome withdrawals as an option, Paysafe said.
“When permitted, crypto would become a top-three payment option for funding deposits (after digital wallets and debit cards), and a top-two payment preference in New York and Illinois,” the report said.
