Gambling in Colombia – The iGaming Industry in Latin America
Online gambling has a magnificent appeal among people, including Colombians. There’s a spark in every casino from across the world which makes people enroll in an unforgettable adventure. Casino gambling is one of the most diverse forms out there, with lots of games available. You can either choose to go to a casino or play online. You will usually find a great selection of games – it’s the reason why gambling is such a popular activity.
There are actually far more games available than people think. The most popular ones are blackjack, poker, slots, craps, and roulette. In this article, we are going to focus on online gambling and casino gambling in Colombia.
There are most forms of gambling, as mentioned before, but the most popular ones are casinos. Colombia is the country in Latin America with regulated online gambling market and a rich gambling history. The Colombian government allows citizens to gamble from any corner of the continent, on foreign-based gaming websites.
According to a survey made in 2019, over 68% of Colombians visited online gambling websites and placed online bets. Gambling apps were classified secondly, with 25% of respondents using them.
Is online gambling legal in Colombia?
The online casino marketplace in Colombia is the first authority in Latin America to create a structured online gambling atmosphere. The gaming industry was accepted in 2016, and ever since then, the Colombian gaming industry has been available to qualified operations. Colombia is a region that holds an immense potential for major players in the gambling industry. Many recent reports showed that there is a big demand for online gambling services in this area. Therefore, many gambling operators and service providers have decided to start investing in local markets. They’ve received positive reactions from Colombians, which provided them the possibility of legalizing online gambling and open their markets for the best online casinos in Colombia with licensed operations.
The gaming market in Colombia
Colombia is paving the way for states like Brazil and Mexico. These countries must update and adjust their existing laws regarding online gambling games and meet contemporary demand, if they want to be a target for major gambling players. As most of you out there might already know, Colombia is the country located in the north of the South American continent known for its natural beauty, tropical rainforests, and attractive beaches. But also, the country has a special history – it’s known as the world’s largest cocaine producer. Pablo Escobar “El Chapo” remains the most powerful, richest, and most wanted drug lord in history.
However, Colombia is moving away from its dishonorable reputation as a drug country. The country had made enormous progress to finally emerge from decades of conflicts and groundbreaking between territorial army groups. Now, Colombians adults can safely and regularly go to casinos and play all kinds of online games available in the country, such as slot machines “Tragamonedas, Slots in Spanish”, and table games “Juesgos de mesa.”
The law in Colombia specifies that casinos can only function in marketable locations that have as a main activity gambling. Casinos must be connected to an information database network, and stick with all the rules required. The Colombian government will block any gambling site that does not follow these procedures. The Colombian gaming industry holds a wide variety of rules that govern the online cash gaming activities, such as casino games, poker, Tragamonedas (slots), and sports betting. Any operator who wants to open a casino mush obtain license for every type of gambling game. Operators might also opt for one license that covers all gambling activities. So, to legally activate in Colombia, operators must pay a licensing fee of anywhere around $200,000/ year and 15% tac on gross gaming incomes.
A growing market with future challenges
The global online gambling market was valued at $53.7 billion in 2019, and it’s expected to grow at an annual rate of 11.5% from 2020 to 2027. There is also an increasing use of mobile phones among Colombians for playing online games from public places and from their homes. Some factors influence Colombians desire to dive into the online gambling market, including the easiness of accessing online gambling games, casino games, and so on. Also, the cost-effective mobile application across Colombia, but also the across the globe, is expected to influence gambling market growth.
The internet is an enormous platform that can enable merchants to provide their services in the digital market space, with trends suggesting that the consumption of services and products in the worldwide virtual market has amplified by 28% annually in the past decade. Aside from the growing use of the internet, there is a growth rate of online casinos that increased significantly.
Many countries have legalized online gambling, including Colombia since it offers a big rate of employment and helps in income growth. For instance, Colombia has a population of 50 million people and a growing economy that is becoming a center for gambling games. One of the biggest challenges for Colombia was to modernize the system of distributing gambling licenses to control the online casino industry. What do these challenges mean?
Colombian gambling laws require operators to invest more starting capital. But this can help players grow a sense of trust. Taking control of gambling activities in Colombia is due to the system that was common to corruption and illegal casino activities. The system was changed to eliminate corruption and illegal activities, thus, creating accurate regulations that can reflect modern gambling trends, and raise profits. These changes are already leading to new betting companies in Colombia, and growing revenues because of taxes and licenses.
Colombia has persistently continued through years of chaos to become a great example for South American countries to keep up with terms of gambling regulation. The online gambling industry in Colombia, Latin America, is indeed a success story.