Colombia’s the only country in Latin America with fully-regulated online casinos
The vast majority of member countries in Latin America allow online casino gambling in one way or the other. Even nations that are set on protecting players rarely say NO to letting citizens enjoy online casino games such as slots and table games. Given the number of prospective customers, it doesn’t come as a surprise that web-based gaming sites have managed to penetrate this region. Smartphones have become more affordable and Wi-Fi connections are more readily available. Latin America is one part of the world where online casino gambling is thriving.
The South American gambling market is still very much in its infancy, despite the ever-growing popularity of this kind of entertainment among locals. Not all countries have succeeded in regulating activities such as playing at the famous slots (tragamonedas), which doesn’t translate into good news for investors. The legality around Internet casino gambling varies from nation to nation. At present, Colombia is the only country to have established a fully regulated market in all of Latin America, which is fully controlled by the government.
Colombia it’s leading the way in the region. Nevertheless, international operators aren’t able to provide their services to local players. If they do so, they risk being banned for 5 years, although such a measure hasn’t ever been implemented.
The Coljuegos is the authority in charge of monitoring online gaming activity
The Coljuegos is in charge of regulating casino games and other types of gaming in Colombia. Since its launch back in 2017, the gambling regulatory agency has added new products and improved enforcement efforts via ISP blocking and blacklisting. Many agree with the fact that Coljuegos is a prime example of administration. It has had notable achievements, in spite of the fact that it hasn’t had a long existence. Companies in this sector of activity are required to comply with harsh rules and regulations to build success.
The legal authorization for online games is meant to protect citizens’ rights, while making a contribution to the country’s economy. With the aim of ensuring a responsible and attractive market for operators and consumers, the Coljuegos doesn’t cease in evaluating the legislation, proposing consultations, and enforcing best practices. In what follows, we’ll present a short list of the accomplishments realized by the Coljuegos:
- Publishing the first online gambling code
- Reducing the average answering times for operators’ requests
- Eliminating the illegal aspects of the gambling sector
All in all, the Coljuegos has transformed Internet gambling into a safe activity for everyone. Therefore, people don’t hesitate to play tragamonedas Jungle Jim because they know online casinos operate within an honor system and are regulated, so they can be trusted. The success of Coljuegos comes from focusing on the aspects that everyone agrees with, rather than what they disagree with. The good news is that many are interested in banishing illegal online casino gaming and protecting vulnerable groups such as youngsters and trouble gamblers.
The diversification of the portfolio of authorized products
Given the current circumstances, nevertheless, the online casino industry is forced to diversify its offering. Following the global trend, Colombian operators have begun to explore their options and offer more than the traditional games. Online gambling companies have started to offer live-dealer casino games, alongside certain types of lottery games. It’s important to stress that the Coljuegos had a positive response, which was all everyone was hoping for. Its operators were allowed to exploit other options in the circumstances of social isolation.
Knowing the various types of games available to Colombian players is important. Online casinos offer at least one of the following:
A slot machine is basically a casino game with spinning reels. If you’re not familiar with tragamonedas, as the Colombians say, you must know that to win the game, you must achieve a certain combination of symbols. Slot games ensure high payouts, but most people play for the thrill of the game. Top-performing slots appeal to a wide range of players.
Baccarat is a card game played between two hands, that is, the player and the banker. Not only is it easily accessible but also enjoyable. You don’t have to learn complicated steps or memorize countless rules. And there’s not much a player can do to influence the outcome of the game.
In the roulette game, players can choose to place bets on a single number or a group of numbers. They can equally place bets on the colors red or black or if the number is odd or even. There are countless possibilities.
Poker has gained massive acceptance all over the world. People largely prefer the online version because they can play at any time and any place. While many perceive it as a fun casino game, poker actually stimulates the mind, so it’s necessary to have strong intellectual skills to win at poker.
If you think that this article doesn’t provide all the answers to your questions about online casino games, feel free to do your own research. This article is by no means exhaustive and it’s only intended to illustrate some basic facts. Search through information until you find what you’re looking for.
Not only is Colombia a trendsetter but also one of the fastest-growing markets
As highlighted earlier, Colombia leads the way when it comes to the way online gambling is regulated. Although member states of Latin America such as Brazil and Argentina have demonstrated enormous potential, it’s not the same thing. Gambling is still frowned upon, in spite of the fact that it’s generally believed that by legalizing this sector of activity will protect players’ rights and interests. Maybe, in time, the continent will take action in terms of regulating gaming activities carried out via the Internet. Until then, Colombia remains the undisputed leader.
The spike in demand for online gaming services in the past couple of years has led to a surge in casinos operators, which are interested in investing in the local market. It’s up to the Coljuegos to upgrade the existing system and help people develop a sense of trust. The positive changes are already attracting players, which translates into growing revenue in taxes and licenses. Perhaps the industry will gain traction until 2028.