Colombia leads by example in the online gambling industry
When it comes to online gaming, it can’t be denied that Latin America holds a lot of potential. The number of players here keeps increasing, with games like tragamonedas or poker being extremely popular at the moment. The high demand for online casino games registered in recent years also piqued the interest of many online casino providers, setting the grounds for a thriving online gambling environment.
If we were to take a look at the bigger picture, it’s quite obvious that the South American online gambling industry is still in its early stages, despite the large number of potential players who are more
then eager to enter the gaming world and try online casinos and slots. Most countries in Latin America have a lot of catch-up to do with regard to industry regulations, so there’s still a long way to go until the market can be exploited to its full potential. But things are definitely starting to move in the right direction and it’s mostly because one country put in the effort to regulate the online gambling sector and pave the way for others as well.
Colombia as the online gambling pioneer
Colombians could teach the world a thing or two about online casinos and slots and that’s because the online gaming industry in the country is fully regulated. In fact, Colombia is the first country in Latin America to come up with such an initiative and effectively put it into practice.
People in Colombia can now enjoy the thrill of tragamonedas and other online casino games legally. It’s been quite a long journey, as attempts to regulate and control online gambling activities started back in the 90’s, yet they were largely ineffective and there was little progress made until 2016. The change came when the government adopted a new set of regulations presented by the country’s newly established gambling authority named Coljuegos.
Nowadays, there are plenty of great online casinos and slots that players can choose from, without worrying they might be involved in some illegal activity. Playing at fully-regulated online casinos also puts to rest concerns related to data safety and the reliability of online operators. Therefore, the laws and regulations set in place made online gambling a much safer environment for all players.
Colombian Gambling Authority
As mentioned previously, the authority in charge of regulating the gaming sector in Colombia is El Consejo Nacional de Juegos de Suerte y Azar (Coljuegos). Since the sector became fully-regulated, Coljuegos managed to reinvent the gambling industry in Colombia, with a tighter grip on all online gaming related activities. The legislation and laws they drafted helped reduce illegal operations and increase profits coming from legal gambling activities.
Coljuegos started issuing licenses to online providers as soon as the online gambling legislation was adopted in 2016. Now licensed service operators can provide all sorts of online casino games such as tragamonedas as well as other popular gambling games to Colombians and tourists visiting the country.
What’s more, Coljuegos strives to improve the gaming experience, by focusing on safety and transparency. They provide a list with all the places where players can engage in legal online gambling activities, making the whole process of searching for a reliable operator much easier.
But Coljuegos’ mission doesn’t stop here. They also take extensive measures to ensure all licensed casinos comply with the new legislation and their activities continue to be fully transparent. Apart from that, Coljuegos also carries out constant actions with the purpose of identifying unlicensed operators and limiting the spread of illegal gambling practices.
What the future can bring for online gambling in Colombia
Colombia’s online gambling industry has gone through a lot of changes in recent years. From a market that was riddled with corruption in the absence of a proper gaming legislation, Columbia made the jump to South America’s first jurisdiction to establish a regulated gambling environment. The transition wasn’t smooth or easy, but in the end Colombian authorities managed to set the course for proper development in the sector.
Now, many people wonder what the future will look like for the Colombian gambling scene. The fact that there was such significant progress over a relatively short period of time, gives both providers and players hope for further expansion in the market.
Although Coljuegos is already issuing licenses for online operators, there are still plenty of service providers that don’t meet legal standards and have to make the necessary amendments in order to become legal entities in the online gambling landscape. The first steps have been made, but now there’s going to be a long process where all operators have to align to the new regulations.
For example, Colombian operators might require a bigger capital in order to get their businesses up and running. That can prove difficult for start-ups that rely on limited budgets and can’t afford to make large investments from the get-go. But the good news is all these efforts will later be rapid, as players will develop a sense of trust with regard to licensed providers, leading to higher profits in the long run.
Influence on other countries in Latin America
The progress made by Colombia in legalizing the online gambling industry doesn’t only benefit local players. Columbia became a trailblazer as its success in the field inspired other Latin American countries to do the same.
Out of all other South American countries that can follow in Colombia’s footsteps, Argentina and Brazil are probably the ones that show the greatest potential. First of all, they both have large populations, making them a tempting option for large investments. Another important factor is the population’s general attitude towards gambling. Argentinians don’t disapprove of gambling and the common opinion is that legalizing online gambling will be a positive change.
In Brazil, online gambling is still illegal, but the legalization of sports betting in December 2018 gives hope of further progress in the industry and brings the promise of similar actions in the future.
In the end, things seem to move slowly but surely in the right direction for all Latin American countries, so we can only hope that one day all the markets in the region will be fully regulated.