The Colombian gambling market is a role model for the Latin American gambling sector now that people can play on regulated casinos
Colombia is the first country in Latin America to have a regulated online gambling market. The local government approved the eGaming Act in 2016 and opened the Colombian gambling market to licensed gambling operators. Latin America and Colombia, in particular, have always been the targets of major gambling players due to the huge potential of interested players they hold. Studies point to a growth in demand for online gambling activities lately in Latin America because people want to enjoy their favourite activity in their houses' comfort. This has triggered a surge in the number of gambling operators that want to provide their services to the Colombian public and invest in Latin gambling markets. The public's positive reaction when online casinos were regulated has convinced multiple jurisdictions to consider legalising the activity and opening their markets to licensed entities.
Why is Colombia a role model Latin America should follow in the gambling industry?
After it adopted the eGaming Act, we can say that Colombia is paving the way for its neighbours to follow suit and develop gambling laws that meet the public's demand. Colombia is moving away from its reputation of a region that prohibits its residents from engaging in their favourite activities. The recent regulations are meant to end years of protests from gamblers who asked for the local authorities to create a safe environment that guards their interests when playing games in casinos like “Tragamondas”. The country's emergence as a place for online gaming stems from the adoption of laws that regulate online entities like the Codere Casino that provide the public with access to a diversified range of slot machine games and other gambling activities.
For some, it may be surprising that Colombia developed laws that regulate online gambling, but considering that over 60% of adults are regularly placing wagers, it's startling that it didn't adopt e-gambling regulations sooner. Colombians are enthusiastic about casino games, and are frequent clients of lotteries, bingo facilities, slot parlours, and land-based casinos. But because more and more people switched to freelancing positions that allow them to work remotely, they find no reason to leave the house to play games at a local facility, and therefore, they prefer to access a website that offers access to a library of games from different domains.
Before developing the eGaming Act in 2016, Colombian authorities have passed a set of laws to outline the operation of land-based casinos and slot halls. They established that casinos should operate only in commercial venues, especially designed for gambling.
Colombia is a role model for Latin American countries because the gambling law structure was developed to provide the industry with efficient regulations issues by Coljuegos, the national agency. The El Consejo Nacional de Juegos de Suerte y Azar (Coljuegos) is an organisation that ensures all gambling entities follow the national legal requirements and protocols. Colijuegos has full autonomy to create new rules, resolutions, and agreements and creates a legally stable environment for individuals who want to play on regulated casinos and investors that want to operate in circumstances that protect their investment.
In addition to these laws, Colombia also created landmark regulations for online gambling, which marks the first set of e-gaming regulations in Latin America. The regulations managed to attract authorised operators like Codere Casino and allow them to gamble in safety conditions.
Colijuegos has an essential role because it gathers the exploitation rights from local and offshore operators and uses them to fund public health services. In March 2020, the national authority reported that the entire amount it earned from online and land-based gambling and betting activities was transferred to health services to return the money to the community.
What should you know about the Colombian eGaming Act?
As a response to the growing number of people that accessed online gambling resources to enjoy Free and fun Colombian Slot, the Colombian government decided it was the moment to create a set of laws that regulate online gambling and protect their citizens. The eGaming Act introduced measures meant to prevent online casinos that don't follow local procedures and regulations to address the local public. The Colombian eGaming Act integrates regulations that govern all online cash gaming activities like sports betting and casino games. But the regulations also make it easy for investors to access the Colombian market because they don't have to obtain separate licenses for each type of gambling activity they offer, they can get one to cover all their portfolio. However, the operators who want to provide services to the Colombian audience need to pay a licensing fee of around $200,000 a year and 15% tax on gross revenue. But considering the large number of people interested in these activities, all casinos that operate legally in Colombia find the amount fair.
The Colombian online gambling industry is on the rise
The Colombian population is rapidly approaching 50 million, and the national economy is in full expansion, with the region ending a long time of conflicts between militia. The country is slowly emerging from the shadows of being a drug capital to becoming a modern place where people can focus on their activities without worrying about surrounding factors. With the Coljuegos intending to improve the existing gambling system and create laws that improve the existing gambling landscape, changes are expected in the gambling industry's future. These changes can only attract more operators like Tragamondas that want to address a new public and provide them with high-quality services customised to meet their local needs. We can say that Colombia has steadfastly overcome the years of turmoil surrounding all its industries and can become a shining role model for Latin American countries that want to explore the benefits gambling legislation can bring.
We expect the Colombian example to transform the entire South America in terms of online gambling and open the market to a new audience.