Colombia is in the spotlight of gaming events with Games and Betting S.A.S, a sport betting company, obtaining the latest license to offer wagers on the outcomes of games in the country.
The company has become the 17th sportsbook to arrive on the Colombian quickly growing sports betting market. Approved by the local regulator, Coljuegos, Games and Betting will be running its activities for a period of three years, with a renewal possible should everything go without complications.
Games and Betting will establish itself in Bogotá and launch the Betjuego.co website, allowing users to place wagers remotely as well as play various iGaming products, from slots to table games. Games and Betting is coming into the playfield nearly 2 years after the first licenses were handed to Wplay.co, the pioneer of sports betting and gaming in Colombia.
A handful of other companies have entered the market as well, starting with Betplay through Codere and some of the better known-brands in the industry, including Ladbrokes Coral. The regulator has said that the number of registered gamers in the market has risen to 2,011,664 since June 2017 when the first license was awarded.
Even though Colombia has been adopting newcomers readily, the regulatory climate has tightened significantly, with the country introducing a slew of penalties for offenders. The regulator has threatened offenders with up to six years in prison on top of a hefty financial penalty.
The Benefits of Sports Betting and iGaming in Colombia
So far, the industry has been adding quite a bit to the finances of the country. In 2018, money raised through taxation on iGaming and sports betting activities added €1.5 million for the healthcare system. Colombia’s National Tax Directorate – DIAN emphasised on the efficacy of the taxation structure Coljuegos has introduced.
Meanwhile, he regulator has been busy shutting down properties that haven’t been licensed. In total, there have been 2,800 shut-downs since Colombia re-regulated its market to accommodate the needs of licensed operators and bolster customer protection along with it.
Coljuegos president Juan Perez Hidalgo commented the success of the newly-regulated industry last year:
For the 16 authorized websites allowed to service online betting, they have registered a total of 1,695,614, with the highest recorded month being June 2018, due to World Cup 2018 The average of new monthly registrations is at 110,795 users.
Now that a 17th operator has appeared, the industry will be even more competitive, which is good news for the state’s coffers and customers alike.