Columbian Regulated Online Gambling Success

Published Friday, July 13, 2018 -
Columbian Regulated Online Gambling Success

The expansion of the global regulated online gambling is creating some issues for emerging new jurisdictions such as Latin America. Columbia has been issuing online betting licenses in relatively big numbers since it decided to liberalize it gambling market.  Regulation is challenging for a newly formed regulatory body and with a greater the number of online gambling operators the task becomes more difficult. The government of Columbia is determined to build an online gambling hub on regulated soil to help with its economic problems.

The Columbia regulatory body Coljuegos CEO Juan Pérez Hidalgo used the licensing of Royal Betting Solutions announcement to reveal the regulated market’s performance to date since the market’s first licensee launched a betting product in July 2017.   The Royal Betting announcement followed the issuing of the 11th license to Italy’s HBG Gaming Group last month. Hidalgo renewed his assertion there would be 17 online licensees taking wagers by the end of this year. Colombia made online gambling history last year by becoming the first Latin American jurisdiction to legislate a regulated online gambling market.

To make sure there is no mistake the government of Columbia means business Hidalgo repeated a  warning to gambling operators both domestic and international that serve Colombian punters without Coljuegos’ licensing. If discovered on Colombian soil, illegal gambling operators can face prison for up to eight years in addition to fines of over COP234m ($80k USD).

 When the FIFA 2018 World Cup began in Russia the 870k Colombian Columbian gamblers that were registered at local regulated sites leaped thirty five percent over the previous month. It was revealed the majority 85 percent of the bettors were men mostly under forty years old.  About 97% of player deposits are made in cash although the average deposit was small at COP20k ($7). The number of punters and operators has grown a great deal so it is a success for now.

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