News, Culture & Society

After becoming the first country in Latin America to legalize Internet gambling, Colombia’s casino market continues to grow

Colombia made history in 2016 as the first country in Latin America to legalize Internet gambling. Coljuegos, Colombia’s gambling regulator, issued a license to Wplay.co one year later in order to be legally allowed to process payments and deploy the gaming content of big software providers. Since then, numerous companies have been awarded iGaming licenses in Colombia, which include a 15% tax rate on the total revenue from games. Establishing a defined licensing regulation has contributed greatly to the success of the market. All gambling activities are regulated through the Colombian Gambling Act, Law 643 enacted by Congress in 2001. The main objectives include:

  • Consumer protection
  • Fraud prevention
  • Fighting the black market

Before the gaming act was defined, there were no rules or regulations concerning players’ protection. To put it simply, people had to learn to protect themselves. Besides choosing a legitimate site when playing slots (“tragamonedas”, that is), poker, roulette, baccarat, and so on, players had to carefully read user feedback and set spending limits. After the rules and regulations were defined, it was a completely different story. More exactly, Internet gambling is conducted honestly and fairly. It’s free from criminal influence and exploitation.

Colombia is committed to putting an end to illegal gambling

Local authorities are making incredible efforts to block local and foreign operators that are offering gambling services to the public without a license. Since its inception, Coljuegos has been fighting against illegal online casino operators. At present, only 17 web-based platforms are allowed to operate in the country. The 17th online gambling license has been granted to Games and Betting S.A.S., which aims for success with the Betjuego.co domain. According to the Ministry of Information Technologies, which worked closely with the Police Cybernetic Center, more than 2,600 domains have been blocked until now.

Coljuegos pushed for the Legality Deal, which brings together the federal government and local authorities, not to mention trade associations and the police to increase the number of raids. Lawful practices are actively promoted in the online gambling sector in Colombia. Experts frequently test and review online casinos. Those interested in playing games for real money can check the review of the best online casinos (Spanish: “reseña de los mejores casinos en línea“) to find the best platforms. Needless to say, hefty sanctions are imposed on illegal gambling portals. There is a particular focus on domains located outside the country, which refuse to comply with the legal system.

Online gambling continues to exhibit sharp growth in 2021

The gambling market in Colombia, which is the first jurisdiction in Latin America to establish a regulated environment, continues to grow at an impressive rate. Internet penetration registered a 70% increase from January 2019. Most importantly, mobile connectivity is relatively high (120%, to be more precise). Over the past couple of years, Colombia has witnessed significant investments in the local infrastructure, with better Internet connection speeds. Internet users have made use of their phones as boarding passes. Newly registered players enjoy a better ecosystem where all the channels are interconnected for a superior experience.

The Internet gambling sector in Colombia is a growing market. With a population of 51,241, 336 people and one of the strongest economies in Latin America, it’s not at all surprising that Colombia manages to stand out. Gambling revenue is used to avoid raising taxes, reduce government debt, and maintain existing services. Those who decide to play online casino games in Codere Colombia (” play juegos de casino online en Codere Colombia“), one of the most trusted gambling operators, make their contribution to economic growth.  Their contribution translates into operations, which represent a non-negligible per cent of GDP and generation of jobs. Contrary to popular opinion, the web-based gambling sector is good for local employment; it’s just that the effects aren’t so obvious. Online gambling companies are likely to expand their operations even further and support growth.

An ever-increasing number of Colombian players are turning to web-based platforms being attracted by bonuses and extra tournaments. The availability of smartphones with high-end features has enhanced accessibility and convenience. Much of the revenue is coming from mobile gambling. Owing to AI and personalization for each user, gambling operators succeed in improving the overall experience. Freemiums have also played an important part. Players are able to try new products for free, for a specific amount of time. For instance, they can play slots with free spins before making up their minds. Once there are no more coins, players can buy more to continue the game.

 What are the most profitable games in a Colombian online casino?

As a rule, online casinos invest in high-quality games with outstanding graphics and sound effects. Slot machines and table games make up most of the offer. The aim of the online casino is to provide a realistic experience; practically, there should be no difference between the online and offline experience. The chances of winning when playing at an online casino vary greatly, depending on the house edge and payout. Players who are looking forward to making a profit should become familiar with the games that offer the best chances of winning or require skills. Now, let’s take a quick look at some of the most favorable casino games:

Slots

Many agree with the fact that slots are the best way to enjoy casino gaming. Slot games, (the so-called “tragamonedas”), vary by type, theme, and features. Colombian players don’t have to leave the home to enjoy the excitement. All they must do is register on a gambling site and select a game. The playing field consists of 5, 7, and 9 reels. The gameplay is completely friendly.

Video poker

For video poker, it’s necessary to apply a strategy. More exactly, the player is able to influence the outcome of the game. Video poker is a game of decisions. Therefore, it offers intellectual stimulation and is superior as compared to games such as roulette.

Blackjack

Learning how to play blackjack is fairly simple. Cards 2 and 10 are worth their face value, while kings, queens, and jacks are worth 10 points. The goal of the player is to draw cards until they get closer to 21. It’s a great game even if you’re a novice player.