Ready to enter the new regulated Colombian market ?
After the Colombian gaming authority Coljuegos launched a consultation document in December 2015, and following positive results obtained in Brazil, Argentina and Chile as a consequence of their push to regulate their own markets, Colombia is now very close to launching its new online gaming regulations.
The new regulations are to be released in May, after the Fadja tradeshow in Bogota.
The move is set to kick off a new era for legal gaming and sports betting, with BtoBet positioned to be a major part of it.
24Win and BtoBet ready to Launch the first .co in Colombia and LATAM
24Win, a BtoBet client who will present its license request to Coljuegos, clearly understands the potential of the Latin American market. 24Win will be soon one of the operators to get the license for online gaming and to obtain the “.co” legal domain and the first operator employing BtoBet’s most advanced and innovative platform. All not Colombian licensed gambling domains will be considered to be operating illegally.
Commenting on the move, 24Win Marketing Director Alex Soteres said “We chose BtoBet’s B Neuron Artificial Intelligent platform because it is perfectly suitable for the Colombian market, and for our expanding Latin American marketing plans.”
24Win Operations Director Erik Tosca added “BtoBet is the best solution for us to enter the market. The platform allows to cover all the departments of the business; accounting, marketing, crm, product, etc. The integration with third parties is easy enough, and the technical support is friendly, fast and effective.
24Win chose Colombia as its first gaming market and the Directors explained their point of view.
Alex Soteres stated “The new regulation will open new oportunities, will change the Colombian market, people will be more informed about gaming rules, security, offers, etc., and the operators will be serious companies, supervised by the government and ensuring that the market is transparent and fair. At the same time new operators will come in the market and it will become more stable and uptrend”.
Erik Tosca announced “we are interested in targeting other South American markets such as Mexico, Brazil, Peru, Bolivia, Ecuador and any LATAM markets could be our next markets. Our business will benefit from online sports betting. As far as the marketplace in World Wide Web environment doesn’t exist now, every operator has a big chance to become successful. We signed an agreement with Btobet because BtoBet’ system is omni-channel and we have now a land-based casino with the possibility to go online, including mobile; its system is also multi-currency, multi-jurisdictions and multi-brand. It enables us to manage our business content everywhere – that means our players will be able to bet through all mobile and online devices. It permits over 100 types of payment methods and includes all currencies, and it fits all the jurisdiction requirements of our target countries”.
The Colombian new regulation
This is a moment of many changes and advances for the new regulated Colombian gaming industry and the President of Coljuegos Cristina Arango Olaya positively commented:
“We managed to build an organization capable of developing the gaming industry to bring the level of the best in the world and whose management is supported by the confidence of the entire society through responsible, transparent and sustainable practices. We created the conditions necessary for the development and implementation of new games that encourage market growth”.
The new Colombian regulation will allow licensed online gambling operators to offer RNG casino games including slots, roulette, blackjack, baccarat and bingo, plus poker (cash games and tournaments). It would authorise sports betting (real and fantasy), with fixed-odds, parlay and exchange wagering all getting the green light. Live in-play betting would also be permissible. Operators would be required to pay up to 1% of GGR as an admin fee and tax rates on 15% of the GGR or 17% of the Stakes. The draft stipulates that licensed operators “will additionally pay 811 minimum monthly statutory salaries, which will be cancelled during the twenty (20) working days of each year of operation”. (Calvinayre.com).
With the number of players and bettors in Colombia on the increase, the potential of the move is clear to see. 11,940,968 are over the age of 18 with nearly 60% of those, 7,044,429, actively playing and betting online.
Table: Percentage of Colombian players over 18 years old (Coljuego)
The statistics become even more interesting once we consider the gaming/betting behaviour of all the other Latin American countries.