Betfair has received an igaming licence from Coljuegos, Colombia’s gambling regulator. This is set to be in place for the next five years.
Why?
César Augusto Valencia Galiano, president of Coljuegos, hopes that the licence will make a significant contribution to the economy. Coljuegos research experts expect Betfair to rake approximately COP$23bn (£4.8m) which is highly advantageous to the Colombian economy.
We have seen dramatic changes to the number of people interacting on online gaming platforms over the past five years. Since igaming went live almost five years ago in May 2016, it has been found that approximately 3.8 million people have activated their accounts; all of which are registered in the Colombian jurisdiction.
In November 2020, research conducted by Coljuegos showed that they collected approximately COP$2.8tn (approximately £520m) worth of gaming taxes since 2015. These gaming taxes are currently used to help fund the healthcare system in Colombia.
What will the licence entail?
Galiano has made aware that betting operator Betfair will be able to drive betting on online slots, roulette and blackjack games as well as sporting and non-sporting events. With the expected contribution to the economy, this operating service is expected to go far.
Betfair and Btobet partnered in October 2020 in aid of its operation within the Colombian market. Evidently, Betfair has succeeded in doing so, making the partnership worthwhile.
What about security?
Galiano has recognised the need for extensive security regulation in gambling. He notes that “the portals authorised by Coljuegos guarantee the delivery of the prizes, the protection of data and the proper functioning of the platforms”. Coljuegos make it their aim to protect their players.
Affiliates should make themselves aware of the current gaming market in Colombia, as it is providing a window of opportunity for affiliate marketing.
