How important is the games of chance industry for Colombia?

Impact on the economy

The passion of Colombians for the game is not a secret for anyone. It is a well known fact that they enjoy gambling in all its forms, whether in a physical establishment or online.

Some people may assume that playing online casino games does not benefit anyone but the operators and players, but that is far from true. The gaming industry in Colombia is about more than making money and having a good time. Colombia is a great example of how a country's gambling sector can be very supportive of the economy.

The way the system is structured assumes that the profits from online casinos and physical establishments go to the government in the form of taxes. With almost 3,000 establishments in Colombia, officials have evidence that revenues directly led to $ 45 million to public finances and $ 100 million to the health sector.

Besides, let's not forget that Colombia is also a coveted tourist destination, attracting millions of tourists every year. A few years ago the country registered record figures in tourism, with more than 4 million visitors. All of these tourists are now able to play at the land-based and online casinos in Colombia, offering a valuable boost to the economy.

Colombia is expected to generate around $ 150 billion a year if the websites that are available in the European Union, North America and APAC are accessible in the country. Therefore, casino games in Colombia are now a viable source of money for the economy.

Online gambling in Colombia
When it comes to online gambling in Colombia, the government has introduced a new form of safe and entertaining gambling. It is important to note that players can now freely gamble at the best reliable online casinos in Colombia, which can be found at es.casinority.com, playing slots, roulette, poker, blackjack, etc. This change attracts many people from the industry of Colombia and the countries close to Latin America.

The gaming industry in Colombia is the first domain in Latin America to establish a legal environment for online gambling. The iGaming Law was passed in 2016 and, since then, the Colombian gaming market has been open to licensed operations.

Regulation of the online gaming industry brought many benefits to both providers and players. Since the approval of the Law, Colombia has experienced incredible growth in the online gambling sector. Today's scene comprises legitimate domestic and foreign operators offering various games of chance and all types of casino products.

Despite the closure of physical establishments due to the COVID-19 crisis, the gaming sector has continued to grow in the market thanks to online gambling and sports betting. The gaming industry managed to contribute 253 billion pesos that were used in the health sector in times as difficult as today.

 Conclusions
We can expect staggering levels of growth in Colombia's gambling sector in the near future, as the government has already updated its regulatory base to better sustain the digital age. Positive changes in the gambling sector are already captivating gambling companies in Colombia and increasing revenues through licenses and taxes. Thanks to regulated gambling, providers must follow strict regulations and players will be able to enjoy and have more confidence that the online casinos they access are safe and that their data is well protected.