Economic growth thanks to gaming legislation in Colombia
Thursday 27 de July 2023 / 12:00
2 minutos de lectura
(Bogota).- Since 2021, the gaming industry in Colombia has been regulated by the Congress of the Republic, allowing Coljuegos to act as a regulatory entity, offering legal stability to both players and different companies and bookmakers, who have seen an important opportunity to invest in the country.
Within the gaming sector in the country, the decision to define clear rules and provide security to the sector has clearly resulted in its sustained growth and development. An accurate sample came during the times of the pandemic, where the industry maintained its growth, growing only during 2020 a profit increase of just over 80%.
Of course, we must not forget that certain advantages have also been given to operate, reducing any negative impact on the industry. For example, the betting sector in Colombia has a wide variety of options to enjoy. Participation in slots has grown by more than 15%, roulette has 10% more followers and blackjack has noticed its interest by almost 9%.
In total, it is said that there are about 20 official operators in the country. And by 2016 the websites started their offer when a new law was produced in Congress. What incorporated options such as sports to the market.
Of course, the betting houses in Colombia have to comply with certain parameters. The most relevant aspect of the regulation is that part of the profits generated thanks to the gaming industry go to society. And this is because the operators have to pay a tax of 16% of their profits by law. In addition, obviously, to have a license to be able to operate legally in the country.
An atypical case, but one that will surely be copied by many other countries in Latin America. Especially if you take into account the positive points thanks to existing legislation.
For example, Argentina is perhaps one of the most outliers in the region. Each province has its own regulation and legislation on the matter, so there is no uniformity throughout the country regarding the gaming industry. In some places online gambling has already been approved as an option, one of the latest provinces was Buenos Aires, although places like Mendoza, Santa Fe or Corrientes have already allowed it during the pandemic.
On the other hand, countries like Mexico are one of the most attractive and important for the gaming industry and especially for sports betting. It is normal to see advertising for betting sites in different media, but above all there is a great link with the world of sports. They need to have a seal, granted by the Ministry of the Interior, as established by the Federal Law on Games and Draws.
Meanwhile, there are cases that have taken their first steps, but are still working on the issue. Paraguay has already issued several decrees, but mostly at the level of sports betting. They still have to further develop the theme of online games and adapt to the technological advances that the industry is experiencing.
Or the example of Peru, which in August enacted a law to regulate the gaming sector. The hope is that they can obtain more economic resources for the development of the country, betting on social and economic development.
In general, Colombia became one of the pioneers regarding the issue of legislation in the world of betting. His role, beyond being relevant for taking the first step to regulate such an important industry, became fundamental for demonstrating that legislation is necessary to maintain control, but also to serve as support for other sectors of society that You can benefit from the great interest and potential that the gaming industry has at an economic level. An industry that forecasts show will not stop growing in the coming years, something positive in terms of investment for any country that understands the positive role it can play.
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Región: South America
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