Colombian game regulator Coljuegos has granted an igaming license to sports betting company Betfair, valid for the next five years.
Coljuegos president César Augusto Valencia Galiano said the permission guarantees Betfair to operate bets on real and non-sporting events, online slots, roulette and blackjack.
In addition, the operator will contribute about $ 6.5 million to the Colombian economy, according to the regulator.
The representative of the entity also stressed that with the approval of the 16th betting site in the jurisdiction, the local market consolidates itself as an attractive opportunity for national and international businesses.
The growth of the industry is evidenced by the 3.8 million player accounts now registered, revealed Galiano, stressing that online betting is completing five years after its launch in May 2016.
The president of Coljuegos stressed the importance of betting only with regulated operators to ensure security, the proper treatment of personal and financial information and the availability of resources for responsible gambling.
“The portals authorized by Coljuegos guarantee the delivery of prizes, the protection of data and the smooth functioning of platforms,” he said.
He added: “We must warn all Colombians that operating unauthorized platforms leads to the practice of a crime in which penalties of six to eight years in prison and fines can be imposed for each establishment, point of sale or seller”.
Betfair closes partnership to facilitate entry into Colombia
Betfair, in turn, formed a partnership with betting provider BtoBet, in October last year, to facilitate its entry into the Colombian market.
The deal enabled the operator to combine its proprietary trading and risk management capabilities with BtoBet’s Neuron 3 platform.
According to the results published by Coljuegos in November, they showed that the entity has collected more than 720 million dollars in gaming taxes since 2015. The amounts collected by the are used to support Colombia’s public health system.