Amongst the most important developments reflected in the draft to modify the regulation of online games is the incorporation of virtual gambling. The draft of the modifications to the law comes after Coljuegos took into account the request put forward by different members of the sector to open up the market for new games.
As a result, the board has analysed how virtual games are regulated in countries such as Italy, Spain, the United Kingdom and Nigeria, amongst others, in order to review their feasibility and ensure that these games are effectively framed within the definition and characteristics established in Colombian gaming law.
Operators will be permitted to add virtual games to the portfolio of their already existing games as only a simple amendment to Colombia’s online gambling laws are required. Operators will be allowed to offer betting on virtual and pre-recorded sporting events. However no in play betting on virtual sports or betting on virtual numbers games will be permitted.
Colombia was the first country in Latin America to pass a comprehensive online gambling law. Since passing the law in 2016 Coljuegos has now granted 17 online gaming licences. Both local and foreign companies now offer their services online.
The market has shown rapid growth reflecting the potential of a well regulated market in other jurisdictions and there are now over 1.9 million online registered players nationwide.
In August the board announced that online gambling revenue had increases by over 60% generating significantly greater revenues for the government in the first six months of this year. Ending in June Coljuegos, reported revenues reached US$ 96.7 million, which will be used to help subsidise the Colombian health system.
Source: GMB / G3 Newswire