Colombia was the first South American jurisdiction to join the pool of iGaming licensors and regulators in July 2017, its regulating body adopting the name ‘Coljuegos’. As a relatively new introduction to the online gambling market, a Colombian gambling licence is less common than its UK, Malta or Curaçao counterparts.
It’s worth noting that things are done a little differently in this South American country, with the government operating a monopoly over all online gaming licences. In fact, the Constitution of Colombia of 1991 declares all games of chance to be state monopoly, revenues from which are to be used for social purposes.
This tight regulation can make the operation of a foreign owned company seem a little challenging. Operators must also be on the look out for developing regulations even after getting set up. However, so long as certain rules and legalities are strictly observed, a Colombian gaming license could be a highly lucrative business venture.
Colombia hosts a population of 44 million
There are over 2.5 million active iGaming user accounts — a number that’s always on the rise
The total market capitalisation sits in the region of 101,490,878.00 Euros
A Colombian iGaming license only permits you to target only the Colombian jurisdiction
The fixed licence fee comes in at circa 200,000 Euros per year
Gaming tax is set to a highly competitive 15%, while the variable license fee is just 1%
Colombia’s legislation prohibits social media advertising, but Google ads have recently updated their terms to permit promotion within the jurisdiction
Modes of Payment - Credit Card (less popular) Land based shops (Vouchers can be sold in bars etc)
Regulatory Positions - MLRO