Coljuegos – Colombia sees benefits of revamped gambling policies in 2018

Juan Perez Hidalgo, the President of Colombian national gambling regulator Coljuegos has hailed 2018 as a landmark first full-year for Colombia’s new regulatory frameworks and national policies governing gambling.

Issuing a Coljuegos’ November update, Hidalgo details that Colombia’s new liberalized market will raise circa COP $550,000 million (€150,000) subsidizing the Colombian health care system for 2018.

Since expanding Colombia’s national gambling frameworks in June 2017, Coljuegos details that COP $1.5tn has been processed by newly licensed market incumbents, with COP $1.3tn paid-out to customers during the 17-month period.

This December Colombia’s National Tax Directorate – DIAN praised Coljuegos new licensing and VAT gambling structures for raising record funds for civic projects and national healthcare.

Aiding DIAN tax initiatives, during 2018 Coljuegos and the Federal police force undertook a number of cooperative investigations, closing down 3,000 illegal gambling premises, whilst taking seizure of 2,800 illegal gambling machines and blocking 2,600 ‘black-market’ betting websites.

Hidalgo notes that the upwards trajectory of Colombia’s liberalized gambling industry proves the government right to have revamped Coljuegos entity which was first established in 2012.

Closing 2018 proceedings, Hidalgo details that Coljuegos will look for further opportunities to expand Colombia’s ‘fast-growth’ online sports betting market.

“For the 16 authorized websites allowed to service online betting, they have registered a total of 1,695,614 (October 2018), with the highest recorded month being June 2018, due to World Cup 2018 The average of new monthly registrations is at 110,795 users” Hidalgo details to stakeholders.

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