This Monday, SBC News agency reported that lottery and betting operator Corredor Empresarial had been found compliant with all the requirements of the Colombia’s gambling regulator Colijuegos for obtaining a casino license. Consequently, Corredor Empresarial SA has become the second licensed operator authorized to operate its gambling website Betplay.com.co, which was recently released on the market. This is the second license, which the Colombian gambling watchdog awards, after the country’s officials agreed to regulate the gambling industry last October.
The issued license allows Corredor Empresarial to legally enter the newly regulated Colombian market, offering players access to its gambling brand Betplay.com.co, which is powered by the reputable suppliers Kambi and R Franco Digital. The operator relies on Kambi for its sports betting selection, while R Franco Digital is responsible for the online casino games. Both suppliers are admitted to be among the best in their field. The games, which are included in Betplay.com.co are said to feature interesting and entertaining themes, designed in a stylish way.
Industry experts explained that Corredor Empresarial may strike it lucky by entering the fresh Colombian market, as it can be seen as a rough diamond. It is interesting to note that the first licensed online gambling operator is a subsidiary of Medellin-based electronic gaming machine operator Aquila Global Group. The company received a nod from the Colombian gambling authorities earlier this year, and more precisely in June.
After Colijuegos allowed foreign casino operators to apply for licenses, many companies started to consider the idea of entering the lucrative Colombian market. It was reported that in the previous Colombian license bid, there were 60 applicants. Earlier this year, Coljuegos’ Head of New Business Liliana Viveros commented that 7 operators are most likely to win a license by the end of the year.
Colombia’s Steps towards Regulated Gambling Market
As mentioned above, Colombia decided to regulate and tax its gambling market as recently as October, 2016. Therefore, it has become the first Latin American country to greenlight an online gambling legislation. Colijuegos was appointed to oversee the development of the industry. Prior to that, the gambling regulator was responsible for crafting an adequate legal framework, which is supposed to control the trade. Under the rules, the casino licensees are said to pay 15% tax on their gross gaming revenue (GGR) along with an annual fee of around $200,000.
By supporting the development of the gambling industry within Colombia’s borders, the country’s officials secure a steady cash flow to the country’s coffers, bridging some gaps in the budget. It was announced that the money generated by the gambling activities in the country will be used to support the national healthcare sector. Apart from the financial aspect, the officials also make sure that the players’ best interests are protected, weeding out illicit gambling operations.