Colombia’s Gambling Industry is Expected to Grow to USD $2,029.00 Million by 2029

Everyday, Colombia’s gambling industry is more vibrant. According to data from the regulator, Coljuegos, the online gambling market has played a significant role in these results, as it went from generating revenues of $16 billion pesos (12 zeros) in 2021 to reach $34.5 billion pesos (12 zeros) in 2023. Of the $34.5 billion pesos collected, 94% was returned to users in prizes. 

According to industry experts, this growth is due to several key factors. We invite you to keep reading, in order to know the main four: 

Increased Connectivity

The greater coverage of internet and mobile devices in the country has facilitated the access of Colombians to online gaming websites. 

It is estimated that, today, more than 65% of the Colombian population uses the Internet regularly, which has allowed the online gambling industry to reach a wider audience.

Strengthening Regulation 

Additionally, improvements in the regulatory framework have been fundamental to boost the development of the gambling industry. 

In Colombia, online casinos became regulated with Law 1753 of 2015, which amended Law 643 of 2001.

Since then, the number of authorized operators has grown, which has opened up a wide variety of options to users.

Increased Interest from Young People 

Another important driver in the gambling industry’s growth has been the increased popularity of casino games, sports betting and eSports among Colombian consumers, especially in the younger segment. 

According to a study by EY, one of the world’s leading audit, tax, transaction and advisory services firms, 45% of online gamblers in Colombia are between 18 and 34 years old, which reflects the growing acceptance of these activities among the younger population.

More Robust and Secure Platforms

Technological innovations in gaming platforms have also contributed to attract and retain users. Functionalities such as virtual reality, interactive games and live streaming have improved the players’ experience, making them more immersive and exciting.

Likewise, the different means of payment and the development of tools that provide greater security to users have contributed to increasing the number of Colombians who participate in online gambling. 

Positive Impact on Employment and Tax Collection

The gambling industry has had a significant social impact in Colombia. According to Coljuegos, the gaming industry generated more than 25,000 direct and indirect jobs in 2022. Therefore, it represents an important source of income for many Colombian families. 

Additionally, gaming is key for tax collection. Law 1753 of 2015 classified online gambling in the category of novelty games and stipulated that sports betting houses are obliged to contribute at least 17% of their gross revenues to the State, unless they have a theoretical return of 83% of those revenues in prizes to users. In that case, they may pay 15% of their gross profit as an exploitation right to Coljuegos. 

The resources obtained from online gambling are mainly directed to the financing of public health, science and social development. In 2023 alone, the online gambling sector contributed $310,000 million pesos to the health system. 

Gambling industry in the Future

The future of the online gambling industry in Colombia has an enormous potential for expansion in the coming years, as the regulatory framework strengthens and the adoption of internet and mobile technology consolidates.

The globalization of the online gambling market has opened up new opportunities for collaboration and competition between operators in different regions. Colombia, with its growing online gambling market, is attracting the attention of international companies looking forward to expanding their reach and diversifying their offerings.

At the same time, there is growing awareness of the need to reinforce responsible gambling and prevent addiction, especially among young people. Authorities and operators must work together to establish effective protocols that allow users to enjoy these services in a controlled and safe manner.

Another important aspect to consider is the potential impact of the legalization and regulation of new games, new forms of gambling and new means of payment. These changes could have a significant impact on the growth and diversification of the industry, and will surely bring you more than one joy in the future.

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