The Colombian Online Gaming Industry was titled "the most lucrative gaming markets in South America" 2019. Let's take a look at this interesting market!
The world of online gaming, whether it's real money slots or sports betting, is a bit of a global phenomenon. This has been greatly enhanced ever since the Internet became so accessible, but despite how popular online gaming is, there are still strict regulations surrounding this industry.
Of course, there are nations where gambling and sports betting have been accepted for years and even centuries in places like the UK. The industry has always been somewhat turbulent in South America however, but with news emerging that Colombia is now one of the most lucrative online gaming markets within this continent, there is plenty that potential gamers want to know.
Interested Software Providers
Since Colombia is one of the most lucrative betting markets in South America, it goes without saying that online gambling is permitted. This market has clearly caught the attention of several high-end software providers in 2021, as companies like Playtech and Pragmatic Play have expressed specific interest in partnering up with several online sites.
These are just a couple of software providers that are looking to join the Colombian market, and there will be plenty more behind them. This will lead to several benefits that Colombian online bettors will start to reap, ranging from an increased number of games to a better overall quality.
It may still be in the early stages, but this is an extremely positive sign for those who already have betting accounts in Colombia.
Growth of Online Betting
In the first half of 2019, online betting in Colombia grew by an incredible 63%. When we see these kinds of figures it is just impossible to ignore, and there are several knock-on effects that result from such explosive growth.
When figures like these become publicly available, it is only natural that they are brought to the attention of major online gaming providers. We’ve already established that larger software providers have expressed their interest, but the actual betting providers themselves will catch on to these figures even quicker.
It is perfectly logical for any business, not just those within the casino industry, that they will go where the money is. This is why we have seen such explosive growth within the USA market too, due to demographics such as population size and the general increase in betting participation.
Colombia is ticking the boxes for many of these indicators right now, so it's truly going to be a hotbed of growth over the next few years.
Possibility to use Foreign Sites
Colombia is one of the few countries in South America where many foreign gambling providers allow accounts to be created. For example, foreign providers such as NetBet Casino and Mr. Green casino are perfectly ok with Colombians opening accounts. These two providers aren't exactly newbies to the online casino world either, so it's fair to say that they know what they're doing.
With providers of this size already allowing Colombian accounts to be created, it is highly likely that similar-sized providers will get in on the action. Of course, these sites are based and regulated overseas, but it isn't entirely out of the question that Colombian based platforms will start to emerge at a rapid rate.
There are more sites that allow Colombian players than the ones that we have just listed, but many of these sites require a VPN for you to have access to the full range of games.
Government Changes
While online betting is permitted in Colombia, it can still be a bit of a gray area as the government has previously specified that people must use foreign sites if they want to play. This is closely linked to the point mentioned in the previous section, as the reason that more and more Colombian based sites could emerge soon is that the government is discussing relaxing the gambling regulations.
There have been countless articles and official documents published recently showing that the government has been developing a new framework for online gambling. It isn’t clear just yet how flexible this framework will be in order to allow Colombian gaming sites to emerge and grow, but further announcements will no doubt be released over the coming months. This will give us all a more accurate picture of how the domestic gambling market will transform.
Conclusion
There has never been a more exciting time in Colombia for the online betting industry, and gamers everywhere are poised to take advantage of what will emerge over the coming months.
We highly recommend that you watch this space closely, as once this market fully opens up it’s going to be an online gamers goldmine!
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