Colombia… One of the most powerful economies in Latin America, and one of the most promising online gambling markets in the region. More and more operators are paying attention to this country. They are impressed both by the great interest of the local audience in casino games (the share of such players is about 59% of the population) and by the well-designed system of market regulation. This regulation protects the interests of both players and online casinos.
In our review we will tell you about the situation on the Colombian online gambling market and several brands that operate on it, for example, 1win (https://1winpro.co/). We have also prepared a prediction of the trends that await the local casino gaming industry in 2024.
About Online Gambling Regulations in Colombia
Colombia has been one of the most progressive markets for online gambling in Latin America for many years. This is due to the active work of local authorities to legalize the work of operators and monitor their activities.
All forms of gambling became legal in Colombia in the 1990s. The creation of the Gambling Act in 2001 was intended to lead to the legalization of land-based gambling establishments. However, later the authorities took into account the rapid growth in the popularity of online gambling and the appearance of a large number of illegally operating offshore casinos on the local market. As a result, in 2017 Colombia became the first country in Latin America to introduce its own system of regulation of the gambling entertainment industry. The first operator to receive a license was Wplay. It was followed by other brands. Among those casinos that build their work legally, in accordance with local legislation, should be named these sites:
- 1win;
- Aquijuego;
- Betfair;
- Betplay;
- Betsson;
- Bwin;
- Codere;
- Fullreto;
- Luckia;
- Megapuesta;
- Mozzartbet;
- Rivalo;
- Rushbet;
- Sportium;
- William Hill;
- Wplay;
- yajuego;
- Zamba.
At the end of 2022, online gambling turnover in Colombia totaled 26 billion pesos, which the Coljuegos regulator estimates to be 31.2% more than in 2021. We believe that the 2023 totals will be even more impressive. And if you want to know about our forecasts for the local market in 2024, we invite you to read the next paragraph.
Our Predictions for Online Gambling Market Development in Colombia in 2024
Given the rapid development of the online gambling industry, it is logical to assume that its key trends will affect the Colombian market as well. Our experts offer you to familiarize yourself with the predictions of trends and events that will be associated with it in 2024:
- Growth in the number of online casino customers. Between 2022 and 2023, the sites of the 17 operators legally operating in Colombia had a combined total of more than 7 million accounts. There are reasons to expect a rapid growth in the number of registered players;
- Obtaining licenses by new operators. A few years ago, Coljuegos reported that 325 sites were operating without a license on the Colombian market. We are sure that many of them will want to be legalized. In addition, we should expect the appearance of casinos in the country, which previously did not work with local players;
- The rise in popularity of mobile gambling. This is one of the most obvious trends, as mobile gambling has significantly overtaken desktop in popularity over the past few years. With a smartphone, Colombian players will be able to enjoy the services of their favorite online casino anytime, anywhere;
- Increased use of cryptocurrencies. Digital coins are a progressive way of conducting transactions. They guarantee maximum privacy, reliability and comfort of money transfers. No wonder that more and more online casinos are offering cryptocurrencies to their customers;
- The increasing role of virtual reality and artificial intelligence. These aspects are increasingly active in the life of human civilization. It is quite natural that casino game developers are starting to apply them more and more;
- Emphasis on Responsible Gaming. Legally operating online casinos pay great attention to informing customers about the risks associated with uncontrolled gambling activity. They also offer people with gambling addictions the use of tools that restrict their account access. We believe that with the growing popularity of casino games in Colombia, local operators will offer new ways out of situations with gambling addiction problems;
- New security measures. The development of modern technology is not only a boon, but also a risk. Fraudsters willingly use technology to cheat other people. In this regard, online casinos are constantly strengthening security measures on their sites to protect the personal information and funds of players. We are confident that a lot of work will be done in this direction in 2024;
- The emergence of new games. A few years ago, the category of crash games appeared in the online gambling industry, the ancestor of which is Aviator. It is possible that in 2024 the Provably Fair technology used in this genre of games will lead to the development of new entertainment and its availability to Colombian players.
Our team of experts analyzed the progress of the Colombian gaming industry and found that the country has great potential for growth and expansion. Government-enforced regulation and initiatives coordinated by Coljuegos are helping to increase competitiveness. They are also helping to spread innovations that provide players with a better experience.
Brands to Watch Out For
Above, we gave examples of brands that operate in Colombia under license. Below you can learn a little more about four of these operators:
- 1win. More than 9,000 games in the collection, an impressive range of bonuses, maximum comfort and reliability of transactions, professional support service – all this is 1win. This operator has been developing its business at a fantastic pace since 2018, and now residents of multiple countries have access to its high-quality services. This includes Colombia. 1win guarantees honesty and safety of gaming activities, as well as instant crediting of winnings to the balance. We are sure that in 2024 this brand will have something to surprise its customers;
- Betplay. We like the name of this brand, which combines the ability to bet on sports and play casino games. Not surprisingly, its website offers both betting and gambling services. You can enjoy them not only on your desktop, but also on your smartphones, thanks to the mobile version of the platform and free apps for Android and iOS. Betplay is actively developing its services and promises many surprises for its Colombian customers in 2024;
- Betsson. This famous brand is represented in almost 50 countries around the world, and has a great interest in Latin America. For example, its services are enjoyed by the residents of Brazil. Thanks to its license, the Betsson site also operates legally in Colombia. In addition to sports betting, local players can play casino games of different genres. These include classic and modern online slots, table and card games, crash games, live dealer games and more. For transactions, the operator offers a wide range of payment options, including Colombian-oriented services: PSE, PAyU, tpaga, efecty and others;
- William Hill. Another top brand that has been busy in the industry since 1934. William Hill is known for both online bookmaker and casino. The operator is headquartered in the UK, Ireland and Gibraltar, but is active in different parts of the globe. By providing access to its services to Colombian players, the company gives them the opportunity to enjoy a premium service. Its website is one of the best choices if you are interested in a large range of high-quality services.
Although we have only given examples of four brands, the rest of the online casinos operating legally in Colombia also deserve your attention. Most importantly, take the time to explore their websites before you sign up.
Summary
We conclude our review with absolute confidence in the happy future of the online gambling market in Colombia. The local authorities and regulator are doing everything necessary to make players feel protected and operators work legally. Both they and their customers benefit from the legality of the latter. The Colombian market is quickly integrating global industry trends into its work, and we are confident that this will be the case in 2024.