Coljuegos
Colombia is one of the biggest gambling markets in South America. As a result, the country presents a massive opportunity for online casino operators. Through the years, it has undergone a number of transitions in its gambling regulations.
In 1991, the Colombia Gambling Authority, Coljuegos, was established. A decentralized company subject to the authority of Colombia’s Ministry of Finance and Public Credit, it started licensing online casinos and online gambling generally in 2016.
This made Colombia join the few countries in South America to fully sanction regulated land-based and online casinos. Before the eGaming Act was introduced in Colombia, it only adequately regulated land-based casinos.
The main focus was on providing players with reliable brick-and-mortar casinos and upholding the state monopoly. This all changed when the first local online casino, Wplay.co, was licensed. It shifted the focus to creating a legal framework that duly protected players and made sure that all licenses were adhering to their set obligations.
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Online casinos licensed by Coljuegos
Online casinos that apply for a license issued by Coljuegos are required to comply with Colombian gambling regulations. This is to maintain the profitability of the online gambling industry while having a responsible, fair, and transparent gaming sector. Licenses issued are open to both local and offshore online casino operators.
The online casinos that obtain this license in Colombia provide several legal options to their players. These are:
- Online poker. This is a top-rated online casino product in Colombia and the South American region as a whole.
- Interactive games. This option includes online casino slot machines and other instant win games.
- Sports betting. Virtual games are provided by online casino simulators. These virtual sports games include football, basketball, and rugby matches.
- Lotteries and bingo. The Barolo Lottery is a legal option offered to players by the licensed online casinos in Colombia.
About the Coljuegos license
Online casino operating companies must be formed before the Chamber of Commerce in Colombia. Online casinos licensed by the body are required to offer their players games that have been certified as fair and that are also mindful of their privacy.
The license applicants are required to make submissions to the mayor’s office of the specific municipality they wish to operate in. This gambling license runs for five years. The Gaming Authority also conducts annual reviews to ensure compliance with the law by licensed online casino operators.
Gambling operators that become certified must pay an annual licensing fee of $200,000.
Popularity and penalties
The Coljuegos is a popular license. There are approximately 350 legal gambling operators in Colombia. The Colombia Gaming Authority is known for its high operating security standards in Colombian online casinos.
Any online casino found to be in breach of the license agreement can face legal fines between $5 million and $10 million. There are even stiffer penalties for individuals found operating unlawful online casinos. They face up to eight years of prison sentences. With such strict laws, Colombia boasts of the safest online casinos in Latin America.
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