Gambling has been known to be a very well-built industry, steadfast even during a global pandemic. Other industries suffered losses, but gambling, specifically online gambling, continued to thrive. And Gambling in Colombia proves to be equally unyielding, with revenue continuing to rise even through an economic recession. Our Bwager.com Blog takes a closer look at what drives the Colombian gaming market to its current level of success.
If we look at the first eight months of the year, the Colombian gambling market records a total gaming revenue of $133.72 million. The data from the Coljuegos, the country’s gaming regulator gives us a year-on-year growth of 16.8%. The increase in revenue not just benefits operators, such as those who use Bookie Pay Per Head services to run their own online gambling operations, but governments as well.
Many governments allow for gambling and sports betting to operate in their jurisdictions and in return, get to collect tax. The income they can generate from gaming comes from licensing fees as well as a percentage from revenues of companies. For Colombia, revenue they collect goes to civic programs, particularly with health program funding.
Gambling in Colombia has Positive Outlook
Colombia’s overall economy is moving slower, but gambling in the country continues to grow. The country’s regulator aims to maximize this in the form of the latest bill they support. Towards the end of September, a bill was submitted to the government to allow the Coljuegos to also regulate the conditions of gambling advertising in the country.
When you want to become a bookie, you will realize that there are a lot of ways you can expand your business. Advertising plays a huge part in increasing brand awareness and encourage new registration. For the Coljuegos, they want to regulate the conditions on promoting advertising, marketing, and other similar programs of gambling operators in the country. If anything, this acknowledges the continuous growth of the gambling industry in the country.