Today, the Coljuegos licensing authority makes it compulsory for online gambling operators looking to advertise and offer services to citizens of Colombia. It also urges Colombian gamblers to use regulated platforms only so they can guarantee financial and personal safety online. The result of the move has seen more than 3.8 million new players signed up to casinos licensed under the Colombian framework.
Some of the most notable brands that are already legally operating in the country include BWIN, William Hill, and more recently Betfair. The latter picked up a 5-year license in Feb 2021 and was the 17th band to pick up the Coljuegos licensing authority certificate.
Which Markets Does the Coljuegos Licensing Authority Regulate?
Unlike many other licensing authorities where there are different licenses for different markets and the types of businesses connected to the online gambling market, the Coljuegos licensing incorporates, video slots, table games, live dealer games, online poker, sports betting, and fantasy sports under one license. However, there is one area the authority separates its licensing.
- Operators: For online casinos and sportsbooks offering a platform for Colombians to sign up to, claim a bonus, and play a variety of casino games from software providers holding a game supplier license. Betfair, Fullreto, and Wplay are an example of 3 successful operators in the country
- Game Suppliers: For software providers such as Evolution, Microgaming, and Pragmatic Play to offer their game catalogues to casinos licensed under the operator’s framework as well as aggregators that offer a white label casino solution to operators.
Coljuegos Licensing Rules & Regulations Explained
To offer Colombian citizens an iGaming and online sports betting market that protects its citizens as well as benefits the country via taxes to complement the nation’s fiscal budget, the Colombia gambling authority requires licensees to follow strict rules:
- Fees & Review: The License cost $200,000 per year, and there is a yearly review of the operator/supplier and its finances. Prior to obtaining a license, the Coljuegos licensing authority is responsible for fit and proper person due diligence as well as a review of the company applying for the license.
- Security: Casinos must have sufficient IT system in place, use encryption via HTTPS, and have a solid privacy policy in place so no person information is shared with 3rd party companies.
- Financial: The total amount of all player balances must be kept in a separate bank account so if the casino runs into financial difficulty, players are guaranteed to have their balance reimbursed. Also, the casinos must report all earnings from Colombian players for anti-money laundering and tax purposes.
- Complaints: Operators must deal with all complaints. If a player is still not satisfied, then he/she can complain directly to Coljuegos. Too many complaints could result in an early review of the operator’s practices and potential licensing suspension, or the license could be permanently revoked.
- Recording: For casino games, every session must be recorded and saved in case a review is required.
- RNGs/Software: All casino software must hold a certificate from an authority such as the Gaming Labs International algorithm and software testing company. The authority can also ask for a new test at any time while a yearly test is also required.
Conclusion
Having a domestic licensing authority to regulate online gambling markets in Colombia has given citizens safer and more trustworthy options to gamble online. If a citizen believes one of the online casinos or sportsbooks is treating him/her unfairly, that person now has a licensing authority to complain to. This is as opposed to past experiences in which citizens has to rely on overseas licensing services to settle disputes which of course is not as safe as having the current domestic Coljuegos licensing authority.
And since the licensing has come into action, we are already seeing big brands pop up such as BetFair, Microgaming, Evolution and more. As a result, Colombians now have a safe, financially fair, and trustworthy selection of casinos and sportsbooks on tap.
