The gaming industry has no doubt taken everybody by storm in Colombia, where the Colombian gaming regulator Coljuegos is in the process of issuing out two more licenses to different gaming companies in the country. The issuance of two new permits was confirmed by the current president of Coljuegos Mr. B. Perez Hidalgo during a press briefing.
The expected issuance of the two licenses should not come as a surprise to many avid game players. The notion behind this argument is based on the fact that Coljuegos has in the recent months issued a number of gaming licenses to different countries. As a matter of fact, Colombia is the first country in the Latin America market to be fully registered and promotes the subsequent registration of companies dealing with online gaming.
Since October 2016, Colombia has been improving its gaming systems to attract more investors to divulge into the market. While speaking to the iGaming Business, Coljuegos president Hidalgo categorically stated that the regulatory company is working hand in hand with various gaming investors as a way of encouraging them to invest in the country. By agreeing to do business with the company, Hidalgo believes that not only will the investors invest in Colombia, but also have the chance to invest in their own countries. At the same meeting, Hidalgo also stated his desire to work with investors based in different countries globally. His welcoming note was interpreted by many as a way of promoting the business in the country as well as offering a welcoming hand to any investor regardless of where they might be located globally.
Wplay.co was the first gaming company to get approved by Coljuegos in June 2017. In a period of only four months, the gaming company has been able to strike a partnership with Quickfire with the sole purpose being to offer a wide range of gaming opportunities to punters based in Colombia. Other gaming companies such as Corredor Empresaria6, Vicca Group, GAMINGI, and Colbet have all launched their respective game playing websites. These websites are Betplay.com.co and Zamba.co. Colbet which is a locally registered was issued with its own gaming license.
With the level of gaming fraud taking a toll in the past few months, the Colombian government in conjunction with Coljuegos have been at the forefront in clamping down illegally operating and unauthorized gaming companies in the country. As a matter of fact, the Colombian government published a list of more than 300 online game operating companies who were offering gambling and gaming services without the full consent and recognition by the government.
The government on its part has proposed harsh penalties to any company that will be caught offering gambling services without prior registration. Though these new laws have been seen as the best method to tame illegal gambling, it has also forced major operators to withdraw their services from the market. For instance, PokerStars announced in July that it would be closing down its website after it was blacklisted as operating illegally.
Though the strict rules have discouraged investors, Hidalgo has remained optimistic by stating that more companies will be registered in the country soon.