Betfair Receives Five-Year iGaming License in Colombia

Betfair has received a five-year iGaming license from Colombian regulator Coljuegos, becoming the 17th authorized gambling platform in the country.

Attractive Colombian Market

Colombian gambling regulator Coljuegos has announced it has issued a five-year iGaming license to Betfair. The leading UK-based operator becomes the 17th authorized wagering platform in the country. Betfair will now be able to offer slot gaming, online poker, daily fantasy sports betting and sports wagering in the jurisdiction.

According to Coljuegos president César Augusto Valencia Galiano, this new license shows that the Colombian gaming market is well anchored into the national economy. The regulator legalized online gaming via third-party operators in May 2016. The local gaming market attracts international and Columbian businesses, Mr. Valencia Galiano highlighted, and the industry is on the rise, with 3.8 million registered player accounts and counting. Coljuegos said Betfair could bring up to COP$23 billion (~$6.5 million) to the national economy.

Focus on Player Protection

Mr. Valencia Galiano called on Colombians to use regulated operators to ensure greater protection on their personal and financial data, in addition to a safer playing environment through access to responsible gambling resources.

He emphasized the charges that illegal betting operators can face, from six to eight years in prison and about COP$272 million (~$77,000) in fines for each illegal location or vendor.

In order to ease up into the Colombian market, Betfair partnered up with sportsbook provider BtoBet last October. Betfair’s platform combines BtoBet’s player account management toolkit Neuron3 and its own technology.

Betfair joins various a large array of leading iGaming platforms, including Aquijuego, Betalfa, Betplay, bWin, Codereapuestas, Colbet, Fullreto, Luckia, Sportium, Rivalo, Rushbet, Megapuesta, Mozzartbet, Wplay, Yajuego, and Zamba.

At the end of December, William Hill acquired a majority share in Alfabet to prepare its entry into the Columbian iGaming market, just as it was being acquired by Caesars Entertainment.