Colombian Gambling Is Turning Out to Be a Big Business

Latin America is all set for the casino expansion. Some countries located in this region have realized this already, however others are taking their time. Colombia, which has been witnessing significant development in its gaming sector over the previous year, might inspire those in the latter category. Colombian gambling was worth more than $5 billion in the first half of 2021, according to Coljuegos, the country’s gaming authority.

Colombia Gambling at New Levels

The Colombian gaming business is doing well, according to Coljuegos, which reported $5.03 billion in revenue in the first half of 2021. That’s a 99.3 percent increase in sales over the same time frame in 2020, besides the $2.52 billion recorded in 2020. Coljuegos Commercial VP Jhon Jairo Altamiranda at the GAT Expo event said that the gaming regulator hopes for even more growth for the remainder of the year, saying they hope that in the second half of 2021, this growth continues further and makes a mark in the growing market.”

Not only has gambling in Colombia witnessed market growth in 2021, but also the iGaming industry is booming. According to Coljuegos, income from online gambling rose by 148 percent over the previous year, totaling $2.1 billion. The drop in betting is as a result of postponed games due to the Coronavirus. As a result, more people turned to alternative gambling to fill the gap. “As a result of the postponement and cancellations of athletic events on a national and international level, a significant rise in the participation of RNG (random number generator) games was generated,” explained Coljuegos, President César Augusto Valencia Galiano.

Colombia garnering attention

It’s no wonder that more gaming operators want to be active in Colombia’s gaming sector after witnessing positive outcomes. Several businesses, including Pariplay, iSoftBet, and Betfair, have stepped in the market recently, and others are rushing to join before they lose too much ground. Coljuegos’ capacity to oversee the sector has also improved due to the findings, prompting it to implement more robust measures to deal with match-fixing and unlawful operators.

The increasing focus on Colombia’s gaming sector is having a beneficial ripple effect across Latin America. It has gained attention from other countries and started to take the issue seriously and to strive to establish its robust markets. This trend isn’t expected to slow down as of now, and gaming choices will receive far more attention in the coming years across the area.