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Exploring growth opportunities on Colombia's iGaming market
29 November 2021, 00:00:00
- One of the upper echelon LatAm countries to bet on sports should be on every sports betting and gaming suppliers' radar
- Land-based casinos, lotteries, and slot salons are legal in Colombia; mobile betting is the fastest way to bet on sports in Colombia because the country does not tax the online winnings
After the unprecedented global events which marked the previous year, in 2021, NSoft’s primary focus is on the regulated European market, with ambitious plans to expand its geographical footprint further more in Africa and Latin America.
NSoft’s long-term experience with land-based business has positioned the company as one of the leading software solutions providers for the betting industry in the CEE market, and this has also proven to be one of NSoft's most valuable assets for LatAm markets due to the land-based preferences of its players. Our strong footprint across 40+ countries worldwide with 110 customers most certainly adds value to the passion and motivation standing behind every product from our extensive portfolio.
After many years of experience in the LatAm market, NSoft's Regional Sales Manager, Mr Carlos Vargas, emphasized the strengths which characterize this region.
"A combination of a sports-centric culture and improved internet infrastructure present new opportunities for remote gaming. When thinking about specific countries, I believe that very soon Brazil will become a regulated market, and it could eventually rise to be the third biggest market in the global betting industry. On the other hand, the Colombian sports betting industry is just getting started and is expected to experience major growth in the upcoming years with mobile betting leading with a strong push. Almost 70% of Colombians regularly gamble with enthusiasm," explains Mr Vargas.
Land-based casinos, lotteries, and slot salons are legal in Colombia. In 2008, the state introduced a set of laws, highlighting the rules for the operation of slot machines and casinos.
Football brings communities together in Colombia
Colombia, with its growing population of over 60 million people, and with an average age below that of most developed countries, has the potential to become one of the most important jurisdictions in the world.
"The fact that sport is playing such an important role in the daily lives of Colombians leads me to believe that the market potential of betting is enormous. While football is a big sport all over the world, one of the reasons for its popularity in Colombia are the players. Colombian football players don’t tend to come from the big cities; the majority of players come from small rural villages or towns outside of the major cities. They are underdogs likable to the general public and thus a heros with whom people relate, especially kids at a young age see them as role models. For this reason it’s a sport which brings communities together and gives individuals a sense of pride and unity," adds Mr. Vargas.
When talking about numbers, roughly 2.63 million Colombians already use mobile devices to place their sports wagers and that number is expected to increase in the upcoming years. Mobile betting is quickly becoming the fastest way to bet on sports in Colombia. The main advantage of placing online sports bets in Colombia is that the country does not tax the online winnings. Such a policy could be vital to ensuring nationwide leadership in sports betting and iGaming over time in Latin America.
Colombia - one of the safest betting environments in Latin America
The Coljuegos are the countries’ online gambling regulatory agency and they have created one of the safest betting environments in LatAm. The Coljuegos are responsible for regulating in-person forms of gambling in Colombia as well, and makes sure all gambling companies operating in the country are in compliance with the respective laws and regulations.
Colombia is now one of the bright spots in the region where the local government has created an efficient approach to ban illegal gambling. All of which has resulted in opening the online market.
It is illegal to place a bet with a sportsbook that doesn’t have a government-issued license. The Colombian government has censored citizen’s websites so that they can only bet with companies that are licensed properly. Only 18 companies are authorized to operate legal sports betting operations in Colombia.
However, the process of getting a license to operate as a gambling company in Colombia is not an easy one. Companies need to pay heavy startup taxes and then have to quickly gain the trust of bettors in the country.
In 2016, the Colombian government enacted the eGaming Act which made online sports betting and online gambling legal. More recently in 2017, the Coljuegos legalized online sports betting exchanges along with virtual sports. This was one of the final steps needed to make Colombia one of the upper echelon countries to bet on sports while also making them one of the most progressive sports betting countries in South America. As long as the C-1611 (internet-operated games license) is authorized by Coljuegos, sports betting is good to go.
An easily integrated and modular iGaming Platform with a high performing Sportsbook is the key to success
The omnichannel NSoft Sports Betting Platform is recognized worldwide due to the high standards we use in cutting-edge technology, ongoing innovation and creativity.
Device Management is one of the Seven Platform's core segments. It has become a competitive advantage over a large number of betting software providers and seen as the major asset for expansion of Seven betting and gaming platform's and growth by many clients.
Our iGaming Platform allows operators to plug-in Sportsbook Software, Casino and Virtual Sports offering, and includes an integrated payment gateway, bonus engine, CRM system and dedicated team of Trading analysts and 24/7 Business support.
Mr Vargas also pointed out: "We’ve been looking forward to the opportunity to bring mobile sports betting to Colombia. Alongside Brazil, this country will be the biggest mobile sports betting market in the LatAm region, and we feel NSoft will bring incredible products to that market, such as our Sportsbook Mobile App."
NSoft Sportsbook offers a complete, fast and easy-to-use solution for mobile betting on both iOS and Android platforms. The Virtual gaming portfolio, Casino and Live casino games are also included in the App’s offer. Quality CRM marketing solution is combined with an advanced push notifications system allowing operators to bring the very exact content to the users, and users to trigger any event change alarm on their favourite club, online or retail ticket.
At the same time our newest Casino slot games have a lot of potential as it has been proven that RNG games are quite popular in this market.
Last but not least, Carlos added: "I am certain that our horse racing games will be a hit in Colombia because historically, the vast majority of professional jockeys have come from Latin America – trained in the jockey schools which opened in the 1950s and 1960s in Panama, Puerto Rico and Mexico City. Professional jockeys were a symbol of pride for Latinos and the Latin American horse racing community. NSoft's Virtual Sports games bring the most popular computer-generated races based on real sports events. Greyhounds, horses, cars, motorcycles, all of them can be found in our portfolio."
Whether you want to setup a new business or extend your current sports betting or casino content in one of the mature and regulated markets, or find ways to boost your business revenue in new emerging markets, reach out to NSoft’s Sales team at firstname.lastname@example.org.
Our expertise will lead the way, as we are devoted to helping our partners with this process through our Business Solutions – offering guidance on business operations, intellectual property, compliance, and financial services.