Columbia Meets Benchmarks, Presses on With RegulationPublished December 28, 2017 by Lee R
South America’s first regulating jurisdiction is forging a role of leadership for South America.
South America’s first regulating jurisdiction has announced issuance of a sixth online sports betting license has been issued in Columbia, with two more applications under review.
The new member
Juan B. Perez Hidalgo, President of gambling regulatory body Coljuegos announced the recipient as Grupo Empresarial Geonline SAS, for website mijugada.co.
Terms of Agreement
Under a three-year contract worth COP 3.7 billion, Mijugada.co joins Wplay.co, Betplay.com.co, Zamba.co, Colbet.co and Codere.com.co on the Columbian register. Grupo Impressario will add it’s own website in Columbia as well upon completion of construction, with official launch expected within 30 days.
Columbian Market Progress
The Columbian market is barely six months old, with Coljuegos having issued its first license in June to local operator Aquila Global Group for Wplay.co. Other licenses were added in the subsequent months to replace unlicensed online operators facing Columbia customers who were placed on a blacklist.
Perez estimates that through the end of November, the regulated model has garnered a cumulative revenue take of COP3.76 billion.
These developments are generally keeping in kind with Perez’s benchmark set in the summer for seven total licenses to have been issued by year’s end. The Coljuegos president has set a new goal of 20 locally licensed betting sites for next summer’s FIFA World Cup.
Goals of Expansion
As far as the Columbia protections against unregulated companies, the President revealed Coljuegos’ two-fold commitment to optimising the Columbian regulation model: working in collaboration with the Ministry of Information and Communication Technologies (MinTIC) and the National Police to suspend the domains of unlicensed international online gambling companies and becoming increasingly engaged with all new market developments, local and international.
Perez has already demonstrated adaptivity through last month’s ringed fence policy reversal permitting online poker licensees to share liquidity with international poker sites.
The earnestness of the efforts of the head of regulation in South America’s first regulating country may keep Columbia ahead of the pack while other regional jurisdictions waiver back and forth between cohesive and sustainable regulation models and legislation.