Data Shows Columbia Gaming Market Stabilizes as Officials Look Forward to Reinvesting in Public Health CarePublished January 2, 2020 by Lee R
The growth, resilience, and social good being made possible by Columbia Market performance for the year is inspiring to many.
Tax revenue for Columbia's monopoly jurisdiction more than doubled for the year, suggesting that demand could provide the basis for a sustainable regulation model in the near future.
Year End Figures
The figures released by Columbia Gaming Authority Coljuegos indicate the doubling of tax revenue on online gambling licensees at a rate of 106.3% for the year ending 31 October, 2019, to reach COP65.97bn (£14.7m/€17.6m/$19.6m). Total take across all collections increased an additional 15.5% to COP617.21bn.
Market Share Breakdown
The take was led by retail bookmakers, whose COP377.25bn take represented a 61% share of the market, and a 10.6% year-on-year increase.
SuperAstro Lottery came in second, at 14% of the market and COP88.72bn of total tax take, for a 15.2% year-on-year increase.
Online operators in Columbia brought in COP65.97bn for 10% of the market, with the channel growth reportedly the fastest of any legal form of gambling. Other lottery providers Baloto (10%) and Revancha (3%) brought in COP59.71bn and COP20.45bn respectively, while contributing a combined growth of 3.3%.
Illegal Play Prevention
The crackdown on illegal play also improved significantly, with Coljuegos announcing that 4,332 illegal games had been withdrawn from the market for the year, representing a 14.8% increase on 2017-18.
The total for the calendar year is projected to COP664.83bn, for a 15.7% year-on-year increase. The funds collected by Coljuegos are officially earmarked for to fund public healthcare in the country.
In a country commonly associated with illegal activity, this is an important step towards not only improving the global image of the country, but utilizing activity that used to be funded by criminals for social benefits.
Coljuegos Leader Speaks
The sentiment was proudly echoed by Coljuegos president Juan B. Perez Hidalgo, who says:
“Nothing is more satisfying than working for an entity in which everything we do helps to finance the health of more than 1.6 million Colombians a year.”
This is quite a shift for the Colombian government and society, and a real social breakthrough brought about by the iGaming industry which should not be underestimated nor overlooked.