Colombia Opens Online Gambling Marketplace with Very First License

Colombian gambling regulator Coljuegos granted a primary iGaming license, hence formally starting the country’s regulated market that is iGaming. Locally owned gaming business Aquila Global Group was the one become authorized by the regulatory body. The operator is operating the Wplay.co online sports wagering brand.

Aquila Global is likely to invest around COP15 billion (more or less $5 million) in its online gambling platform for the next 3 years. In addition expects its procedure to generate over 3,000 indirect and jobs that are direct to attract more than 1 million registered gambling customers during the license’s term.

It had been final October once the Colombian government and Coljuegos introduced the country’s brand new iGaming regulatory framework. Colombia hence became the very first Latin jurisdiction that is american have controlled its market and started it to licensed operations.

Coljuegos believes the market could create around COP8 billion in revenue during its first year and that it has the potential to grow further in years into the future. More iGaming licenses are become given in this season’s second half. Under Coljuegos’ announced plans, there will be at the least seven operators that are licensed be servicing regional players by the finish of of 2017.

Wplay.co being granted the necessary permit arrived at a time once the regulator is gearing up for the planned blocking of 325 unlicensed iGaming sites targeting Colombians. Previously this 12 months, Coljuegos ready a blacklist of such sites, warning that those will slowly be blocked by Colombian Internet service providers. The process is scheduled to start today, June 30.

IP blocking is implemented by other newly regulated jurisdictions around the global world, but has not proved helpful anywhere. Commenting on website that writes essays their choice to block unauthorized websites, Coljuegos President Juan B. Pérez Hidalgo has told media that they are well-aware to the fact that fighting black-market operations is just a challenging task. Yet, the official explained that they’ll be working closely utilizing the nation’s National Police therefore the Ministry of Defense to tackle the matter.

Colombia and Latin America, as being a whole, are targeted by major industry players as a result of the possible the spot holds. Studies from the past few years have shown that demand for online gambling services happens to be big in that right area of the globe. Being a total derive from this, how many both gambling operators and service providers interested to invest in neighborhood markets has exploded rapidly.

It has led to numerous jurisdictions dwelling on the possibility to legalize online gambling and open their markets for licensed operations. With Colombia paving the way, Brazil and Mexico, among a few others, may very soon follow suit and tune their existing gambling legislation to modern need.