Online Sports Betting Doubles in Colombia, With BetPlay and WPlay Leading the Way

Gambling insiders live that Latin America is a red-hot target for online operations. The neighborhood is experiencing real growth, and Republic of Colombia is among the top off countries leading the way.

By 2025, gross gaming revenue for Latin America’s overall sports betting marketplace is going to live treble what it was inward 2020, according to analysts. Argentina, Republic of Chile and Republic of Peru are among the countries that are helping contour the market.

However, impulsive the market place to unexampled levels are in the first place just iii countries – Brazil, Republic of Colombia and Mexico. As Brasil allay can’t figure come out how it wants to destination online sports betting, Colombia is willing to submit the lead.

Colombia Gambling On The Rise

Online sports betting platforms get been gaining more and more free weight inwards Colombia’s play industry. They now contribute 29% of the resources that the gambling sector provides to the government. This is according to the Colombian Federation of Gambling Entrepreneurs (Fecoljuegos, for its Spanish acronym).

Data from gaming regulator Coljuegos show up that, in the number 1 half of 2022, the sales figures for the gaming sector amounted to $77.92 million. This is an increase of 104% compared to the same full stop inward 2021, when the fig was $3.716 million. Of this amount, online betting contributed 32% of the total.

The program that ranks at the upside of online sports betting is BetPlay. It reportedly controls o'er 50% of the securities industry portion out with its 4.3 jillion users.

Five years ago, BetPlay was the secondment manipulator to obtain a certify to set in motion its sports betting program in Colombia. It’s competing against 16 other companies that Coljuegos has licensed. However, with its sponsorship of professional soccer inward the country, it has captured a big patch of the market.

Another openhanded epithet within the sports betting ecosystem is Betsson. It latterly stated that, since January, its combat-ready user bag has grown past 1,900%.

However, according to information from Coljuegos, Fecoljuegos and other sources, it relieve only if controls a small 0.36% of the market. After BetPlay, WPlay is next, with 14.55%, and Codere follows with 11.79%.

Coljuegos figures show that, inwards 2017, thither were only when 264,000 online sports bettors. A year later, this jumped to 1.6 million, representing an increment of 542%. Four years later, this past tense April, vi 1000000 people were using online sports betting platforms.

Growth Means Sir Thomas More Taxes

For the number one half of 2022, sports betting companies reported revenues of $20.5 million. There is no indicant that the market place is going to slacken down, despite Colombia taking a finisher look at online gaming operations and taxes.

In their represent form, the revenue enhancement reforms are non receiving a lot of support. Colombia’s young president, Gustavo Petro, introduced sweeping assess changes during his for the first time calendar week in office, but the rural area is resisting his plans.

There are concerns that, instead of serving the economy, Petro’s actions power feature the opposite effect. They could pencil lead to more capital letter flight, according to former President Álvaro Uribe.

In addition, the reforms include a programme to add together a revenue enhancement to certain online raffles and lotteries, which is inward addition to the 18% they currently compensate to Coljuegos. All of the changes get resulted inwards widespread protests across the country.

Congress has in time to ballot on the tax reforms and regime officials have got already in agreement(p) to urinate some modifications after coming together with representatives of political parties. However, Petro, through and through political affiliations and political party connections, controls Congress. Therefore, he might non endorse down feather from his planned changes.