Why is it Good to Buy Bookmaker Businesses in Colombia: Strengths and Prospects

The Latin American iGaming market is very attractive to foreign investors. It provides excellent conditions for the development of entertainment projects and the opportunity to reach a broad audience. Learn how to open a bookmaker business in Colombia and get maximum financial benefits.

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The Profitability of the Betting Business in Colombia

The situation in the entertainment market in this region has changed dramatically over the past few years. Colombia’s gambling laws allowing online activities were passed in 2016. During 4 years, the country has managed to achieve impressive results:

1. Significant increase in the lucrativeness of the gaming industry.
2. The emergence of new working places.
3. Successful implementation of social programs.

Gambling has become one of the most important factors in the growth of the economy. Colombia is a role model for the other South American states in terms of successful entertainment industry legalisation.

The former Finance Minister Alberto Carrasquilla Barrera said that the contribution of the gambling business in Colombia to the country’s economic development in 2019 amounted to more than $450 million (about 0.2% of the state's total budget).

Most of the tax revenues have been invested in the development of medicine. In addition, the authorities have supported such fields as science and technology. In total, the state has spent over $170 million on the realisation of various social programs. Besides, the former minister noticed that the gambling business in Colombia has provided jobs and decent working conditions for more than 110,000 citizens.

An Overlook of Colombia’s Gambling Laws

The first piece of legislation aimed at regulating the gaming industry was adopted on January 16, 2001. Until 2016, the Colombian gambling laws allowed entertainment projects in the land-based sector. However, the internet space is open to all operators wishing to buy betting portals in Colombia today.

To work on the territory of the state legally, entrepreneurs must obtain the appropriate permission documents — concessions. Owners of online betting kiosks in Colombia must pay 17% tax.

Offshore licensing is in high demand in this country. It allows entrepreneurs to launch bookmaker sites on more beneficial terms and operate without breaking the law.

The most popular offshore territories are as follows:

• Cyprus;
• Malta;
• Curacao;
• Antigua and Barbuda;
• the Dominican Republic;
• Kahnawake, and others.

Demanded Payment Tools

The following financial companies provide their services to clients of gambling businesses in Colombia:

• Skrill;
• Visa;
• Paysafecard;
• MasterCard;
• Trustly;
• PayPal;
• Money Matrix.

Local gamblers and operators often use various cryptocurrency payment instruments to save significant amounts of money due to the lack of commissions. Besides, the described services allow users to make such transfers anonymously. The level of data protection is the highest thanks to innovative encryption technologies.

How to Choose Good Bookmaker and Sweepstakes Software in Colombia?

The search for a reliable provider of gaming solutions is essential for entrepreneurs who want to purchase high-quality content and attract the attention of solvent consumers.

Worthy manufacturers of gambling software in Colombia are characterised by such features:

1. Wide portfolio of entertainment products. The assortment of a good producer should include diversified solutions: slots, sweepstakes software, betting products, and other options that can interest different target groups.
2. Extensive experience. Trust vendors who have been selling betting software in Colombia for several years. Little-known manufacturers may offer customers products of questionable quality.
3. Decent graphics and sound. The design of gaming solutions plays a critical role in attracting and retaining target audiences. Buy bookmaker and sweepstakes software in Colombia, created using the latest content development technologies.
4. Easy installation and configuration of programs. The process of integrating and customising software should be quick and simple. It will let you start effective interactions with clients as fast as possible.
5. Technical and informational maintenance. Reputable suppliers of betting software in Colombia are always in touch with their customers. They are ready to answer any questions and help operators solve any technical issues.

Turnkey Start of a Business: Strong Suits of the Format

The speed of entering the market directly affects the payback of both betting land-based establishments in Colombia and virtual projects here. The fastest and most productive method of starting a business is ordering a turnkey entertainment website.

When buying a betting project in Colombia following this scheme, an entrepreneur receives:

The acquisition of a turnkey betting portal in Colombia is a good way to reduce costs substantially. In addition, this is a great opportunity to use your time more efficiently thanks to the reliable support of a professional team.

The Main Things about Colombia’s Bookmaker Industry

The reviewed market is ideal for launching sportsbook projects. The legislation allows the operation of both betting land-based establishments in Colombia and virtual clubs in the zone.

This state has lots of advantages, for example:

• the strategic importance of the entertainment area for the country's economy;
• the possibility to get a local or offshore licence on favourable terms;
• a simple start of turnkey betting projects in Colombia’s market.

Our experts will acquaint you with the nuances of launching and conducting businesses in different states. We offer a broad assortment of services and products for opening new start-ups and improving existing projects.

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Your virtual betting business will become successful and profitable thanks to our professional support. Leave a request to learn about the terms of cooperation, bonuses, discounts for regular and new clients.

Author Elliot Clark