UK-based gaming operator Betfair recently secured a 5-year gaming license from the Colombian regulator Coljuegos, making it the 17th licensed iGaming operator in the country.

A fast-growing marketing

Betfair received its five-year iGaming license from Coljuegos, the country’s regulator, which allows it to offer sports betting, daily fantasy sports betting, online poker, and slot games to players. The regulator’s president César Augusto Valencia Galiano said that the licensing suggests that the gaming market is strongly positioned in the nation’s economy. The watchdog legalized online gaming through third party operators in May 2016.

The local gaming market is growing exponentially, attracting both local and global businesses into the country. Colombia already has 3.8 million registered player accounts and the number is on the rise. According to Galiano, Betfair could help in bringing up to $6.5 million to the nation’s economy.

Player protection crucial

Galiano also said that Colombians should opt for regulated operators as they offer greater security of their personal and financial data. They are also able to provide a safer gaming environment and have strong responsible gaming resources. He highlighted that illegal betting operators can face $77,000 in fines and six to eight years in prison for each illegal vendor or location.

Betfair is eyeing a stronger presence in the Colombian market. In October 2020, it partnered with local sportsbook provider BtoBet to combine its technology with BtoBet’s Neuron3 player account management toolkit.

The Colombian market is already saturated with 16 players which include the likes of Rusbet, Zamba, Aquijuego, Betplay, Codereapuestas, Sportium, Luckia, Wplay, Mozzartbet, Yajuego, Betalfa, Colbet, Fullerto, bWin, Rivalo, and Megapuesta.

Betfair’s British counterpart William Hill bought a majority share in Alfabet in December 2020 to establish its footprint in the Colombian market. This happened as the company was being acquired by American casino giant Caesars Entertainment.