The Colombian gambling industry is underdeveloped when you compare it to other Latin American countries. The most common games types are slot machines (tragamonedas) and lottery. According to data, a fraction exceeding two thirds of what Colombians bet is spent in lottery. The government has a larger stake in lotteries.
An in-depth look into the iGaming Industry In Colombia
Colombia is strict on gambling laws and if you are found using outdated machines for playing, you are charged a fine or face imprisonment. Three Card Monte is an illegal game and offenders might be charged a fine of up to $1000 or a 6 months’ imprisonment.
Aside from the slot machines, which are mostly developed by Novomatic, casinos in Colombia offer games such as Baccarat, Roulette, Poker and lottery among others. Sports’ betting is done on horseracing, Jai Grey Hound Racing and other games.
Legal casinos are densely distributed in the capital city of Bogota and can be visited by locals and tourist without any constraints. Online gambling is on the rise in Colombia including online casino, poker and bingo on various international sites that accept Colombian iGamers.
Online Gambling In Colombia
When it comes to online gambling, the government has not policed Colombians gaming on the internet. Colombians can gamble on foreign websites freely. Local online gambling service providers in Colombia do not have a good legal environment to operate.
Some of the sites that accept Colombian gamblers include NetBet Casino, 7-Bit Casino, Chance Hill Casino, Mr. Green Casino, Star Games Casino, Rizk Casino and Drake Casino among others. Every year an online gambling expo is held in Bogota. The Expo brings in a lot of industry people from Colombia and the neighboring Latin America countries.
Online Sports Betting
Gamblers who love betting sports games can do so over the internet in the comfort of their homes using their phones or computers. Colombians can only participate in online sports betting on international sites.
Online sports betting involves predicting the results of a sports activity and gamer places a wager on his or an outcome. Colombians like betting on games because they feel it is much safer with a lower risk of losing.
Horse racing betting is the significant online gambling game in Colombia. It attracts many wagers with many exchanges in the iGaming market.
In theory online poker is illegal in Colombia, but the law does not restrict Colombians from playing online poker on international sites. Online poker tables offer Seven-card stud, razz and Omaha among other game types.
The gambling is either in tournament or cash forms. Players play against each other after paying the gambling fees. There is no playing against the house.
Casino games like roulette, black jack and baccarat are popular in gambling sites in Colombia. A gamer plays against the house, which makes money when the odds are in its favor. Colombians can only play online casino games on foreign sites. However, the government of Colombia is working on a new regulatory framework.
There is a lot restrictions that go with lotteries in Colombia and like in any other country the government has exerted a lot of control on them because they generate more taxable income.
Government controlled lotteries are more common in the Colombian market regulated by the Coljuegos which is the gambling commission. The Colombian constitution stipulates that all lotteries should be a state monopoly to generate revenues for social purposes.
Bingo is legal in Colombia and is allowed in licensed gambling establishments. Charitable bingo does do not require a license. Colombians can play online bingo on foreign sites, but operating an online bingo site in Colombia is a breach of the law. The Coljuegos does not offer licenses for online Bingo websites in Colombia.
Many Colombians with a wireless internet connection participate in mobile gambling by playing games on their mobile phones, computers, or tablets. They might be video games involving two competitors, who have all placed a stake, the winner gets the prize.
Payment for gambling fees and bets is done by credit card, electronic check, certified check, money order or wire transfer. Gamblers upload funds and play the games; the websites have a cash out system when they win. The cash from winnings go directly to a gamer’s credit card or debit card accounts.