The finance industry in Colombia has seen significant growth over the years. In 2019, it contributed COP668bn, marking a 76% increase from the previous year. Despite the challenges posed by the Covid-19 pandemic, the industry has managed to collect COP254bn as of September 2020.
The pandemic had a significant negative impact on the land-based gaming sector, which led to the closure of gaming venues in March. However, local governments now have the authority to reopen these venues based on Covid-safe guidelines. Casinos in Bogotá, Medellín, and Floridablanca have already been given permission to resume operations.
Colombia’s gaming industry has undergone modernization in recent years, with the legalization and regulation of online gambling in 2017. This move has resulted in a significant increase in the number of regulated games, growing from 35 to 1,408, according to Coljuegos.
The President of Coljuegos, Juan B. Pérez Hidalgo, emphasized the economic significance of the gaming industry. It generates over 100,000 jobs, occupies more than 20,000 commercial premises, and contributes over a trillion Pesos in exploitation rights, with sales tax accounting for more than COP668bn.
To promote economic reactivation, three approaches are being implemented: the reopening of land-based gaming with enhanced safety protocols, financial relief and tariff reductions for operators, and the expansion of online gaming with additional options such as live casino and remote player bingo.
Currently, there are 347 active concession contracts with the regulator, operating in 2,737 establishments. These comprise 84,462 slot machines, 14,860 seats in 80 bingo halls, and 428 casino tables.
Despite the challenges faced, the gaming sector has shown a faster recovery compared to other sectors of the economy. The President of Coljuegos is optimistic about the coming months, with expectations of record-breaking sales and prize pools.
Efforts are also being made to eliminate illegal operators from the sector, with blocking orders issued for 4,296 websites. Actions have also been taken to remove illegal gambling elements from the land-based sector, with 12,382 elements withdrawn between 2016 and October 2020.
