17 operators in five years
Colombian regulator Coljuegos has awarded Betfair a five-year internet gambling license. Betfair will offer both sports betting and online casino games such as blackjack, slots, and roulette. The Flutter Entertainment brand will operate via a local version of its standard site.
Betfair is now the 17th operator to gain approval to offer online gambling services in Colombia. The market first opened in 2016 and has seen significant growth over the past few years.
Aspire Global’s BtoBet will operate Betfair’s sportsbook in Colombia using the Neuron3 B2B platform. Betfair and BtoBet began their partnership in October 2019.
access to quality, responsible gambling resources
In the announcement of Betfair’s licensing approval, Coljuegos president César Augusto Valencia Galiano pointed out that consumers need to place bets with regulated operators. By doing so, they can ensure that they are using a secure site and have access to quality, responsible gambling resources.
“The portals authorized by Coljuegos guarantee the delivery of the prizes, the protection of data, and the proper functioning of the platforms,” Galiano said.
The president stated further that operating unauthorized online gambling services in Colombia is a crime punishable by six to eight years in prison and fines.
Other companies approved to operate in Colombia include bwin, Rushbet, Mozartbet, and Luckia. Estimates show Betfair could provide COP$23bn ($6.5m) to the country’s economy.
iGaming license approval
In Colombia, operators interested in offering online gambling services must complete several steps to gain approval. They must provide a copy of their certificate of incorporation, bank guarantees, and financial records. Compliance must also be certified via technical and financial regulations.
Operators pay licensing fees to offer services in the country. Coljuegos then makes contributions from the fees paid to health and social projects in Colombia.
Google Play Store allowing gambling apps
The Betfair license approval announcement comes just days after the Google Play Store revealed a change in its app policies. Operators in Colombia and several other countries can provide real money gambling apps in the Google Play Store starting March 1.
To offer a gambling app in the Play Store, operators must complete an application process. Any software used must comply with the laws and standards of the given region. The developer must also have a gambling license in the jurisdiction in which it will offer services.
The apps will appear in the Google Play store as “Adult Only” to prevent any underage individuals from taking part. Apps must also only be accessible inside the approved regions.