Betfair has acquired a five-year license in Colombia

5 Feb 2021

Betfair ColombiaBetfair recently secured an operating license from the Colombian betting regulator Coljuegos. This license allows the renowned bookmaker to operate legally in Colombia for the next five years.

Betfair has traditionally been operating in European markets. The past year it has been easing its way into the Colombian market, especially after signing a partnership with the sportsbook supplier BtoBet.

The president of Coljuegos, César Augusto Valencia Galiano, claimed that this licensing deal is valid for both sporting and non-sporting events. The bookmaker is expected to bring high revenue growth to the Colombian online betting industry over the next few years. Taxes that are being collected from the online gambling market are being invested into Colombia’s healthcare system.

Having approved Betfair as the seventeenth legal betting site in Colombia, the country is establishing itself as an attractive market for such national and international operators. After being launched in May 2016, the Colombian igaming sector has grown its number of online players to over 3.8 million.

Valencia Galiano also emphasized that security is ensured when betting with regulated bookmakers in Colombia. He actually stated that: “The portals authorised by Coljuegos guarantee the delivery of the prizes, the protection of data and the proper functioning of the platforms. We must remind all Colombians that operating unauthorised platforms leads to committing a crime for which penalties ranging from six to eight years in prison and fines of approximately COP$272m for each establishment can be incurred; point of sale, outlet or vendor”.

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If you make yourself familiar with every pink and blue box, you’ll realize why Betfair is a completely different story from any other traditional bookie. The most famous betting exchange operator, Betfair has been in the industry since 1999 and have been the pioneers of a great number of services that almost all reliable bookies offer today. These include live streaming, cash out and many more. As a betting exchange they allow every bettor to act like a bookie himself and lay bets instead of only backing them. However their bonus policy is slim and perhaps could see an impovement.

 

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