Betfair has acquired a five-year license in Colombia

Betfair 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.

Partnership Signals Regulation of Betting Market

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 in 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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When it was established back in 2000, the Betfair betting exchange revolutionized online gambling. It gave bettors the ability to compete against each other based on a poker or stock exchange model. Players can bet with very high limits and also cover their wagers with more fair conditions compared to the Cash Out feature that traditional bookmakers offer. Professional bettors can use the exchange as a tool to follow market trends and sell their bets. The high liquidity almost guarantees that your bets will be traded. Betfair is up-to-date with the latest features, like Bet Builder and Request a Bet, and added a fixed-odds section, too. However, the sportsbook payout is below par. Although the market depth in the exchange is huge, it is not as it once was. The liquidity of less popular sports and leagues has decreased dramatically due to the inability of some countries to regulate the betting exchanges, which forced Betfair to exit strategic markets. Moreover, the commission fees are relatively steep compared to other exchanges, such as Matchbook or Smarkets. There are additional charges if you are a very successful trader. Overall, if you are looking to bet on the exchange, then Betfair is unrivalled to any other company.