Gambling Regulator in Colombia
Coljuegos regulates all gambling activities in Colombia. Established in 2001 by law 643, the body oversees all gambling activities in the country. It reviews and provides licenses to all casino operators. Through this, they have been able to weed out rogue operators before establishing their dominance.
They also closely monitor all licensed casinos to make sure there is no chance of any of them deviating. Regular checks and audits will monitor and regulate the casino’s operation.
Through this, they have maintained the sanity of the Colombian online gambling industry. Attracting various foreign investors to tap into the fast-growing iGaming in Latin America.
Now, this is the criteria that Coljuegos use when issuing gaming licenses:
First, you will need to be a subsidiary of a Colombian company or perhaps a leaflet offshore company. You will then have to demonstrate your financial muscle capability.
How much is your working capital, your company’s worth, and possible debts? They will only consider you if you are backed by a financial institution like a bank. This is done to guarantee compliance and other costs.
Consequently, they will check your policies regarding money laundering and responsible gambling. They will be strict on this, so you will need to redraft your policies exceptionally to meet their demands.
Then finally, they will check the reliability of your casino infrastructure. How strong or versatile are the servers? You will also be obliged to create data safes specifically for Colombian players. That is, if your servers are offshore-based.
Let’s get back to the duties of Coljuegos. Did we mention it ensures timely payment of taxes by the casinos? It does, and as per stats, this has significantly contributed to the country’s economic growth.
It is indeed “a boutique service provider,” as documented on its website. Coljuegos offers a wide range of services to casino operators. In Addition to licensing, it does marketing, regulatory processes, and consultation.