Colombian regulator awards new online gambling license to Fullreto

With the award of this license, the Colombian gambling market now includes a growing number of platforms which are authorized to offer wagers on real sporting events.

Juan Pérez Hidalgo, President of the Colombian gambling regulator Coljuegos highlighted that the Latin American country has now set a solid example for other online gambling markets. "Local and foreign companies now view the country as a strong and reliable jurisdiction where to invest."

"By the end of August 2019, Coljuegos raised $ 437,333,966,300 (USD 126.5 millIon) in license fees. Online gaming accounted for 9.8% of that sum, amounting to $ 42,890,460,087 ( USD 12.4 million). The proceeds are allocated to the country’s health department. Over 47,000 people are benefiting from these proceeds."

Coljuegos’ president also requested Colombians to place bet solely through authorized websites. "Platforms licensed by Coljuegos guarantee winning collections and data protection," he said. "Colombians should bear in mind that those who are operating illegal platforms are engaging in criminal acts that carry prison sentences between six and eight years, and financial penalties amounting to approximately $248,435,000 pesos (USD 71.6 K)."