Based in Colombia and want to play casino games with crypto? Check out our CO crypto gambling guide and claim huge welcome bonuses.
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Land-based and online gambling are both legal in Colombia. Brick-and-mortar casinos were legalized in 1991. Before that, they did exist but without the necessary regulation. This allowed space for the development of different types of criminal activities and made them unsafe for players.
Online gambling was legalized in 2016. Despite that, some forms of Internet wagering operated before that. However, there was a strong debate on the topic, and finally, the 2016 eGaming Act provided the much-needed clarity and regulation of the market. Practically, it legalized almost every form of online gambling.
The spectrum of legit wagering activities includes online casino games, poker, sports betting, fantasy sports betting, betting exchanges, and more. Both domestic and international operators are allowed to apply for licenses as long as they observe the necessary requirements.
Nowadays, casinos in Colombia are subject to the regulation and licensing procedures of a governmental division called Coljuegos. Permits are granted based on a strict and comprehensive set of criteria required by the country’s law. Once it grants a license, Coljuegos is also responsible to control whether the casino continues to fulfill the legal requirements in the long run. If it fails to do so, its license can be revoked.
Cryptocurrencies are widely available in Colombia although they do not have the status of legal tender. That said, the country is dubbed Latin America’s crypto hub because of the mass use of digital coins. For instance, it is the continent’s leader in terms of crypto ATM availability. There are close to 60 crypto ATMs, the largest number in any Latin American country.
According to statistics, more than 3.1 million Colombians own some type of cryptocurrency. That is 6.1 % of the general population. What is more, the country was ranked fourth in terms of Peer-to-Peer Bitcoin trading volume globally.
Further studies show that 80 % of Colombians are willing to invest in digital assets. The most crypto active part of the local population is between ages 25 and 40, with half of them already buying or intending to buy digital coins.
It is fair to say that the local government has been actively supporting the adoption of cryptocurrencies and the blockchain. In 2021, the Colombian Ministry of Information Technology and Communications made a historic move when it released a key document in this regard. The first-of-its-kind draft guide for the public sector invited for embracing blockchain and crypto payments in particular.
Colombians are generally favorable towards gambling. That is why it existed in many forms before being officially legalized, and the state and society tolerated that.
However, the unregulated market became a violent arena of criminal activity in all forms. To put an end to this dire situation, the Colombian state took a decisive stance on regulating casinos in 1991.
Initially, government control was extremely fierce. The state held the monopoly to make sure a healthy and stable market would be created, and that criminal activities would be limited. A decade of applying sustainable measures and ensuring that the casino industry proceedings would go towards social purposes passed. Finally, in 2001, a new piece of legislation came into force.
The 2001 Colombian Gambling Act became the primary decree to regulate the casino industry in the country. It stated that land based gambling would be regulated by the Coljuegos, which is the Colombian Gambling Commission. While gambling at large remained under the state monopoly, private companies were allowed to run the casinos. In the meantime, despite certain forms of online gambling existed since 2001, it was not until 2016 that they and many others became officially legal.
Nowadays, Colombia is a role model in South America when it comes to creating a safe and regulated gambling market. Many countries on the continent have adopted the model because its rigorous nature appeals to the leftist views that generally prevail in the region.
At present, more than 20 land-based casinos operate in Colombia. Most of them are situated in larger cities, with Bogota hosting about a dozen. Tourists also favor the Medellin brick-and-mortar establishments. The state sports lottery is also very popular. In addition, the locals can enjoy a variety of licensed and trustworthy online gambling sites.
Colombians are generally not opposed to gambling, so the local market is well-developed. Sports betting is one of the most practiced forms of gambling. Being a Latin American country, football is the top popular sport here. Hundreds of thousands of Colombians bet on football yearly despite the frequent corruption scandals. Dog and horse racing also enjoy very high interest.
The national lottery is another hot gambling activity in Colombia. Controlled entirely by the state, the local sports lotto is called Intralot. There are thousands of gambling points of sale where you can try your luck.
When it comes to online gambling, there is no surprise in the Colombian market. Internet casino players prefer online slots. Blackjack, baccarat, and roulette are very popular, too.
On top of that, Colombians enjoy poker so much that it can be regarded as an entirely separate category. Some studies show that the most played poker variations include Pai Gow Poker, 3 Card Poker, and Let Em’ Ride. That said, Colombians nowadays seldom play poker at land-based casinos. They prefer to do it online because it is easier to access. Besides, it is more convenient to play, as you do not have to wait for the other participants to finish their hands.
Players from Colombia are lucky to enjoy tons of exciting and very rewarding promotions. This is largely thanks to the well-regulated market, which leaves no room for fake or misleading offers. The Coljuegos observes that online casinos only offer honest bonuses and sanctions them if they fail to do so.
The most preferred bonuses for Colombia players include the multi-deposit welcome packages that provide a lot of cash and free spins. In addition, everyone looks for no deposit and no wager bonuses. Competitions, tournaments, regular player promotions, and loyalty points are popular, too. Cashback deals are another players’ favorite, because who would not like to have some of their money back?
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