Colombia Grants First Online Gambling Licence to Wplay.co
Latin America is seen as one of the largest potential markets in the global gambling world. Still not formally regulated in most countries, the size of the populations especially the likes of Brazil have got the largest companies in the world looking to put their stake on the continent. In recent reports Sheldon Adelson of the Sands Group reportedly met Brazilian President Michel Temer and other government officials to pitch a $8 billion casino project in Rio de Janeiro. This is even before gambling had been formally legalized.
In light of Latin America being on the wish list of all the largest gambling companies, Columbia has just issued its first online gambling license to Wplay.co who are owned by electronic gaming machine firm Aquila Global Group. They have received approval from the Coljuegos national regulatory body.
This issuing of the license comes as the Columbia government announced that they will block unauthorized and unlicensed operators and published a list of 325 online operators that were offering online gambling to Colombian players without a license. The publishing of the list is aimed at ensuring local licenses get a fair chance to attract enough viable customers. Coljuegos is trying to compel local ISP’s to block the 325 international online gaming domains.
In terms of the new legislation approved last year, all operators wishing to remain active in Colombia will have to obtain a licence that includes a tax of 15% on gross gaming revenue. The market size of Colombia according to Coljuegos could be as big as $8 billion dollar in the first few years of operation. According to head on new business of Coljuegos Liliana Viberos they have received over 60 inquiries from interested applicants and are expecting seven online local licenced sites by the end of 2017.