Colombia has accumulated a massive 2.8 trillion pesos in gambling revenue since 2015.
Statistics released by the Colombian regulatory body, Coljuegos, reveal that the government has gathered over 2.8 trillion pesos (approximately £559.8 million/€621.2 million/$723.4 million) in gambling taxes since 2015.
Colombia has garnered 2.8 trillion pesos in gambling taxes since 2015.
Specifically, the sector contributed 668 billion pesos in 2019, a substantial 76% increase from 380 billion pesos in 2015.
Despite the considerable negative impact of the novel coronavirus (Covid-19) pandemic on the nation’s land-based gambling sector, the country had collected 254 billion pesos in taxes by September 2020.
To combat the pandemic, land-based gambling venues were compelled to shut down in March, but local authorities have now permitted venues to resume operations under Covid safety protocols. Casinos in Bogota, Medellin, and Floridablanca have all been granted permission to reopen.
In recent years, Colombia’s gambling industry has undergone a significant transformation, legalizing and regulating online gambling in 2017. Since then, Coljuegos has witnessed a remarkable increase in the number of regulated games, from 35 to 1,408.
Juan B. Perez Hidalgo, head of Coljuegos, emphasized the economic significance of the industry. He pointed out that the gambling sector has generated over 100,000 jobs.
This sector encompasses more than 20,000 commercial locations and pays rent, contributing over one trillion pesos in fees, of which over 668 billion pesos stem from sales tax.
He continued by explaining how the sector relies on three approaches for economic recovery: resuming land-based gambling with enhanced safety measures; offering financial aid, tax reductions, and interest-free payment arrangements to operators; and expanding online gambling, including live casinos and remote player bingo.
According to Coljuegos, there are currently 347 authorization agreements with the regulatory body in effect, with 2,737 establishments, 84,462 slot machines, 80 bingo halls with 14,860 seats, and 428 gaming tables in operation.
Perez Hidalgo highlighted that the sector rebounded faster than many other segments of the economy after reopening. He also looked forward to the remainder of the year, explaining: “We are aware that in October, Super Astro will shatter sales records, Baloto Revenge will have the largest jackpot ever, at 58 billion pesos.”
The regulatory body continues to work to eliminate illegal operators from the sector, and has reportedly issued blocking orders for 4,296 websites. Illegal operations have also been removed from the land-based sector.
From 2016 to October 2020, officials carried out 1,141 raids, closing down 12,382 unlawful gambling enterprises. Perez Hidalgo highlighted the significance of these endeavors.
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