According to data from the Colombian national regulatory agency Coljuegos, games of luck and chance were one of the main economic sectors driving the growth of Colombia's Gross Domestic Product (GDP) in the second quarter of 2024. The national GDP grew by 2.1%, with agriculture, public administration, and entertainment activities showing notable performance, as reported by the National Administrative Department of Statistics (DANE).
DANE Director Piedad Urdinola explained, "The main drivers of growth were arts and entertainment activities, particularly online gambling which is linked to recent sports events we hosted, paving the way for online sports betting."
Coljuegos Chairman Marco Emilio Hincapié noted that online gaming, especially sports betting, generated substantial revenue exceeding $2.4 million in the second quarter. He stated that the monopoly rent paid to Coljuegos by internet games increased by nearly 20% this year.
Currently, online gambling accounts for 47% of the gambling industry's total revenue, while traditional games like bingo and casinos represent 33%. The remaining revenue is allocated to games like SuperAstro and Baloto, accounting for 13% and 7% respectively.
Looking ahead, Hincapié believes that the industry will exceed the expectations set at the beginning of the year. "We continue to write new history for the agency and the industry. We plan to keep innovating and regulating so that various types of games can create more job opportunities, boost economic growth, and continue to provide valuable resources for health and scientific research," he explained.
Coljuegos' Regulatory Strategy
Hincapié attributed the positive contribution of the gambling industry to the economy to recent regulatory progress and control of illegal activities. "The significant contribution of the gambling industry to the economy is largely due to our progress in regulation, efforts to combat illegal activities, and the notable increase in online gambling during events like the Copa America and the European Championship," he said.
To ensure transparency of resources in the gambling industry, Coljuegos is implementing a risk management system for money laundering, terrorist financing, and proliferation of weapons of mass destruction (SARLAFT). This system aims to identify risks within Coljuegos and among Colombian gambling operators, thereby establishing specific regulations to prevent criminal activities.
Coljuegos Chairman Marco Emilio Hincapié announced that agreements have been signed with international, national, and local organizations to combat corruption and illegal activities in the industry.
"We align with SARLAFT policies to combat high-risk activities within the gambling industry," he stated, mentioning partnerships with the United Nations Office on Drugs and Crime (UNODC) and the Financial Information and Analysis Unit (UIAF).
