According to a study by Playtech, a key aspect for Colombian players is the speed and reliability of payment providers.
Colombia.- Playtech recently launched the third edition of the report "Responsible Gaming: Consumer Insights and Trends in Latin America". The new edition of the report presents significant findings from a survey conducted with 2,500 people from Argentina, Brazil, Chile, Peru, and Colombia.
In the case of Colombia, the first Latin American country to regulate online gaming in 2016, the report revealed that 87 percent of Colombian players bet at least once a month and 67 percent at least once a week. People aged 45 to 54 are the most frequent players: 75 percent play at least once a week, compared to just 52 percent of young people aged 18 to 24.
When choosing a betting platform, the most important factors for Colombian players are fast and reliable payment methods (58 percent), security and reliability (57 percent), and the value of prizes/rewards (52 percent). Forty-eight percent of Colombian players in this study state that they value platforms that offer exclusive bonuses and rewards.
The availability of a smartphone app is key for 37 percent of Colombians, while 52 percent look for higher rewards. Competitive odds are important for 39 percent and 48 percent prefer exclusive bonuses. Of all the countries surveyed, Colombia places the highest value on economic factors.
According to the Playtech survey, the reliability of betting platforms is a main concern for 55 percent of players, closely followed by concerns about data security, cited by 54 percent.
The majority of Colombian players, ex-players, and future players (61 percent) say they would feel safer betting if they knew they were using a legal and registered platform, while 54 percent would feel safer if the platform offered a variety of payment and withdrawal methods.
Respondents who do not bet mention high financial risks (37 percent) and the fear of losing money or developing an addiction (34 percent). An additional 26 percent claim not to bet due to the lack of regulations that protect against fraud and gambling addiction, a concern shared by 29 percent of women who do not play and only 14 percent of men in the same category.
According to Playtech's research, budget management plays an important role in the behavior of Colombian players: nearly half of the Colombian respondents (49 percent) set budgets, and the majority (73 percent) stick to their limit. Age seems to be a factor, as 42 percent of those over 55 adhere to their budget, compared to 25 percent of young people aged 18 to 24. Notably, 20 percent of those over 55 do not set any budget.
One in five (21 percent) spends less than COP 10,000 (USD2.4) per month, but a third (32 percent) of players claim to bet more than COP 50,000 (USD12) per month, with men spending more: 36 percent spend more than COP 50,000 per month, while among women this percentage is 26 percent. Nearly half (44 percent) of those over 55 report spending more than COP 50,000 per month on gambling.
Furthermore, the survey details the opinions of Colombian players regarding trust and security. According to the report, there is a sense of distrust towards gambling companies and gaming in general, with 71 percent of the opinion that gambling companies do not care about the safety and well-being of the general public.
The same proportion of respondents (71 percent) believe that sports matches can be rigged to favor players, while 64 percent believe that platforms are manipulated to prevent user winnings. Meanwhile, 82 percent believe that these companies should help people with gambling addiction, and 58 percent believe that professional athletes should not be able to bet on sports matches.
Four out of five (80 percent) Colombians agree that more should be done to regulate gambling advertising, and 82 percent think that gambling companies should do more to help people with gambling-related problems. Half of the respondents (50 percent) believe that sector advertisements should clearly communicate the risks of gambling, and 47 percent emphasize the importance of ensuring that advertisements comply with legal standards and are limited to appearing exclusively on legalized sites.
Only 14 percent of respondents feel well informed about gambling laws in Colombia, and most turn to specialized websites and government resources for information.
Six out of seven respondents (86 percent) believe that online gaming platforms should implement stricter policies to verify the age of players, and 83 percent are concerned about gambling advertising targeted at teenagers and children.
The Playtech study reveals that Colombia has more than 8 million active betting accounts (although people can register for more than one. Betting on football matches is particularly popular among Colombians and reportedly accounts for 85 percent of all sports betting).
With 16 approved operators, internet-operated gambling reported sales exceeding USD2300m in the second quarter of 2024. Currently, online gambling represents 47 percent of total national gambling revenue, highlighting its dominant role in the Colombian market.
In Colombia, operational licenses in online gambling generated revenues of around USD76m in 2023, and the associated tax revenues were mainly redirected to the health sector. In the first quarter of 2024, the state allocated around USD55m to healthcare.
It is worth remembering that currently the online gaming sector in Colombia is on alert after last Saturday, February 22, a 19 percent VAT on online gambling began to apply, including sports betting and virtual casinos, established by the government of Gustavo Petro, which was strongly resisted by the sector.
