From the Colombian Federation of Entrepreneurs of Games of Chance and Luck, it was assured that uninformed generalizations only generate uncertainty in the market.
Colombia.- The gambling industry is under scrutiny in Colombia and therefore, the guilds consider it important to defend a market that is one of the main sources of funding for public welfare policies.
In this regard, from the Colombian Federation of Entrepreneurs of Games of Chance and Luck (Fecoljuegos), a statement was issued calling for prudence when discussing the industry with uninformed generalizations, reiterating their commitment to legality, transparency, and the economic development of the country.
“As a regulated sector, operating under strict normative standards, we promote constructive dialogue based on figures and verifiable facts, away from polarization and generalizations that misinform and affect the stability of productive industries,” begins the missive published through media outlets.
And they add: “In times when the country demands consensus and solutions, we call on those who today have the enormous responsibility of representing institutions and leading national debates to stay away from speeches that may instrumentalize economic sectors like ours for political purposes.”
From Fecoljuegos, it was explained that the industry of games of chance and luck is formal, regulated, and supervised by Coljuegos and the National Superintendency of Health. They also work hand in hand with bodies such as the Financial Information and Analysis Unit (UIAF), United Nations, the Financial Superintendency, and other entities that, in various ways, contribute to the strengthening of the industry. They also emphasized that their compliance in terms of transparency, prevention of money laundering, and financing of terrorism is rigorous, ensuring traceable and secure operations.
On the other hand, the guild explained that more than 300,000 families depend directly and indirectly on this sector, which operates with about 3,500 authorized establishments and certified digital platforms. “Its impact on the economy is not limited to the generation of formal employment, but also contributes significantly to the country's development,” they indicated, detailing that in 2024 alone, the industry transferred more than COP990.592m (USD240m) to the health system, consolidating itself as one of the main sources of financing for public welfare policies.
“Therefore, we consider it fundamental that any discussion about the sector is carried out with height and within a technical framework, recognizing the difference between companies that comply with the regulations and those that operate outside the law. Uninformed generalizations only generate uncertainty in the market and affect investor confidence in Colombia,” emphasized the guild led by Evert Montero.
Finally, they reiterated their willingness to continue working in coordination with the authorities, “strengthening the mechanisms of regulation, transparency, and control that have allowed consolidating the sector as a key ally of the economic and social development of the country. We invite all actors to promote an informed debate, based on evidence, that contributes to the stability and growth of Colombia.”
Last Saturday, February 22, the Value Added Tax (IVA) of 19 percent on online gambling games came into effect in Colombia. However, the measure generated controversy since, entrepreneurs from the sector assured that the Petro government miscalculated the volume of revenues and that the collection will be much lower than expected, as according to the Executive it would reach one trillion pesos (USD242m).
Evert Montero, president of Fecoljuegos, stated that the problem lies in that revenues for betting houses are talked about as COP45 trillion annually, which implies that they have a weight of 4.5 percent in the GDP, but that is not true, as the real revenues of the activity are around COP2.6 trillion, that is, less than 1 percent of the GDP.
The study from the Universidad del Rosario shared by Semana also indicates that an urgent review of the accounting methods to assess this activity is needed, given that gross and net revenues are being confused.
