Best Online Casinos - Colombia

As of recently, the gambling industry in Colombia is known as the most dynamic and promising one in the country. However, things have not always been as optimistic. For years the country struggled to set the record straight with all things gambling, failing over and over in figuring out ways to direct the money from black markets back into the local economy, under the spotlight of the official regulators.

In a nutshell, here is a rocky path of the country that managed to drag the industry out of the shadow and into the regulated arena:

• First lotteries were authorized in the early 20th century.
• It was the 70s’, though, when gambling started gaining momentum, with first casinos and bingo halls becoming available to the public. The majority of the bets were made illegally.
• The state introduced Empresa Territorial Para la Salud, the first official authority to regulate the industry. The regulator faced strong resistance from illegal business owners.
• The introduction of Law643a in 2001 was the first attempt to unify brick-and-mortar venues under state regulations. The law did a solid job of increasing taxation revenues by up to 500%. Still, up to 20% of all bets made within the industry remained illegal.
• In 2011, the country introduced Coljuegos — a national gambling regulator, and that’s when the industry started changing for the better.

Under the regulations of Coljuedos, the industry was divided into sectors, those being online and retail gambling, and national lottery. The regulatory body introduced a clear and strict legal framework for businesses getting licensed and taxed. 

Tip: Colomba’s legal age for games of chances, both online and offline, is 18. It is the duty of an operator, be it a brick-and-mortar casino or an online venue, to verify the age of its customers.

These days, the four major hubs for offline gaming are in the four major Colombian cities: Bogota, Medellin, Cali, and Cartagena. According to reports provided by Coljuegos, on average the offline gambling industry grows by 18%, with bingo halls and slot machines being the key revenue generators.

Is online gambling legal in Colombia?

The iGaming Act that was introduced in 2016 not only legalized the industry but also introduced a clear framework to certify and regulate online gaming venues launched within the country, as well as offshore lobbies targeting Colombia. By 2017, the country welcomed the very first locally licensed online lobby, Wplay.co, and since then, the market has been growing consistently.

Here are some of the peculiarities of the iGaming industry under the mentioned act:

• The legal body in charge of monitoring the online gaming industry is Coljuegos.
• All forms of gambling, including slots, live dealer games, lottery, table games, and Sportsbook, are legal in the country. 
• When applying to provide services, online operators do not have to obtain separate licenses for games and Sportsbook. A single license covers all operations.
• To get certified, platforms need to pass a series of strict inspections. These include the ability to demonstrate sufficient funding, net worth, and net debt. A business must have a bank guarantor, as well as Colombia-based subsidiaries. There has to be a compliance officer capable of monitoring the operator’s compliance with AML regulations. Finally, sites have to certify their gaming content and obtain all the required certificates.
• Certified online operators must pay a 200,000 USD fee for the license, as well as a 15% tax on all gross revenues. The license is valid for five years.

What are the prospects of the online gambling industry in Colombia?

The economic growth of Colombia is stunning! The country sprinted to become the third-strongest economy in South America, with a GDP of 704 mln USD. The percentage of the population living below the poverty line decreased from 60% to 35% in just a few years. 

These factors impact the growth of the iGaming industry, too. By the time we were ready to publish this review, the industry’s GGR was at 312 mln USD, and the forecast is that in just a few years it will reach 806 mln USD.

Colombians are avid card users! According to the statistics, more than half of the online purchases within the country are completed using cards. The rest of the payment methods are a mix of digital products. Plus, 40% of online purchases are made using portable devices.

For online operators targeting the reviewed country, these statistics are a clear sign to include cards in the roster of payment methods. That being said, up to 30% of the population still don’t have bank accounts which means that on top of cards and bank transfers, online operators should have alternative payment methods. All of these factors contribute to forming a very specific demand for what a Colombia-suitable cashier in an online lobby should look like. It should preferably contain:

• Cards like Visa and MasterCard.
• Online vouchers, such as Efecty, Carulla, and Surtimax.
• The selection of ways to deposit and withdraw is further diversified with services like PSE (a way to transfer funds from a bank account, without using a card).
• E-wallets that are specific to the local market, namely, Negui.
• Crypto wallets.

When it comes to conveniently processing deposits and withdrawals, here are our top-3 picks for a Colombian online gambling audience.

1. Guts Casino, a platform equally known for its years of experience, a mind-blowing selection of content, numerous prestigious awards from the industry, and hassle-free payments.

   Advantages:
   • Lots of regular promotions
   • High cashout limits
   • Fast payouts to e-wallets
   Disadvantages
   • Only slots contribute to bonus rollover requirements
   • Absence of a loyalty program

2. 7Bit Casino is one of the oldest and most reliable sites offering its services in crypto. The site has 100s of positive reviews across the leading gambling portals and forums.

   Advantages:
   • 100s of crypto-friendly slots
   • Loyalty schemes
   • Provably fair games
   Disadvantages
   • Limited ways to reach out to the support team
   • Limitations on games when it comes to the bonus rollover requirements

3. Megapari Casino is your go-to platform if you are looking not only for games and live dealer releases but also for Sportsbook services.

   Advantages:
   • Weekly cashback
   • Compatibility with cryptocurrencies
   • Well over 2,000 games to choose from
   Disadvantages
   • Accounts are blocked if gaming is inconsistent
   • Restricted access to loyalty bonuses

In a nutshell, whether you have a bank account or not, there are still plenty of options to deposit and withdraw. For secure payments that will come with certain responsibilities and verifications, you are welcome to opt-in for cards and bank transfers. For fast online transactions, consider using regular e-wallets or crypto wallets (our portal has a great guide for all Bitcoin newbies). To enjoy safe deposits, check out the convenience of prepaid vouchers. 

Games come second in terms of popularity in the reviewed country. The golden medal belongs to Sportsbook, and if we zoom in on this betting sector, football is the absolute favorite. According to our research, up to 40% of active bettors place bets at least once a week. 

In terms of games, live dealer content is more popular than slots in Colombia, but reeled adventures are a very close second.

Live Dealer Games to Explore: When it comes to live streams, roulette in all of its variations is the most popular type of entertainment, followed by HiLo.

If we are to zoom in on slots, sites catering to the reviewed country are ready to offer a variety of reeled adventures from many established content suppliers. These include brands like Novomatic, MGA, Pragmatic, Play'n Go, Yggdrasil, Playtech, Triple Edge Studios, Relax, and Net Entertainment. Plus, we cannot leave MGA unmentioned. The studio’s specialty is reeled adventures in Spanish. In many Colombia-friendly online lobbies, this software developer is frequently featured among highlights and Favorites, and its games are usually simple yet filled with amazing features.

Noteworthy Slots: When analyzing a roster of games for the reviewed country, our team discovered the hottest picks, the ultimate hit releases among Colombian gamblers. These are slots like La Mina de Oro by MGA, Wild Chapo 2 by Relax Gaming, John Hunter and the Book of Tut by Pragmatic Play, Gonzo’s Gold by Net Entertainment, and the Aztec Spel by Spinomenal. Plus, we have discovered that show-themed slots as well as reeled adventures exploring adventures, South American heritage, Aztec and Mayan cultures, are very popular, too, as are releases inspired by the Book theme.