Betfair nets five-year Colombia licence
Flutter Entertainment-owned brand goes live in the country on Aspire Global’s BtoBet software
Betfair has been awarded a five-year online gambling licence in Colombia.
The bookmaker has become the 17th operator to be licensed in the country by regulator Coljuegos.
It is understood the Flutter Entertainment-owned business will offer online casino and sports betting markets to Colombian players through a localised version of the Betfair site.
Betfair llega a Colombia como el decimoséptimo operador de juegos por internet autorizado por Coljuegos.
Su casa matriz está ubicada en el Reino Unido e Irlanda, cotiza en la bolsa en Londres y cuenta con operación en más de 100 países del mundo.@Betfairhttps://t.co/pXfpGTQcCR pic.twitter.com/gtP3U0OPWw— @ColjuegosCo (@ColjuegosCo) February 3, 2021
Betfair’s Colombian sportsbook offering will be powered by Aspire Global’s BtoBet, under its Neuron3 B2B sportsbook platform. The partnership, first signed in October 2019, allows for operators to add regulated markets as required.
“We celebrate the growth of the sector and the opportunities that continue to be generated for a competitive legal activity that contributes to the health sector and the country’s economy,” Coljuegos tweeted.
Other locally licensed firms include Entain’s bwin brand and Rush Street Interactive’s Rushbet brand, as well as Luckia, Codere and Mozartbet.
William Hill also entered the Colombian market in December when it purchased a majority stake in locally licensed sports betting firm Alfabet S.A.S, which operates the Betalfa sportsbook brand.
Colombia’s online gambling market has grown exponentially since its launch in 2016 but has experienced a 30% year-on-year drop in revenue for the first nine months of 2020.
To receive an online gambling licence in Colombia, operators must provide a copy of their certificate of incorporation, financial statement and bank guarantees, as well as certifying their compliance with local financial and technical regulations.
Once these documents are provided and all subsequent requirements are satisfied, the operator signs a contract directly with Coljuegos, which sets out the licensing standards and regulations in Colombia.
Under the country’s legislation, Coljuegos makes regular contributions from a proportion of its licence fees to Colombian social and health projects.