Best Betting Sites in Colombia 2023 | Top Sports bet apps in Colombia

Colombia is a unitary republic that consists of 32 regions and a capital district. Bogotá is the capital of the country. It is estimated to have a population of approximately 51 million people. In addition to this, it is the location of birth of legendary football players Carlos “El Pibe” Valderrama and René “El Loco” Higuita. Gambling is something that has a long history in Colombia, dating all the way back to the colonial era. 1943 was the year that saw the very first formal casino license being handed out.

In recent years, betting on sports has developed into a popular hobby for a significant portion of the population in Colombia. The World Cup competition that was held in Brazil in 2014 marked a turning point, which was followed by the legalization of online sports betting in 2016. There are not a great number of international sportsbooks in Colombia that are currently in possession of a local license. Yet, there is no rule in place that prevents players from using their preferred foreign bookmakers to place their wagers.

Best Betting Sites in Colombia

Regulations and Legal Restrictions Regarding Gambling in Colombia
Following the passage of Law No. 643/2001 in 2001 by the Colombian National Congress, gambling was become completely legal in the country. After the passage of Law No. 643/2001, the state-owned Coljuegos were given the authority to establish new regulations, issue decrees, and provide gaming operators with contracts. As a direct result of Law No. 643/2001, there are around 25 commercial casinos that are legally allowed to operate in the country, the bulk of which are located in Medellin and Bogota.

Since the Colombian National Gaming Authority is in charge of regulating the gaming business, it is the only entity that has the authority to give third party concessions as opposed to ordinary operating licenses. This has resulted in a quasi-state monopoly in which two businesses, CIRSA and the Codere Group, control the majority of the gaming establishments in the country. Nonetheless, all third parties that are granted concessions are obligated to pay royalties, which are used to fund public health services. They are exempt from paying taxes on revenue.

In accordance with the terms of Law No. 643/2001, gaming businesses that are licensed to operate within the country are permitted to provide a variety of betting services. This includes lotteries held in specific regions, sporting events like horse racing, and games of chance like slot machines and table games. Additionally, the law enables offshore gaming enterprises to apply for and be granted licenses even if they do not have a physical presence in the country. They are authorized to legally provide the same kinds of games to individuals who are over the age of 18 in accordance with the terms of law No. 643/2001. Yet, in contrast to casinos located on land, those located offshore are subject to a 15% tax and are required to pay both variable and set regulatory costs.