Coljuegos, the gambling regulator in Colombia, has awarded a five-year igaming license to sports betting exchange Betfair.

The license will allow Betfair to operate betting on real sporting and non-sporting events, online slots, roulette, and blackjack. The operator is expected to contribute COP$23bn ($6.5m) to the Colombian economy.

Coljuegos said that with the approval of the seventeenth authorized gambling website in the jurisdiction, the gaming sector in Colombia has proven itself to be an attractive opportunity for national and international businesses.

Coljuegos president César Augusto Valencia Galiano emphasized the importance of gambling with regulated operators in order to ensure security, the proper handling of personal and financial information, and the availability of responsible gambling resources.

“The portals authorised by Coljuegos guarantee the delivery of the prizes, the protection of data and the proper functioning of the platforms,” he said.

“We must remind all Colombians that operating unauthorised platforms leads to committing a crime for which penalties ranging from six to eight years in prison and fines of approximately COP$272m for each establishment can be incurred; point of sale, outlet or vendor.”

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