Is Online Gambling Is Legal In Colombia?
The gambling industry has transformed the lives of many operators and players. However, it is an industry that can be detrimental when not regulated. In Colombia, the government realized the need to introduce rules to direct operations in the industry. This was after the increase in player exploitation and surge in irresponsible operations. The following are the regulation of online games in Colombia:
Tax Rate in Colombia
Every government has the desire to generate revenue. These revenue streams have different tax rates, depending on the profits and the sensitivity of the service you provide. In Colombia, operating a licensed gambling station attracts a tax rate of 15% of the total wins. Additionally, the casino operators are required to pay a 1% additional tax to the regulatory body, Coljuegos. The tax is only applicable to bodies operating gambling stations, that is, game of luck. Those dealing with the game of skills are exempted from tax.
Columbian Casino Licensing
Like any other industry in Colombia, setting a defined licensing regulation has contributed to the successful gambling industry. Initially, there was no defined regulation under licensing in the gambling industry software. However, the gaming act of 2016 allowed individuals interested in delving into the gambling industry to apply for licenses. After the application, the authorities review the applications and decide whether to give the authority or not.in the document, the unauthorized operator is subject to 6-8 years in prison and a fine of COP 193 million.
How Casino Players Protected in Columbia?
Before the regulation body, Coljuegos was formed, and the gaming act was defined, there were no rules concerning gamblers’ protection. Players, therefore, had no choice but to play under unlicensed bodies, which meant they had to look for ways to protect themselves. After the rules were defined, players are now expected to address any issue concerning licensed or unlicensed operators to the Coljuegos, government facilities, or the municipal. The rules have also led to the closure of many unlicensed gambling domains. Statistics show that 1805 domains had been blacklisted by September 2018. Aside from players reporting any anomaly in the industry, they are also expected to follow some rules, for example, the legal gambling age of 18 and above.
Gambling regulations regulate the industry and prevent any mistreatment of players. In Colombia, the three rules governing the gambling sector deals with the tax rates, protection of the players, and licensing of the gambling operations in the country.