Helen Popper looks at the Colombian gaming industry.
A healthy local economy and efforts by the business-friendly government to revitalise Colombia’s gaming industry are kindling hopes for growth in Latin America’s number three casino market.
But industry leaders say inadequate regulations remain a major obstacle to modernisation and investment even as the expanding economy, a tourism boom and improved security create new opportunities in the Andean nation. Just over a year ago, the state-controlled Coljuegos regulator took office, replacing a predecessor discredited by corruption scandals involving officials and a poor record on increasing gaming revenue for the state.
Since starting work, Coljuegos officials have raided dozens of unlicensed gaming parlours seen as a scourge that deprive legitimate casinos of customers and deprive the state of tax and royalty payments used to fund public heathcare. A new lottery draw has been launched and the regulation of virtual sports betting for localised gaming operations such as casinos is under review.
“We also want to help develop the country’s gaming sector by raising standards so we can increase the confidence of customers and generate the conditions of transparency and legality that will let the industry be productive and sustainable,” Coljuegos president Rodrigo Velez Jara said in an interview.
The latest change of state gaming regulator – Coljuegos is the third entity in as many decades – has deepened uncertainty among casino operators, but even skeptics acknowledge that the early signs are encouraging.
Read the full article in the August issue of InterGaming.
