Colombia has formally entered the internet betting arena, granting WPlay.co its inaugural permit.

WPlay.co, a Medellin-based firm under the Aquila Global Group, secured this sought-after authorization from Coljuegos, Colombia’s gaming regulatory agency. They’re serious about it too, intending to invest approximately 15 million USD in the endeavor over the next three years. Their objective? A million registered users and around 3,000 new positions before their time runs out.

Juan B. Perez Hidalgo, the top official at Coljuegos, emphasized that this is just the beginning. “We’re welcoming more operators to become licensed by Coljuegos,” he stated. “The goal is a thriving industry that’s aligned with the latest technology.”

Coljuegos projects this newly regulated market could generate a substantial 8 billion USD in its first year alone, a number that’s expected to increase as it develops.

However, it’s not all enjoyment and amusement. Coljuegos also took action against unlawful gaming platforms, with intentions to block over 325 websites soon.

“These actions are about more than just games,” added Pérez Hidalgo. “It’s about directing resources to aid the Colombian populace, utilizing innovation to broaden what gaming can be, and staying current with how technology is transforming the industry worldwide.”

This concerns the careful separation of duties related to internet gambling within Colombia. Their goal is a transparent framework where the National Police force and the Ministry of Defense oversee safety and regulatory measures.

Businesses that fulfill all the requirements (fiscal, technological, legal matters) established by Coljuegos, the gaming regulatory agency, can obtain authorization to operate digital games of chance. This is achieved by executing a concession contract with Coljuegos.