Betano launches in Colombia following authorisation from regulator
Kaizen Gaming-owned brand now available in 18 countries and will pay country COP21.5bn over the next five years in rights fees and administration costs
Betano has entered the Colombian market after gaining authorisation from the country’s regulator, Coljuegos.
Betano will pay the regulator COP21.5bn (£3.8m) over the next five years for its right to operate, licence fees and “administration costs”.
Coljuegos said the monies would be used to fund health and scientific research in the Latam nation.
Betano’s entry into Colombia follows the Kaizen Gaming-owned brand launching in the UK in May via a white-label deal with BVGroup.
The brand is also available in 16 other markets including Portugal, Romania, Germany and Brazil, where it is claimed by many to be the market leader ahead of regulation in January 2025.
Coljuegos President Marco Emilio Hincapié said the addition of Betano to the market would support both the Colombian economy and resources for health services.
Hincapié remarked: “We continue to strengthen the online gaming industry. We hope that, with the entry of this new operator, we can continue to increase transfers for the health of Colombians. At this time, the platform is already operating for the betting public.
“We are seeing that online betting is a sector of the economy that has driven the growth of the country’s gross domestic product. That is why we are working to make the market even more attractive and to provide more options to bettors,” he added.
Colombia regulated its online market in 2016 with the eGaming Act, outlining the legal framework for sports betting and online casino operators.
Operators currently pay a 17% tax rate on gross gaming revenue, which was implemented in 2021 by the government.
The regulator estimates operators in Colombia will pay COP419.5m in rights this year, a 31% year-on-year increase for the same period in 2023.
There are currently 16 operators in Colombia, including market leader BetPlay, Rush Street Interactive’s Rushbet, Entain-owned bwin and Codere.
Stake is also live in Colombia after it acquired the local Betfair business from Flutter Entertainment last year.
Coljuegos revealed it is in the process of authorising the application for a 17th operator in the shape of Bingo Casino.
Kaizen was named operator of the year at the 2024 EGR Operator Awards and scooped up six other titles on the night.