Online betting in Colombia has grown the country’s GDP during this year’s second quarter, according to the National Administrative Department of Statistics (DANE).
Colombia’s GDP rose by 2.1% during the second quarter of 2024. According to Coljuegos, the most prominent growth came from the agriculture, entertainment activities and public administration sectors.
DANE credited iGaming as “one of the economic activities that most helped boost the growth of the country’s Gross Domestic Product.”
DANE Director Piedad Urdinola elaborated further by saying, “What is marking the growth the most are artistic and entertainment activities, among which are online gambling, since they are associated with the sports activities that we have had in recent months and that give way to internet betting.”
Coljuegos serves Colombia as its regulatory body for games and luck and chance.
The organization maintains a philosophy of fostering growth within the industry through sustainable methods. Several notable sites, including Betplay, Rushbet and Codere, follow Coljuegos’ regulations.
Coljuegos President Marco Emilio Hincapié discussed recent contributions Colombian iGaming has made to the local community.
He said, “This year, internet games have presented an increase of close to 20% in the monopoly rents paid to Coljuegos. This implies that, to date, online betting has transferred around $231m for the health of Colombians.
“This important contribution of the gaming sector to the economy is due, to a large extent, to our advances in terms of regulation, control of illegality and the positive growth that internet betting presented during the Copa America and European Championship events.”
He went on to add that the regulator is eager to see the industry continue to grow throughout the region.
He said in closing, “We are pleased to know that the gaming sector is contributing positively to the country’s economy and health. If we add up all the concepts and game modalities, to date we have already raised more than $581m. We hope that, in the remainder of the year, we can exceed our own projections and reach a collection of more than $1bn.”
“We continue to write a new history for the entity and for the industry. Our intention is to continue innovating and generating regulations so that all types of games generate more jobs, boost the economy and continue to provide valuable resources for health and scientific research.”