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Colombian Casinos Benefit From Running The Business In A Transparent Atmosphere

Article by : Helen Sep 11, 2020

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Updated: Aug 9, 2022

For many countries, business transparency has become an axiom of success and an opportunity to create new jobs. The gambling business has its specifics. It doesn’t matter if it is legal or not; players will always try their luck to make some “easy money.”

There were many examples when legalization and state control made the gambling industry one of the most important spheres of the economy. Having the ability to regulate the gambling market, the government can not only receive additional tax deductions but also protect players from unscrupulous operators.

Not every country clearly understands the benefits of legislative regulation of the gambling industry. Nevertheless, the Colombian authorities have done everything necessary to provide the required legal framework to make the market transparent and mutually beneficial for operators and the state. Since then, the government provided the economy with additional income sources and allowed casino operators to create other jobs. All of these factors are vital criteria affecting the longevity and prosperity of any country.

Colombia’s finance minister, Alberto Carrasquilla, reported that the country’s GDP had seen an increase of $460 million thanks to the legalization of gambling activities. The country’s GDP was able to add 0.2% hands down. The casino operators created 111,000 new jobs and thus positively affect local people’s welfare.

The global coronavirus pandemic has also made some adjustments to the activities of gambling operators. The state took all the necessary steps to support gambling establishments. The administration introduced Legislative Decree 808, which allowed casino operators to reduce the flat rate on gambling and provided a possible payment delay of 6 months. The return of sports also encourages gaming services to recover from Covid-19 gradually. Income from gambling activities is fundamental and is of greater importance for recovering the country’s economy. Government support for casinos is a strategically important step contributing to a more effective and faster business recovery without any particular difficulties.

Carrasquilla also added that the benefits of ensuring transparent gambling regulations are incredibly high. The minister also noted that it is also vital for operators to help the government fight against unlicensed gambling houses’ illegal activities. According to a government official, Colombia has achieved such impressive results thanks to its effective fight against money laundering and restricting illicit casinos.

One of the most important news for the gambling industry is the possibility of launching live casinos in Colombia. Juan B Pérez Hidalgo, President of Colombian regulator Coljuegos, noted that starting in June, the gambling sector will offer an entirely new type of service, allowing local operators to expand their activities more widely=. The creation of live casinos should be an essential push to help the gambling sector recover from the coronavirus’s effects as soon as possible.

According to official figures, the temporary closure of Bingo halls and land-based casinos resulted in the loss of more than $15 million, which was supposed to go to the health sector. The government insisted that casino operators should be the first to restart their business. There is still no official information about the possible opening of Bingo halls.

In any case, the government demonstrates its will to take all necessary steps so that operators can open their doors to local visitors and tourists as soon as possible. The gambling industry generated substantial profits that allowed the country’s economy to receive generous tax deductions. Therefore, the authorities are doing everything possible to help businesses get back on their feet while the country is experiencing the dire consequences of Covid-19.

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