The Law on Legalized Online Sports Betting in Colombia
Online sports betting is very popular in Colombia with more than 59% of the population participating in some sort of online betting on a monthly basis. The country is a leading country in South America and ranks second in the world for total sports revenue. In terms of revenue, it comes behind only the United States. Online sports betting in Colombia is completely legal and is used by sports enthusiasts from all walks of life. This makes online sports betting in Colombia ideal for all kinds of individuals including regular players, fans and even businessmen.
As long as the amount is deposited into an online account, anyone can place online sports bets without being a licensed or registered citizen of the country. Although the law doesn’t require it, most online sports betting sites are willing to provide some sort of identification or proof of citizenship in order to facilitate online sports wagers. In fact, the law requiring identity proof is intended to discourage the falsifying of information used for online sports betting. There are also many other reasons why online sports betting in Colombia is legalized, but one of the major reasons is that the country’s sports books are officially approved and funded by the government.
The Colombian State lottery has also been supporting online sports betting since 2001, when it was first approved. This is part of a plan that was meant to enhance Colombia’s tourism industry. The State lottery is not the only sports-book that is licensed to run online sports betting in the country though. Several major newspapers and magazines are now offering sports wagers through their websites. All of them are approved and funded by the State, although there are still a few fraudulent sites online.
There are a number of reasons why online sports betting in Colombia was legalized in the end. First, the State realized that it was missing out on an important source of revenue. The lottery generates about a billion dollars in annual revenue, and about half of that is kept in accounts in the State. A large portion of this money goes unused each year because people do not realize that it is an option. Legalizing online sports betting was meant to put more funds in the State’s coffers.
Second, it is easy to set up and operate these online sportsbooks. Because the World Wide Web has made it possible to circulate news about events that happen all over the world very quickly, there have already been several stories about people who were able to make a lot of money from legalized online sports betting in Colombia. These stories have even made the State aware of the fact that they should open the lines of communication with their customers if they want to reap even greater profits from the system.
Finally, it is very convenient for a customer to place his/her bets on the World Wide Web. It does not take long before a sportsbook can offer clients everything they need, such as a collection of expert picks, odds, lines, and statistics, and to make all these accessible at any time and from anywhere in the world. This is the real attraction of legalized online sports betting in Colombia. As long as the law allows it, a sportsbook could open its doors to customers from any corner of the globe, providing them with the best service possible. In order to make the most out of these changes, customers are strongly advised to get in touch with one of the several web sites that would provide them with as much information as they could ever need about the matter.
The law on legalized online sports betting in Colombia is expected to be approved by the end of next year. Once this happens, it will be more difficult for criminals to operate their illegal sportsbooks. According to sources in the know, authorities expect the law to completely curb the power of criminals who controlled many sportsbooks through the use of smart phones and computers. A significant reduction in wagers might also be brought about as a direct result of these new regulations. In essence, it is expected that customers will enjoy greater freedom when betting on any type of sport.
Many people are excited about the prospects of online sports wagering. The main reason why people come to enjoy betting online comes down to convenience. Betting online is simply easier than betting on conventional sports. In addition, people will no longer have to worry about dealing with commissions and added costs associated with traditional sports gambling. For these reasons, Colombian authorities are looking forward to the legalization of online sports betting, thus allowing customers to enjoy the same level of convenience as they do when they bet on conventional sports.