Is Betting in Colombia Legal?
The short answer is yes, and you can safely make bets through local betting shops and offshore sportsbooks. The local authorities are drafting new legislation in regard to online gambling operations in Colombia and experts warn that Colombian sportsbooks will have to invest hefty sums to open online betting websites. Nonetheless, most of the reputable local sportsbooks are expected to obtain licenses for their Colombian betting sites after the country legalized online gambling in 2016. The licensing fee for online gambling operations stands at $160,000 and operators are subject to a 15% value-added tax (VAT) on gross gaming revenues.
As online betting is completely legal in Colombia, virtually all of the well-known world bookmakers are available to Colombian punters and gamblers who are visiting the country.
Selecting Sportsbooks in Colombia
Since the local regulations do not prevent local gamblers to place bets with foreign sportsbooks online, local citizens and visitors to Colombia can choose between a growing number of betting houses that offer online betting services. A number of gambling websites also target local punters while many online sportsbooks and casinos have a version of their websites in Spanish.
Colombia sportsbooks differ from their counterparts in the rest of the world by offering a wide choice of odds on combat sports such as boxing, wrestling and martial arts. These sports are quite popular in many countries in South America, along with traditional games such as football, volleyball and basketball.
Gamblers should be aware that Colombia started issuing online gambling licenses as late as in 2017, so you need to research whether a local sportsbook has been granted a license before placing online wagers with them. This, of course, does not apply to established sportsbooks that operate all over the world. Many of them are licensed to operate on Colombian soil.
Deposits and Withdrawals at Colombian Betting Sites
Gamblers in Colombia have access to a wide variety of deposit methods as well as different withdrawal methods to cash out their winnings. Sports betting in Colombia allows for easy and fast depositing of money while cashing out of high limit stakes may take a week or more to be processed. Nonetheless, punters can use electronic bank wire transfers and bank cheques that allow faster withdrawal of winnings as compared to certain free online payment methods.
Most of the reputable sportsbooks in Colombia are accepting deposits and withdrawals through popular debit and credit cards such as VISA and MasterCard. Some bookmakers are also accepting Maestro bank cards.
Online payment processors like Neteller, Skrill and PayPal are also available at most Colombia betting sites.
Bookmakers’ Bonuses in Colombia
Betting bonuses in Colombia include bookies welcome bonuses, sign up bonuses for new punters, deposit bonuses as well as risk-free betting promotions. Bookmakers’ bonuses in Colombia follow the best industry practices; therefore, you can take advantage of a variety of free bets on various games and sport events. Mobile bonuses are available if you select to use the services of a gambling operator that offers a mobile betting app for download.
Punters can profit from Colombian sportsbooks bonuses that cover both wagers on South and Central American football as well as European football matches, for instance. Bookmakers regularly offer bonuses involving other sports and leagues such as NFL or NBA as well.
In fact, a good number of Colombian sportsbooks offer odds on a wide range of sports such as rugby, cricket or eSports and cover multiple regional and foreign leagues. Promotional offers and bonuses are available for both local leagues and foreign sports events. The most common betting bonus is a free bet upon initial deposit as well as various risk-free bets upon sign up with an online betting site.
Further Info about Online Betting in Colombia
Colombian punters and gamblers who place bets in Colombia should know that all licensed online betting operators in the country are also allowed to offer casino games, fantasy sports, and online poker.
You should also know that the local authorities are blocking certain unlicensed sportsbooks. You owe no tax on winnings from online betting as licensed Colombian sportsbooks cover them through the tax paid on gaming revenues.
All in all, Colombian betting sites are safe to bet and provide excellent service to local residents and visitors to Colombia alike. The number of online sportsbooks in Colombia is growing while increasing number of Colombian bookmakers start offering mobile betting services.