The Colombian gambling regulator Coljuegos has introduced new advertising measures for operators in the country that will come into effect on January 1st, 2024. The proposals will still need to receive approval from Congress before they are official.
The new laws will put restrictions on how gambling is restricted in advertisements and how much operators are able to advertise.
In an interesting move, the proposal is that the restrictions will be implemented through a tiered system. The more revenue an operator generates and, in turn, pays to the state, the more lenient the advertisement restrictions will be for them. As an example, newer, smaller operators may only be able to spend 20% of their revenue on advertising, while more established operators will be able to spend higher amounts if they are generating more and contributing higher amounts to the Colombian economy.
The regulations also state that the advertisement must clearly display what entity is responsible for the advertisement.
As per the new regulations, operators who fail to comply will face tough penalties. If an operator goes over their advertising limit and is caught, they will have to pay 100% of this surplus as a penalty.
Any deals formed with sports betting teams will also be included. Sports teams will need to gain permission directly from the regulator before they commit to any betting sponsorships.
New regulations were also proposed for credit card deposits and responsible gambling information supplied by operators. If these policies receive congressional approval, then it will grant the Coljuegos a significant amount of authority in the industry moving forward.
A Growing Region
The LatAm market has gained significant attention from the wider iGaming industry in recent years, and operators will be keeping a close eye on the developments in Colombia. These new regulations follow recent developments in Brazil.
Brazil has been tipped as the next big thing in iGaming and sports betting by industry insiders in recent years, but there are concerns about the high taxation and strict regulations for operators. In Colombia, the concerns are more domestic, with worries that the new regulations may undermine and impact higher laws within the country.