- Colombia has lost its online sports betting market almost entirely due to the Coronavirus pandemic.
- Newgioco will be offering virtual sports betting for the people in Colombia to wager on through internet platforms.
BOGOTA, Colombia – Sports betting and iGaming operator Newgioco has entered Colombia’s market as their first internet gaming provider with virtual sports betting. Due to the Coronavirus pandemic, Colombia’s online sports betting businesses are struggling.
“The temporary suspension of most sporting events worldwide, such as national and international football championships and even the Olympic Games in Tokyo has led to a 90% drop in online bets in Colombia,” said Evert Montero Cardenas, the President of Fecoljuegos.
Newgioco Enters The Colombian Gaming Market
To produce some kind of revenue from internet gaming, Newgioco has entered the Colombian market to offer various virtual games that the people of the country can wager on. This is a perfect time for new offerings in the country as COVID-19 has almost completely wiped out the online gambling on sporting events. With the sports world being shut down, the Colombian market is almost nonexistent.
“Colombia remains at the forefront of online i-gaming and sports betting regulation in Latin American countries. Reaching this regulatory accomplishment in such a short period of time is made even more rewarding considering the ongoing logistical challenges due to the global health and economic crisis,” said Michele Ciavarella, Newgioco Chief Executive Officer. “The temporary suspension of live sports has drawn appeal and captivation with the unique features virtual gaming and esports. Virtual sports impart characteristics of live competitions and bring the sensations and emotions that would be experienced in live events down to the most minute detail. We continue to strive to provide entertaining, feature-rich products and caring customer service during this sensitive time and are very proud of all of our teams accomplishments.”
Colombia Welcomes The New Deal
Montero Cardenas is scrambling to salvage the legal sports betting market in the country. He has suggested that casino operators be given the opportunity to continue running. Now with the entrance of Newgioco’s services, maybe the local casinos can offer virtual gaming as well.
“The plan is that the person in charge of the game can be in a studio, with the appropriate recording equipment and is able to interact with everyone who is connected so they can play virtually. This service is already been offered in Colombia, but is illegal,” said Montero Cardenas.
Until the sportsbooks in Colombia can start businesses up again, the President of Fecoljuegos has asked that all licensing fees be suspended for the time being as no money is currently being made to cover them.
Coljuego, the national gaming authority in the country has greenlit the operations of Newgioco’s virtual gaming to begin immediately. These online gaming options will be available with computers and all mobile sports betting platforms. Virtual gaming in Colombia is now available to all the people in the country to begin betting and profiting to bridge the gap until the sports betting market opens back up again to become a lucrative business.
Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.