Supplier News
Colombia – Pari-mutuel Sports Betting goes live in Colombia
By Phil - 31 October 2014
Pari-mutuel sports betting is now being offered for the first time in Colombia.
According to sales projections, the new game will generate around $25m over the next five years for the Public Health Service.
The decision to allow sports betting was made by the Colombian Gaming Control Board Coljuegos earlier this year in order to help the gaming board ETESA (The Territorial Enterprise for Health) achieve its goal of increasing tax revenue by fivefold. Gaming tax revenue in Colombia is destined for the health sector and currently makes up two per cent of its budget. For now, Pari-mutuel sports betting is limited to football but it is believed that this could be expanded to encompass a much wider variety of sports in the future.
Vice President of Organisational Development Luis OmarTorrad told press that Pari-mutuel sports betting underlined the fact that Colombia is becoming an increasingly vibrant and varied gaming market. “Pari-mutuel sports betting offers a new alternative to consumers who like to bet and will also attract sports fans who will now have another reason to enjoy the spectacle of their favourite sport,” he said.
Local gaming company Corredor Empresarial S.A. won the right to operate Pari-mutuel sports betting in May. The company has operated a game locally called Super Astro since 2010. The company currently operates more than 51,000 Super Astro sales terminals nationwide.
The company now how the right to offer Pari-mutuel sports betting on an exclusive basis for the next five years. The company will provide the public health sector with 24 per cent of gross sales generated by the game which could exceed $50bn pesos (around $25m) over the duration of its contract. As well as allowing Pari-mutuel betting it is believed that the board could also soon green light online gaming although plans are still at an early stage.
