Posted on: December 9, 2022, 07:32h.
Last updated on: December 9, 2022, 02:20h.
Colombia holds a significant place in Latin American sports betting and online gaming. Several companies are setting up shop in the country, with Betsson inaugurating a new operations center this week.
The online casino and sports betting operator launched its new facility in Bogotá. With it, Betsson is seeking to expand across the LatAm region.
In the third quarter of 2022, Betsson, which recently tapped Colombian soccer player Nicole Regnier as its newest ambassador, reported organic year-on-year growth of 35% in all its regions. However, Latin America holds a place in front, and Colombia is setting the pace.
Colombia Key to Latin American Success
Betsson is developing a strategy that centers on geographic expansion and diversification. Colombia and all of Latin America has apparent significant untapped growth for iGaming and sports betting, which is why other operators, including FSB and Betcris, view it as a key component to their success in the region.
In addition to being the first regulated market in the online gaming industry, Colombia is one of the fastest-growing gaming markets in the region. This is true not only for Betsson, but for all operators who seek a license from gaming regulator Coljuegos.
The rapid growth of the iGaming market in the country, which includes sports betting, is creating new channels for innovation in the industry, as well as a wealth of new jobs. This year, according to Coljuegos data, iGaming jumped 120% in the first six months, compared to the same period last year.
In a further effort to expand its presence in Latin America, Betsson opened in the Mexican market in August. There, it envisions long-term growth, thanks to the country’s strong economy, a large gaming population, and a relatively low penetration of iGaming options.
North America Holds Promise
Not only is Betsson eyeing Latin America, but it sees great potential in North America as well. Where grey-market gambling once saturated the Canadian market, licensed operations are taking over.
Betsson is one of five operators to receive a license from the Alcohol and Gaming Commission of Ontario (AGCO) in the past month. Through it, the company’s TonyBet sports betting brand became legal on December 5.
The sportsbook is still making preparations to go live, and said in a recent announcement that it will be “up and running as soon as possible.” Ontario was the first province in the country to introduce iGaming and sports betting, although the transition away from unlicensed operations has been slow.
There are now 30 operators that have received licenses, including the five recently handed out by the AGCO. At the same time, unlicensed operators reportedly continue to drop out of the market, helping pave the way for the growth of a mature, regulated alternative.
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