Valencia Galiano: “In the first four months this year, the sector has recorded total sales of US$1.3 billion
During the opening of the first financial meeting of the gambling sector in Colombia, José Manuel Restrepo Abondano, Minister of Finance and Public Credit said that this industry will make an important contribution to economic growth in the country that is expected to exceed 6 percent by the end of 2021.
This first financial meeting of the gambling sector, held by Colombia’s reglators Coljuegos, was also attended by officials of Risk of Money Laundering and Financing of Terrorism, compliance officers of banks and financial companies, leading companies in the sector, as well as the presidents of gaming guilds, Asojuegos, Cornazar and Fecoljuegos.
“We have the challenge of implementing a three-pronged approach that consists, in the first place, of support to small firms, young people and women so affected by unemployment and the informal sector; secondly, to boost economic growth in which the gambling industry will make a very important contribution and, thirdly, to achieve fiscal stability through a social investment project that contributes to the generation of jobs and the reduction of poverty,” said Minister Restrepo.
Speaking on the same subject, the president of Coljuegos, César Augusto Valencia Galiano, recalled the contribution made to the Colombian economy by the gambling industry: “In the first four months this year, the sector has recorded total sales of 5.17 billion pesos (US$1.3 billion), which means growth of 54 percent compared to the same period of 2020 when sales amounted to 2.37 billion pesos; it is a revival that has occurred thanks to strong returns from online gaming (and sports betting) and at a time when land-based gaming has been affected by the restrictions already known”.
This year, gaming revenue taxation between January and April amounted to 209,763 million pesos (US$54.2 million), an increase of 21%. “Of that total, 76,762 million pesos correspond to land-based operations and 52,333 million pesos to online games (and sports betting); these contributions are destined for the health sector and are complemented by VAT collection of 515,000 million pesos (US$133 million), approximately,” said Valencia Galiano, adding that the sector provides more than 147 thousand jobs.
Recalling that the gaming sector in Colombia leads a plan to access the financial sector as a determining element for its growth and consolidation, Evert Montero, president of Fecoljuegos, said: “Our industry has understood that to be stronger as an industry requires proper formalization, transparency and competitiveness. Entities such as the UIAF have made it clear that this is a sector that in recent years has not presented a single case in terms of money laundering or irregular activities, similar to other organizations highlighted at international level.”
Elizabeth Maya, president of Cornazar, added that Colombia’ gaming industry has applied procedures framed on international standards. “We work hand in hand with our compliance officers in training, adhering to the codes of conduct and in the presence of strategic and recognized events, for example, with Asobancaria.”
In the same vein, the president of Asojuegos, Juan Carlos Restrepo, stressed that the industry has been growing steadily during the last three years and gaining access to the financial sector by opening more bank accounts, the application of all types of credit and the issuance of different financial products. “This is an industry that deserves to be especially considered for its social contribution, fundamentally as support to the health of all Colombians; and from our part we have made a huge commitment to strengthening our compliance departments.”
