Web wagering, combined with the impact of the Copa America, has been the main factor in Colombia's gross domestic product development. The betting sector has significantly boosted the economy by enhancing revenues and inputs to healthcare.
Effect of Gambling on GDP
The National Administrative Department of Statistics (DANE) reported a 2.1% increase in the country's GDP in Q2. The organisation’s director emphasised that the surge in virtual gambling is closely linked to recent major sporting events. In July, the Colombian national football team reached the final of the Copa America but ended up losing to Argentina. This event triggered a marked increase in betting activity, which played a crucial role in the sector's performance.
Coljuegos, the Colombian regulator, reported the following economic implications:
- online wagering revenues rose by nearly 20%;
- sports betting contributed approximately COP231.3 billion (£44.2 million) to healthcare;
- sales of entertainment content surpassed COP10 billion (£1.9 million) in Q2;
- total gambling profits have exceeded COP581 billion (£111.1 million) this year.
The reasons for such a significant economic contribution are:
- effective regulation;
- increased controls on illegal gambling;
- rise of live betting during the Copa America and the Euros.
Coljuegos is constantly working to innovate and improve rules to expand the impact of the gambling niche, creating new jobs, stimulating economic growth and channelling valuable resources to health and science research.
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