There has undoubtedly been an accelerated shift from the land-based sector to online. This has perhaps most frequently been the case for sports bettors enjoying other verticals for the first time. To succeed in Colombia, and retain these recently migrated players, it’s critical to be agile and adaptable in order to provide the best experience.
In a market such as Colombia’s, where bettors have become accustomed to the land-based sector, it is essential to provide an omni-channel offering. Not only that – but their migration to online needs to be achieved slowly but surely, with familiar characteristics and cues that can make them feel at home in the digital world.
The migration from land-based to online has been happening for the last few years but with the slowdown in live sporting events, there has been an increased emphasis on this migration for casino. The market evolves with higher speed than European markets, meaning the operators and providers that are flexible will be a lot more successful in attracting and retaining the Colombian players.
Although there are numerous similarities between the LatAm territories and the Spanish market, one size does not fit all, and a localised approach remains vital.
However, Colombian government compromise is so deep that new regulations for scratch cards have so many benefits for foreign players, as it will not be subject to the tax on foreign lotteries and on lottery prizes referred to in article 48 of Law 643 of 2001.
Likewise, the incentive will be excluded from the application of Value Added Tax (VAT).
This is a pattern we have observed right across the region, including in Colombia. Unlike the Spanish market, Colombia’s regulator has helped the industry to navigate these unprecedented circumstances with a raft of proactive measures.
Colombia is likely to retain its established leadership position for some time, but Argentina and other jurisdictions are at the final stage of the regulatory process and, with the right strategy in place, could mirror Colombia’s impressive growth in the years to come. The closure of land-based and retail outlets because of the pandemic has caused many players to shift their activity online.
Having said that, in spite of the frequent focus on online gaming, many land-based and retail players will likely return to what they know once it becomes safe to do so following recent events. Innovation, after all, is not exclusive to the online sector, and there are plenty of agile land-based suppliers eagerly awaiting the vertical’s return.
The current crisis will precipitate an increase in players who enjoy betting both in-person and online and long term, LatAm certainly should maintain its pre-COVID trajectory of growth with ease.
