Colombian regulators will be working together with colleagues from other Latin American bodies on different aspects of the gambling legislative, following the Ibero-American Gaming Summit last week, an official joint statement reveals. The main focus of the cooperation will be several mutual goals, including rules and regulations about the online gambling market.
The Gaming Summit was held for the fourth time this year with the support of the local Finance and Public Credit Ministry and the Ministry of Finance of Spain. Among the attendees were representatives from the regulatory bodies of Mexico, Portugal, Peru, and Argentina, among others, who met to analyze and discuss the challenges the local industries face and ways to improve their current legislative mechanisms.
The main topics among the industry representatives were the problems with the “certification” of the online sector, the growth of the lottery and land-based industries, as well as sports betting in Latin American countries; and future projections for the individual and global markets. Among the conclusions reached by the end of the Gaming Summit, the joint statement reveals that the regulators stressed the need to introduce stronger player protection mechanisms, hinder money laundering, advocate responsible gambling, and regulate new types of games.
In regards to regulatory needs, the representatives also highlighted the need to introduce new regulations for the online gambling sector, a task which representatives from Colombia and Spain will be providing market analyses for so that a guideline for the best practices regarding online gaming regulation will be created and shared with other regional jurisdictions.