COLOMBIA Trends and Developments Contributed by: Juan Camilo Carrasco and Juliana Duque, Asensi Abogados
Overview of Colombian Gaming Market The Colombian gaming market continues to show steady growth and a diversified structure. As of July 2025, the accumulated collection of exploitation rights reached approximately USD168 million, representing 92.7% compliance with the annual target set by the regulator. The land-based gaming segment remains the primary driver of revenue, accounting for about 45%, followed by internet-operated games (34%) and raffles and promotional games (13%). This distribution reaffirms the strength of the physical channel and the overall balance of Colombia’s mixed regulatory model. In contrast, the online gaming segment has contract- ed significantly since the entry into force of Decree 175 of 2025, which introduced VAT on player depos- its. Coljuegos reported sharp declines in March, April, June, and July, with a 46.6% reduction in the suggested settlement for July 2025 compared to the same month in 2024, evidencing a downward trend in revenue expectations for the digital channel. Meanwhile, novel games such as Super Astro and Baloto have shown moderate recovery, with positive variations of 7.7% and 44%, respectively, compared to 2024. Although the pace has slowed relative to 2024’s more energetic performance, particularly in the online segment, the sector maintains a stable struc- ture and positive outlook, reflecting the resilience of the land-based channel. Political and Tax Backdrop The entry into force of the 19% VAT on online gaming deposits, introduced in 2025, has had an immediate impact on the digital channel, as previously noted. Although its application extends only until 31 Decem- ber 2025, operators expect that, once this period con- cludes, the market will gradually recover its activity levels. In September 2025, the Colombian government sub- mitted to Congress a far-reaching tax reform bill seek- ing the highest revenue level in the country’s history. The proposal extends the application of the 19% VAT to all gaming operations except lotteries. It also introduces a new fiscal framework for digital assets,
recognising them as taxable goods and establishing registration and reporting obligations for exchanges and digital wallets. The above reflects the government’s stance to main- tain the 19% VAT and broaden its scope. If the gam- bling ecosystem evolves towards platforms based on digital assets, these would also become subject to taxation, although there is still no clarity on how this treatment would be integrated with the existing 15% GGR regime, creating uncertainty for operators. These measures reflect a governmental vision that perceives gambling as a regressive activity to be taxed, rather than as an instrument for formalisation and contribution to the health system. In any case, there is little time left before the change of govern- ment scheduled for August 2026, and the political landscape preliminarily suggests a shift in orientation, which may reshape the fiscal and regulatory agenda for the sector. Signs of this transition are already evi- dent in the institutional environment and in the regula- tor’s decisions. In this context, Coljuegos ordered the blocking of international websites offering bets on electoral events, arguing that this activity is illegal in Colombia. The decision, beyond its technical scope, reflects how the regulator’s position appears increasingly aligned with the forthcoming political transition. Despite these contextual tensions, Colombia remains a regulatory benchmark in Latin America, with a mature, transparent and adaptable model that has attracted foreign investment and consolidated its reputation as one of the most robust frameworks in the region for responsible gaming, technical supervi- sion and compliance. Summary of Recent Regulatory Developments Betting on races and virtual sports (ACDV) On 5 July 2024, Coljuegos issued Resolution No 20241200028984 governing Races and Virtual Sports (ACDV), a land-based modality involving bets on virtu- al outcomes generated by computer systems through terminals located in authorised physical premises. This update reinforces Coljuegos’ focus on preserving
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