Online Gambling - Colombia

Colombia

Revenue in the Online Gambling market is projected to reach US$1,287.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 10.18%, resulting in a projected market volume of US$1,897.00m by 2028.
The Online Sports Betting market has a projected market volume of US$889.10m in 2024.
In global comparison, most revenue will be generated in the United States (US$23,030.00m in 2024).
The average revenue per user (ARPU) in the Online Gambling market is projected to amount to US$0.79k in 2024.
In the Online Gambling market, the number of users is expected to amount to 2.1m users by 2028.
User penetration in the Online Gambling market will be at 3.2% in 2024.

Key regions: United States, Asia, Japan, Germany, South Korea

Market

Region

Region comparison

Currency

Analyst Opinion

The Online Gambling market in Colombia has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Colombian customers have shown a growing interest in online gambling due to its convenience and accessibility. With the increasing penetration of smartphones and internet connectivity, more people are opting for online gambling as a form of entertainment. Additionally, the younger generation, who are more tech-savvy, are attracted to the immersive and interactive experiences offered by online gambling platforms.

Trends in the market: One of the key trends in the Colombian online gambling market is the rise of sports betting. With a strong sports culture in the country, Colombians have a keen interest in betting on their favorite sports teams and events. This trend has been further fueled by the legalization of sports betting in Colombia, which has opened up new opportunities for both local and international operators. Another trend in the market is the increasing popularity of online casino games. Colombians are increasingly drawn to the wide variety of casino games available online, including slots, poker, and roulette. The convenience of playing these games from the comfort of their own homes, coupled with the attractive bonuses and promotions offered by online casinos, has contributed to the growth of this segment.

Local special circumstances: The Colombian government has implemented favorable regulations and licensing procedures for online gambling operators, which has created a conducive environment for the market to thrive. The regulatory framework ensures consumer protection, fair play, and responsible gambling practices, instilling confidence among players and attracting reputable operators to enter the market.

Underlying macroeconomic factors: Colombia's growing economy and increasing disposable income have also played a role in the development of the online gambling market. As people have more discretionary income, they are willing to spend on leisure activities such as online gambling. Additionally, the country's expanding middle class and urbanization have contributed to the growth of the market, as more people have access to the internet and digital devices. In conclusion, the Online Gambling market in Colombia is experiencing growth due to changing customer preferences, emerging trends such as sports betting and online casino games, favorable regulations, and underlying macroeconomic factors. As the market continues to evolve, it is expected to attract more players and operators, further fueling its growth in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Gambling Revenue (GGR) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies, and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, the urban population, the usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.