Colombia’s Online Gaming Revenue Drops 30% Due to New VAT on Deposits

• Colombia’s online gambling revenue dropped by 30% after a new VAT on deposits
• The 19% VAT on player deposits has been criticized by the industry
• Some platforms report declines of nearly 50% in deposits and player spending
• Operators like Stake tried to offset the tax with bonuses, but this is unsustainable
• The tax reduces deposit amounts, affecting player behavior and spending
• Average monthly gambling spend has decreased significantly
• Concerns arise about the long-term viability of licensed platforms
• Fears of increased illegal gambling due to higher costs in the legal market
• Potential negative impact on Colombia’s healthcare funding from gambling taxes

Source: yogonet.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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