Financial requirements for raffles in Colombia under public consultation
Coljuegos has published a matrix with observations and responses regarding the financial and legal requirements for operating raffles in Colombia. The goal of the legislation is to make sure that technology operators follow guidelines that protect the game’s security and sustainability. The high working capital requirements, in particular, have drawn criticism from several stakeholders, which has led to discussion over how they affect market diversity.
Key financial requirements for technology operators in Raffles in Colombia
According to Coljuegos, third-party legal entities wishing to operate raffles with technology platforms must comply with rigorous financial indicators. These parameters aim to ensure the stability and operational continuity of the platforms, ensuring that operators have the financial capacity to develop and maintain the necessary software. Therefore, Coljuegos maintains that these requirements reduce economic and financial risks for players and the system, as mentioned in a previous post by SiGMA news.
Difficulties and questions from the gaming industry
However, various voices in the sector have expressed concern about the impact of these requirements on innovation and plurality. In particular, it has been noted that the fixed working capital, equivalent to more than 6.35 billion pesos, is exclusionary for start-ups and small and medium-sized technology companies, which are key players in the orange economy. These companies tend to prioritise technological development and operational efficiency over accumulating large amounts of liquid capital. Furthermore, it is argued that this figure is excessive and not in line with the requirements of other regulatory bodies in the technological services sector, such as the DIAN, which sets much lower figures for electronic invoicing technology providers. Therefore, this financial barrier could limit competition and the diversity of operators allowed in the market, according to various observers.
The redundancy of working capital as a guarantee for consumers has also been questioned, as current regulations require compliance insurance policies to cover the payment of prizes. These strictly regulated policies are considered guarantees against possible defaults and, therefore, make the high additional financial requirement unnecessary. However, Coljuegos maintains that the financial requirements are designed to solidly support the technological operation and mitigate risks, without accepting a lowering of the indicators in the current project.
Legal aspects and regulatory challenges in the regulation of raffles
The proposal has been carefully examined from a legal perspective. Legal entities must fulfil certain certification, representation, and corporate purpose standards in order to be granted authorisation. Coljuegos argues that in order to ensure technical and legal competence, these organisations’ business goals must be closely related to the methodical administration of raffles via electronic platforms. Similarly, provided the administrative and technical conditions are satisfied, the permission will be renewed after a maximum of five years.
On the other hand, concerns have been raised about the legal concept used, as Law 643 of 2001 prohibits permanent raffles. Still, the technological operator is not the direct organiser of the raffle, but rather a third party authorised to manage the platform. This distinction is crucial in ensuring that the current legal framework remains applicable without contradicting previous regulations, according to official responses.
Do Coljuegos’ new financial requirements guarantee a safe and pluralistic market for raffles in Colombia?
This public consultation, along with the matrix of observations, reflects the complexity of establishing rigorous financial requirements for a sector undergoing technological evolution. Coljuegos’ stance, however, makes clear that it intends to maintain a secure and trustworthy market while encouraging interested parties to contribute to the regulatory discussion to enhance the operating environment. In this way, the raffle industry in Colombia is moving towards models that demand responsibility, solvency, and transparency from technology operators.
This article was first published in Spanish on 28 August 2025.
