Colombia has issued its first online gambling license as it prepares to block unauthorized operators from accessing local punters.

This week, Colombia’s Coljuegos gaming regulatory body issued the country’s first official online gambling license to a subsidiary of Medellin-based electronic gaming machine operator Aquila Global Group. The company plans to operate online in Colombia using the Wplay.co brand.

Aquila Global said it expects to invest COP 15b (US $4.9m) in its online operations over the next three years and has set a goal of signing up 1m customers over that span, an ambitious target in a country with a population of only around 50m.

Last October, Colombia became the first Latin American jurisdiction to approve online gambling legislation. Online licensees will pay 15% tax on their gross gaming revenue and annual fees of roughly $200k. The government hopes to raise COP 8b ($2.6m) in the first year following its online market launch.