Argentina Passes Legislation to Regulate iGaming

Argentina Passes Legislation to Regulate iGaming

Another country from Latin America has approved online gaming, as Buenos Aires joins those territories that passed legislation to regulate slots, sports wagering, poker and betting on horses.

Argentina has developed regulations as part of its budget for 2019, which projects a 15% tax rate of gross gaming revenue. Licensing will be available to operators upon the establishing of physical presence within the country’s borders.

Number of Gaming Licenses Not Set

According to the document, an additional 2% will be transferred to the regulatory body, and Instituto Provincial de Loteria y Casinos will be responsible for supervising the entire sector, as part of the administrative fee.

Although the country’s gaming licenses will be issued for a period of 15 years, it is not known whether the directive has a definite number of permits; the media has mentioned around 7 but it could grow according to the market’s demands.

Operators in Argentina to Offer Safeguards

The report also reads that operators will be required to promote social responsibility controls, including a series of safeguards on deposits and time limits. Casinos will have to apply the self-exclusion mode, whilst failing to comply with these rules or any other guideline can “see companies issued with warnings, fines or suspension.”

Equally important, the state will fund social programs in Buenos Aires through taxation of the sector and revenues raised from gaming. Winnings from slot machines will be limited to a new 2% tax.

Comparatively, the budget will come into effect on January 1st, 2019 just like Sweden’s re-regulated gambling regulations. On the other hand, the regulator has not indicated when the licensing process will begin.

The Thriving LatAm Market

In the meantime, other states on the South American continent such as Colombia and Peru are also opening up and starting to provide their players with content from leading industry suppliers such as BtoBet and Patagonia Entertainment.

In September 2018, the abovementioned companies reached partnerships with apuestalo.co, Colombia’s famous betting brand, while other competitors like Zitro integrated their portfolio of Bryke video slots in Argentina’s most visited venues after SAGSE – important trade show.

The aggregator’s highly popular games, Hot Deal and Spin Hit, are very attractive to the industry’s leading operators, and the group is planning to expand its portfolio in Mexico as well.

One of the last companies to have joined the Colombian iGaming market is Oryx Gaming, a turnkey software solutions provider. The group partnered Wplay, leading operator in the region with over 20 years of experience in business.

Source:

“Buenos Aires passes iGaming legislation”, igamingbusiness.com, December 7, 2018.

Leave a Reply

Your email address will not be published. Required fields are marked *

*
*
*