Argentina Moves Towards Online Gambling LicensesPublished February 25, 2020 by Sol FH
The City of Buenos Aires in Argentina, to issue online gambling and betting licenses.
Argentina has finally come around to online gambling regulation as the city of Buenos Aires published new rules that will govern online gambling and betting. The Loteria de la Ciudad (LOTBA) published plans to begin oversight of online sports betting and casino operations that aspire to provide iGaming services to the three million residents that call Buenos Aires home.
Although limited to gambling in Buenos Aires, for now, a successful regulated industry would almost certainly lead to state-wide adoption.
Last spring, the Instituto Provincial de Lotería y Casinos (IPLyC), announced its plan to issue seven licenses but that was cut short due to governmental changes in the Province of Buenos Aires.
An Open Market
Now, the LOTBA is set to approve an unlimited number of operators that would be able to provide online sports betting, online casino games, virtual games, poker, lottery games, and more. This is great news for operators as there will be no need for a tender, although there will be some bureaucracy involved.
Any operator interested in becoming an approved 'Agency' will need to pay US$30K upfront and prove that they've been in business for at least two years. They must also have an annual revenue of US$1.6m and prove a net worth of US$25m.
The plan is to offer licenses that would be valid for an initial five-year period, which would be extendable by an additional five years. The annual license fee would be US$100k and they would have to pay 10 percent tax on their online revenue.
Moreover, a Guarantee of Compliance in the sum of US$2m would also need to be made but it would drop to US$1m following the final technical certification audit.
The main regulations center around advertising and marketing, responsible gambling, and free games, which was always a part of LOTBA planning.