Sports Betting Launch Confirmed by Casino Magic in Argentina's Neuquen Province
Published February 9, 2021 by Lee R
The new sports betting launch in Argentina is bolstered by a bold betting partnership between Casino Magic and Kambi.
The first Argentina iGaming site is set for launch in casino in the nation's Neuquen Province.
Sports' Casino Magic
Casino Magic sports betting online and is slated to go live at some point during the first four months of 2021.
State-Based Regulation
Argentina approved regulation, and left the final decision and regulation models to its individual states.
Casino Magic's Expansion
For Casino Magic, this is just the first step: the private operator will be expanding to other regions in Latin America, with Casino Magic GM Eduardo Nanton alluding to further “ambitious plans.”
Kambi Partnership
Casino Magic will be supported in its sports betting endeavor by Kambi Group. Kambi CEO Kristian Nylen calls the new collaboration “a partnership with real promise, as we aim to realize the potential of regulated sports betting in Argentina.”
Neuquen Pilot
That promise will be realised in Neuquen Province through Casino Magic and Kambi's project to tailor the technology “to satisfy the compliance requirements” in the province's regulated market.
The Market
With Gaming Innovation Group placing the worth of Argentina's total gambling market at $415 million last September with 7 percent of the total market from online operations, there is significant growth potential in the online gaming sector.
Land-Based Suffering
Unsurprisingly, Argentina is facing a shortfall from the land-based industry, where covid ravaged tax revenue from land-based activities in areas such as Buenos Aires city.
New Revenue from iGaming
Government officials now estimate added tax revenue of $5 million a year hope through offering online gaming, providing an effective baseline model for implementation.
Tax Increase
Other attempts to harness increased revenues through iGaming in Argentina include the approval by the national government of a tax increase for online gaming, hiking taxes from 2 to 5% in 2020.
Outlook
The Neuquen entry of the bold new agreement between Casino Magic and Kambi will go a long way towards establishing a model for harnessing the benefits of iGaming to provide a needed infusion in Argentina, and subsequently the rest of LatAm.
