Online Gambling in Buenos Aires is About to get Regulated
The online casino gambling space of Buenos Aires in Argentina is about to get regulated. This was disclosed by IPLyC, the state-owned mobile casino gambling regulator in the area. They also went on to disclose the name of preferred bidders in the area of digital betting and iGaming, which were 7 in total.
The seven companies that will be partnering to render services relating to online gambling within Buenos Aires' territory were published on the 31st of December under the Buenos Aires Gazette publication.
Approval of Decree 181
The whole process of legalizing digital gambling in Buenos Aires in 2018 after the lawmakers in the area consented to Decree 181. This move made it possible to create regulations and rules that allowed companies to seek a license from the regulating regulators (IPLyC) and get a clearance to operate under the regulated environment.
Although this move gained momentum almost the entire year of 2019, it eventually had to be suspended following the political turmoil that the country experienced around August of the same year. This is because Buenos Aires is the biggest province in the country and has the largest population.
The move to regulate this territory started again around the latter part of 2020. Since then, there has been a significant amount of progress. The IPLyC eventually released a list of seven approved candidates who will be authorized to operate within the locality, following their licenses' approval.
Decree 181 empowers IPLyC with the authority to give out a maximum amount of 7 licenses for online gambling. Also, the holders of licenses are to be taxed a 5% return from their turnovers.
According to the IPC, they received a total of 14 applications for licenses from both foreign and local gambling companies, but only 7 of them got approval.
The first group of partners was William Hill and ArgenBingo; the second include bet 365 and Pasteko SA, the third were Playtech and Hotel Casino Tandil. The fourth was 888 and Boldt SA, the fifth partners were flitter and Atlántica de Juegos, the sixth was Intralot and Binbaires SA, and lastly, the seventh group comprised of Betsson and Casino de Victoria.
A few notable names who had applied but did not get approval include Luckia, BetChris, and LatAm.
A Little Bottle- Neck
The IPLyC is now set to open up the online gaming market in the city of Buenos Aires since the laws regulating their operation has been put in place. Those with approval need to make a payment of approximately $773,000 before carrying out their gambling activities in the region.
Although the IPLyC is working tirelessly to finalize the process, there have been rumors by news outlets in the locality that Axel Kicillof, the Governor of Buenos Aires, is not in support of the move and may not approve it mainly due to the welfare fund aspect as entered by his predecessor.