New Operators Granted Licenses in Buenos Aires
On December 31st, the Official Gazette of the province of Buenos Aires announced that seven new operators would be receiving a gambling license to operate in the province. The operators receiving the licenses were 888 Holdings, Bet365, Betsson, Intralot, Playtech, The Stars Group (Flutter Entertainment), and William Hill. One of the criteria to be granted the license was that the local operator holds a minimum of 15% in the business.
The province opened its licensing derby two years ago and received 19 applications that it has been working its way through. Not all of the operators who applied met the standards set out by the province. These included Betcris, Betway, Italy’s Sisal, and Spanish companies, Codere and Luckia. There were no reasons provided as to why these casino operators were not given a license and that the others were.
At the time of writing, it remains unclear as to when these operators will launch their businesses in Buenos Aires. The operators must, however, make a single payment of $310K, which is the first part of a fixed $770K payment that must be made in order to operate within the province.
Tax Rates for Operators in the Jurisdiction
Tax on gambling incomes for these companies is now going to be charged at 5% of turnover. This was agreed upon last November by federal politicians. This was a change from the original plan to tax companies at 25% of their gross gaming revenue.
The Buenos Aires license will allow these operators to offer a full spectrum of services in the jurisdiction. This includes casino, sports betting, virtual sports, lotteries, and more. The only real restriction that will be put in place is on political betting, which will not be allowed in the country.
Securing a gambling license in Buenos Aires is going to be a big move for many of these operators. Not only is Buenos Aires the capital of Argentina, but it is also one of the most popular sporting cities in the world and will no doubt prove a popular location for sports betting.
Huge Market Now Available for Operators
On top of this, the city is home to a huge population of around 16 million people, making it a very big market to tap into. This showcases why online casinos in Argentina are interested in applying for the new local casino license. The 16 million people who live there make up approximately a third of the Argentinian population. It is also the richest city in the country. The autonomous city of Buenos Aires has a population of roughly three million people, though, this has its own online licensing program in the works.
This move by Bueno Aires is the latest in a line of moves made by South American commissions to regulate gambling in the region. Colombia approved the launch of live dealer casinos across the country last year, while Brazil is also set to reassess their country’s stance on gambling at some point this year. This is good news for gambling operators with South America being a potentially huge market for these companies in the future.
A recent change in power in Buenos Aires itself could see more changes in the future. The former Governor, María Eugenia Vidal, who approved these laws left office on 10 December last year, and she was succeeded by Axel Kicillof. Kicillof is slightly more conservative when it comes to gambling laws than his predecessor so changes could be ahead in the future.
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