Interactive
Argentina – At least three operators to get online licenses in Buenos Aires
By Phil - 29 May 2019
The Legislature of the City of Buenos Aires has approved the regulation of online gambling, which specifies that the Lottery of the City of Buenos Aires (LOTBA) will be the supervisory body over the industry.
Resolution No. 80/19 put forward by LOTBA was endorsed with the votes of the ruling bloc and the rejection of other parties, winning 34 votes in favour from the ruling party and 26 negative votes from other parties. The entire parliamentary body was present during the debate held last week.
The regulation covers “all online games of chance and / or skill, sports betting, virtual games and non-sporting events, made through the use of machines, instruments or supports, or any type or technology.” This includes online casino and sports betting.
The president of the advisory commission of Economic Development, Mercosur and Employment Policies, Christian Buab opened the debate by summarising the content of the resolution, and emphasising the mechanisms that will be in place to protect minors. He also outlined protection measures for players and how the government will oversee operators. In addition further controls will be taken into account from the Prevention of Money Laundering and Prevention of Terrorism Unit he said.
It is estimated that the new industry will generate more than $500m pesos for city coffers. Bauab said that in order to ensure competition, that at least three operators will be granted a licence. The legislature of the Autonomous City of Buenos Aires first authorised online gambling in December by 34 votes in favour and 22 against.
The government has historically been opposed to opening up the online gaming industry but needs to raise additional income in the face of another economic crisis. Argentina’s currency crisis is getting worse despite action by policymakers and a $50bn financial package from the International Monetary Fund (IMF). The peso has devaluated over 100 per cent over the last year and in November Argentina’s Senate approved an austerity budget that slashed social spending and raised debt payments to meet the demands of the IMF bailout.
In order to raise money the governor of the Province of Buenos Aires MarÃa Eugenia Vidal and Horacio RodrÃguez Larreta the mayor of City have both pushed through online gaming laws in their respective jurisdictions.
