Interactive
Argentina – GiG signs head of terms agreement with Grupo Slots
By Lewis - 4 August 2020
Gaming Innovation Group has signed a head of terms agreement with Grupo Slots, the Argentine gaming and entertainment group, to enter the regulated city of Buenos Aires’ online gaming market.
GiG will provide Grupo Slots with a full online turnkey solution, which includes the technical iGaming platform, sportsbook, front end development, data platform and GiG Logic.
The minimum contract period will be four years with an automatic extension for one additional year and is based on a revenue share model in combination with set up fees. Signing of the final agreement is anticipated before the end of Q3.
Richard Brown, CEO of GiG, commented: “I am extremely excited to partner with and onboard Group Slots, we see a great potential in the regulated environments within Argentina as that market is in the early transformation from offline to online gambling, and to partner with one of the largest and premier land based operators in the market is great opportunity to showcase our product in the LATAM market while delivering the platform for online gambling transformation for Grupo Slots.”
Argentina is regulating online gambling on a province by province basis, with licences expected to be awarded to Grupo Slots for Buenos Aires City, anticipated to be the largest market within Argentina, in the latter part of 2020 followed by an online launch. H2GC estimates the total gambling market in Argentina to be worth €352M, with 7 per cent currently done online.
Grupo Slots is headquartered in San Luis, Argentina, and provides entertainment and leisure services in more than 20 locations across the country, where it operates casinos, gambling and bingo halls, lottery, the online gaming website, in addition to hotels, restaurants and convention centres.
Juan Ignacio Torres General Manager of Grupo Slots, added: “We are extremely pleased to have reached this agreement with a company like GIG, an international company with extensive experience, which demonstrates a high level of seriousness and excellence in the field of online gaming.
“On our part, we also contribute 35 years of experience, innovation, infrastructure and knowledge of the Argentine gambling market, currently being one of the few operators with online gaming presence. This agreement complements us and gives us a tool of quality and excellence to continue growing in this market with so much future potential.”
It is anticipated that the licence application will be granted in Q4 of 2020, with GiG expecting a positive contribution from 2021 onwards.
