Argentina has been working to revamp its gambling laws for several months now. This week, it’s being reported that fully regulated online gambling in Buenos Aires is just around the corner. The Governor of Argentina’s capital officially signed a regulatory decree to make iGaming legal.
This is the first time Argentinian lawmakers have pushed for legal online gaming. Within months, people in the province of Buenos Aires may have access to some of the best online gambling sites in the world. Let’s take a look at how this came about, what regulations the government here has put on the industry.
Most forms of gambling are legal in Argentina, yet the government here has set strict laws over the regulation of the industry. Each province sets its own gambling laws. Buenos Aires is leading the country’s charge in the online gambling market.
Online gambling laws in the country were nonexistent for many years. In 2008, the government attempted to set a blanket ban on iGaming. After protests from local Argentinians, lawmakers here opted instead to regulate this industry.
In November of 2018, the Buenos Aires province received the Budget Bill for 2019 that included specific plans to license and oversee all internet gambling operations. More countries, including Croatia, have begun regulating this popular form of gambling.
Maria Eugenia Vidal, governor of Buenos Aires, has officially passed the new regulatory framework. The plans allow for foreign companies to begin operating here legally. The specifics of these plans are finally beginning to come out.
Under the new laws, the Buenos Aires Provincial Institute of Lottery and Casinos will oversee the province’s online gambling market. This government body will be responsible for granting licenses to gaming websites and ensuring they follow the rules set in place. So what exactly are the new rules?
Firstly, gambling companies wanting to operate inside Buenos Aires will need to meet 20 requirements. These companies will need to prove industry experience and financial stability. Any sites offering online gambling in Buenos Aires will also need to provide a security report to protect players.
Websites that are granted a license will have to pay a 25% tax fee on all gaming revenue earned. The money earned through taxes will be used to fund public and social programs.
Many countries with regulated iGaming markets are working to increase regulations on gambling advertising. Argentina is now doing the same. The new rules set in place restrict advertising to anyone under the age of 18. All forms of marketing in this industry must be “carried out in good practice.”
Legalized online gambling in Buenos Aires is certainly on its way. First off, the government will need to award gaming licenses to companies. Only seven companies will receive a license.
It’s unclear how long it will take for the Buenos Aires Provincial Institute of Lottery and Casinos to grant the first license. This group will need to decide whether or not to award licenses to online gambling sites in Europe that had been accepting Argentinians before legally allowed to do so.
There’s hope that a regulated market in Buenos Aires will push other provinces in the country to implement the same laws. Only time will tell.
Do you think legal online gambling in Buenos Aires will be available by the end of 2019? Which companies do you think will begin operating here? Let us know what you think in the comment section below!
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