Betway and Bet365 To Attain Gambling Licenses in Buenos Aires

Argentina is at the brink of becoming another iGaming hotspot in Latin America, now that a trio of ‘high-profile’ operators is finally ready to set up their businesses with local partners.

According to the report, Pasteko, Bingo King and Iberargen will soon start a collaboration with Bet365, Betway and Codere LatAm (in that exact order), securing an already increased potential of the country’s online gambling market.

In addition, each company is likely to attain one of seven licenses to operate in Buenos Aires, which grants a strong foothold for future online ventures. Presently, the odds of obtaining all permits are pretty high, as they will not be limited to local and international operators only.

Other Bookmakers Soon to

Argentina’s growing iGaming landscape will be boosted by other important and notable brands, including William Hill, that recently partnered with ArgenBingo. On the other hand, one of the major The Stars Group, has announced cooperation with Atlantica de Juegos.

It is said that other bookmakers will also set foot in Buenos Aires, Playtech being one of them. The company has teamed up with Hotel Casino Tandil, and Intralot, a Greek enterprise with integrated gambling content and sports betting, entered into an agreement with BinBaires.

As for Biyemas and Slots Machines SA, local gaming businesses, the licensing procedure will proceed independently.

Steep Tax on GGR

The country has secured 15-year contracts with operators, which is good for both return on investment and long-term development. However, the tax revenue is set at 25% which is pretty steep in comparison to other countries on the continent.

Despite these higher numbers, that could have a serious impact on gross gaming revenue, none of the brands have canceled its decision to enter the iGaming market in Argentina.

Moreover, other verticals are also on the rise, as Brazil recently ed the law on sports betting. In Uruguay, Supermatch signed a deal with the NBA (National Basketball Association) to provide official data during matches. Back in December 2018, Codere did the exact same thing, as the league continued to expand its arrangements with international partners.

Around the same time, Oryx Gaming went live in Colombia with Wplay and Play’n GO and obtained both Spanish and Colombian gambling permits.

Bet365, one of the leading online gambling groups, is currently moving to Malta because of Brexit, whereby 500 employees are expected to relocate.

Source:

“Bet365 and Betway hunt for Buenos Aires licences”, Robert Simmons, egr.global, June 7, 2019.