Buenos Aires seeks to implement online gambling
Buenos Aires has taken steps to move into the online gambling sphere. The annual budget for 2019 was submitted to the Province legislature this week for its discussion and approval. The budget includes a 15% tax on companies which offer online gambling services.
The tax will likely generate 2.2 million pesos or its equivalent in dollars ($61.9 million) for the struggling province. Vidal’s government will not only levy a 2% duty on slot machines but also authorize seven companies to operate online gambling within the province territory, so as to increase tax revenue during crisis times.
In Argentina, each jurisdiction has its own laws as regards gambling, as online gambling is as yet unregulated in the Province of Buenos Aires, and in a bid to push the idea of offering online gambling, particularly as a solution to the lingering economic crisis, Director of the Buenos Aires Province Institute of Lotteries and Casinos, Matias Lanusse took the idea, along with encouraging statistics, to Maria Eugenia Vidal, Governor of the province of Buenos Aires.
According to a government official, the first step is to get the provincial legislature's approval of the annual budget, only then the licensing process could move forward. The government plans to grant seven licenses which would include the right to operate sports betting, racetracks wagers, virtual casinos, and live events.
The Argentine Football Association (AFA in Spanish) has historically taken 100% of the sports betting market of the country, pursuant to Law Ley del Prode will not be able to claim for these types of wagers. This is because the market opened as a consequence of the Ley del Prodebeing repealed.
The LatAm workshop will occur during SiGMA, which runs from the 28th to 30th of November and will be held at the MFCC, Ta' Qali.
Check out our latest events in the videos below: