Betway, Bet365 ready to launch in Argentina
The Argentinian province of Buenos Aires recently implemented legislation to regulate online gambling in the country and the industry has already seen a healthy response. It now appears that two more companies are entering the market, hoping to use Argentina as a springboard for further expansion across the country, as well as the rest of South America. Betway and Bet365 have both set up joint ventures with local companies in order to get their feet wet and start their expansion journeys.
Bet365 has reportedly joined forces with Pasteko, a local bingo hall operator in Buenos Aires, while Betway teamed up with Bingo King. A third company, Codere LatAm, will work with Iberargen to launch in the country, if approval is given. Codere’s CEO, Aviv Sher, expects Latin America to be the next location for massive growth after Europe and Asia.
Buenos Aires is preparing to approve as many as seven online gambling licenses in the province. Most of the licenses issued are expected to be awarded to joint projects that involve international and local operators.
Only Buenos Aires has approved online gambling; however, this doesn’t mean that it won’t make its way into other parts of the country. If successful in the province, online gambling would almost certainly be legalized in other provinces, as well.
Other international operators have already announced that they would seek one of the licenses, as well. William Hill is teaming up with ArgenBingo and PokerStars’ parent company The Stars Group is working with Atlantica de Juegos. Intralot has entered the fray, as well, hooking up with local company BinBaires, and Playtech is hoping its partnership with Hotel Casino Tandil will give it an edge in the bidding process.
Two other companies have thrown their names in the hat, also, and both are trying to secure the license without foreign assistance. These are Slots Machines SA and Biyemas, both of which have decided to not partner with anyone.
Taking a look at some of the recent betting activity going on South America, it’s easy to understand why the Buenos Aires market is important. Brazil now allows sports gambling and the National Basketball Association has partnered with Supermatch in Uruguay to be the official data sponsor. Despite a gross gaming revenue tax of 25% in the Argentinian province, winning one of the licenses is proving to be a lucrative offer for many of the world’s sportsbooks.
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