Bet365 and Betway Move into Argentina Online Gambling Market
Bet365 and Betway have both launched moves into the Argentina gambling sector, as the South American country implements legislation to regulate online gambling.
Bet365 — the world’s largest online gambling company — has joined forces with Pasteko, a local bingo hall operator in Argentina’s capital Buenos Aires.
Likewise, Betway have teamed up with Bingo King to begin their expansion plans into the country.
Argentina currently implements a gross gaming revenue tax of 25%, yet the opportunity to move into the territory is proving tempting to many global companies.
The country is slowly opening up to online gambling but for now only Buenos Aires has implemented the required legislation to regulate the activity.
Argentina has no federal laws on casino gambling, with regulations falling to the 23 individual provinces.
And there is hope that other provinces in Argentina will soon fall into line with the capital — and this has caught the eye of a number of global gaming companies.
It is understood Buenos Aires has approved up to seven online gambling licences. However, they are expected to be granted to joint-venture bids involving a local and international operators working in partnership.
Next Big Gambling Growth Areas
South America is seen as one of the next big growth areas in online gambling following the rapid expansion in Europe and Asia.
The USA is also tentatively approving licences for online gambling, with Kindred Group having recently commenced trading in New Jersey.
The moves from Bet365 and Betway to enter the Argentine market come after William Hill joined forces with ArgenBingo, while The Stars Group and local company Atlantica de Juegos have struck up a partnership.
Both Slots Machines SA and Biyemas are yet to partner up but they are interested in making moves into the territory.
Sports betting online is barely existent in Argentina, with customers using offshore sportsbooks instead.
Indeed, a domestic online sportsbook Formoapuesta opened in 2006 but was closed soon after the launch over licensing issues.
Bingo is also huge in Argentina but is restricted to individual provinces approving bingo halls, with very little online presence to date.
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