SÁB 4 DE MAYO DE 2024 - 08:06hs.
Up to 7 licenses will be granted

Buenos Aires province governor officially enabled online gaming sector

After having been approved by the Legislature last December, the Buenos Aires Government regulated the online gambling law in the Province of Buenos Aires last Friday. The regulations had been included in the Tax Law that accompanies the 2019 Budget, a question that aroused criticism from the opposition.

But, with the vote of the Frente Renovador party and part of the block of the intendants, governor Maria Eugenia Vidal got the final approval without major setbacks.

Last Friday was published in the Official Gazette the norm and it was regulated the activity that reaches the electronic gaming machines; casino games; lotteries; bets on virtual games excluding lottery games; horse betting; and bets on real, sporting and non-sporting events (excepting those ones of political nature).

The Province assured that up to 7 licenses will be granted, "not being able to award more than one by licensee" and to do so, the company must be previously registered in a registry.

It will be an evaluation commission that will finally approve or not the license, taking into account 20 minimum requirements, including experience, financial and technical solvency, data security, number of events and sports, among other points.

With this initiative, the management of María Eugenia Vidal expects to fatten her coffers with $ 2,500 million (US$ 5.5bn) a year, in the midst of the adjustment and fall of the economic activity that affects the Province, in particular.

The companies that operate the licenses have to pay about a quarter of their turnover that is made up of 15% of gross income, 8% of a specific tax for the activity, and 2% of the fee.

With the subsequent criticism of the Church, the controversy did not dissipate. Even so, the Province remained firm. "What we want is that the online gaming also pays taxes", was the highlighted line of a Province statement.

Source: GMB