JUE 28 DE MARZO DE 2024 - 07:43hs.
New market

City of Buenos Aires Legislature enabled online gaming

With the votes of the ruling bench and the rejection of other groups, the Buenos Aires City’s Legislature authorized the resolution of the Lottery of the City of Buenos Aires (LOTBA) directory that established the rules, requirements, standards and limitations for the operation of online betting. It will require the existence of at least three operators providing the service that have 'financial solvency, technical capacity and technological equipment.'

The approval was obtained with 34 votes in favor of the "Vamos Juntos" bench and 26 negatives of the other groups, and covers the realization of "all online games of chance and / or skill, sports betting, virtual games and not sports events, made through the use of machines, instruments or supports, of any type or technology."

In a statement, the Legislature reported that "these are slots, roulette, card games (poker, blackjack, baccarat) and 'lottery' games (those in which prizes are awarded based on draws)."

The officialist deputy Cristian Bauab (Vamos Juntos) gave details of the regulations and stressed that, to ensure competition, the system will require the existence of at least three service providers that have "financial solvency, technical capacity and technological equipment. People under 18 years of age, personnel of the agencies, their relatives, or athletes who participate in activities that are the object of these bets, will not be able to bet.”

The approved norm, according to the project, incorporates a gaming policy "committed to the rights of minors, consumers and users" and adds controls according to the recommendations of the Money Laundering Prevention and Terrorism Prevention Unit. Thus, bets cannot be made from accounts associated with the payment of "social assistance plans or programs, or ANSES" and the use of foreign currencies will be prohibited.

With the approval of the law, tools must be enabled that allow users to "establish spending limits, time per session and gaming periodicity", although the Lottery will have minimum and maximum values of mandatory application.

According to LOTBA, there are more than 1,000 pages of online gaming in the country that work within an illegal framework. With the approval of this project, private companies should pay 25% of their net turnover, in taxes and fees, with which the Buenos Aires government would achieve a collection of approximately 500 million pesos a year (about 10.5 million of dollars).

Source: GMB / Infobae