Buenos Aires Approves Online Sports Betting
Buenos Aires will now allow online sports betting under new gaming regulations signed by Governor María Eugenia Vidal.
The new regulations cover electronic machines, casino games, eSports betting, lotteries, horse racing betting and wagers on real sporting and non-sporting events that aren’t politics related. The province will grant up to seven licenses for online betting.
The licensing procedure will include scrutiny from an evaluation committee that will determine if operators meet 20 minimum requirements regarding experience, financial solvency, technical competence, data protection security and the number of events and sports, among others.
Licensees would pay about 25 percent of proceeds in taxes through a 15 percent gross income tax, an 8 percent tax levied according to each specific activity and 2 percent license fee. Municipalities in the province will receive 10 percent of license fees.
The province’s executive branch will oversee compliance through the Buenos Aires Province Institute of Lotteries and Casinos and the government has created the Online Gaming Licenses Registry to keep a record of license holders.
The new regulations, however, have drawn opposition from Argentina’s professional soccer leagues who have threatened to challenge the law in court. The leagues are seeking a share of tax revenues collected.