Buenos Aires’ gambling regulator Loteria de la Ciudad (LOTBA) has published the details of its plans to start screening online sports betting and casino operators who want to offer services in the city. The regulator is planning to launch online gambling by the final quarter of this year.
LOTBA is proposing to authorise an unlimited number of “Online Gaming Agencies” that would be allowed to offer online sports betting, virtual betting, non-sports betting, slots, roulette, blackjack, punto banco baccarat, poker and lottery games. While there will be no competitive tender, there are a few hurdles operators will need to clear.
Companies interested in becoming an “Agency” would need to pay an upfront fee of US$30k, prove that they have been in business for two years, have annual revenue of ARS100m (US$1.6m) and demonstrate a net worth of $25m.
Licenses would be valid for an initial five-year term, extendable for an additional five years. Agencies would pay an annual license fee of $100k and 10% tax on their online revenue.
They also have to submit a Guarantee of Compliance in the sum of $2m, although this will be reduced to $1m following accreditation of the final technical certification report.