Argentina’s capital province of Buenos Aires has passed Budget 2018 legislation paving the way for the regulation of online gambling for the first time…but legislators and drafters will now have to drive the proposals through parliament.
The provincial government of Buenos Aires has moved the possibility of regulated and licensed gambling closer by including provisions for the vertical in the 2019 Budget proposals this week.
The proposals allow Buenos Aires to develop regulations for online casino games including slots, sports betting, poker and betting on horse racing, with a tax rate of 15 percent of operator GGR, and a requirement that operators establish a physical presence within the province.
A further 2 percent of GGR levy will be imposed to finance a regulatory body titled Instituto Provincial de Lotería y Casinos, which will be responsible for overseeing the sector.
Local media reports indicate that 7 licenses will be issued with a duration of 15 years, and that operators will be expected to maintain the highest standards of social responsibility, offering players safeguards such as deposit and time limits, as well as offering the option to self-exclude.
Failure to comply with these controls, and any other infractions, can see companies issued with warnings, fines, or have their licence suspended or revoked.
Revenue raised through taxation of the sector is to be used to fund social programmes in Buenos Aires.