Earlier in March Governor María Eugenia Vidal signed the regulatory decree making online sports betting legal in Buenos Aires Province, the capital of Argentina. Following the legalization of sports betting, a competitive bidding process was announced to select the operators for the grant of gambling licenses.
While many different companies, including overseas gambling operators eyeing at the newly regulated sports betting market in the South American country, two top online gambling operators, Betway and Bet365 have now applied for the license.
The two companies have also partnered with local enterprises to compete with others applying for a license. While Bet365 has partnered up with Pasteko, a bingo hall operator, Betway has fostered an agreement with Bingo King.
CodereLatAm, another gambling operator, has also announced its partnership with Iberargen and has applied for a gambling license.
Earlier the Instituto Provincial de Lotería y Casinos (IPLyC) of Buenos Aires released the official rules for the application process for the new licenses. The applications require the companies to make a payment of ARS5.5m ($122k) along with the other relevant details. The licenses will be valid for fifteen years.
For the international companies to apply for a gambling license through a joint venture, it is mandatory that they have a 75 percent stake in the partnership.
The companies that are selected for the license will have to pay ARS65m, in three installments; 40 percent upfront, 40 percent at the end of the first year of operations and the remaining 20 percent at the end of the second year.