Several companies are competing for just one of the seven casino licenses to be issued by the Buenos Aires provincial government. While the deadline for the submission of application for gambling licenses is June 25, it is reported that around 19 companies have already tendered their application.
It was in March when Governor María Eugenia Vidal signed the regulatory decree that makes online sports betting legal in Buenos Aires Province.
The decree outlined the regulations which were to ensure the implementation of the statutory laws on the electronic machines, casino games, esports betting, lotteries, horse racing betting and wagers on real sporting and non-sporting events.
It was also announced that the provincial government would issue seven licenses and that no operator can have more than one.
Also, last week 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 instalments; 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.