An Argentina-based casino in the capital city of Buenos Aires is looking for entering the online sports betting venue due to its increase in profitability worldwide. It has started to request licenses for newer online operations.
Buenos Aires just approved sports wagering in February as a legal activity and a local casino, Casino de Puerto Madero, is looking for a piece of the pie. Gambling on sports in the country is not an easy matter since each province has its own take on laws according to gambling.
The time has come for new and alternate sources of income for these gambling companies due to the recent times, revenue has not been the same as several land-based establishments and sports in general needing to shut down.
Approving internet sportsbooks could be the perfect fix for the time being. The city could see $6.8 million annually in revenue just by allowing mobile sports wagering platforms in Argentina. It has been proposed that a structure for the online industry could very well work out within the regulations that already exist when it comes to acquiring a license.
Companies willing to apply to the structure would need to be certified by the Official Registry of the Loteria de la Ciudad de Buenos Aires with at least 2 years in the sports betting business and a minimum net worth of $25 million.
There are currently six casinos in Buenos Aires all aiming for receiving approval from the LOTBA S.E. Casino de Puerto Madero is probably the one to be the first to offer online sports betting giving them a huge headstart over the rest.
