Bet365 and Betway join hunt for Buenos Aires licences
In recent days bet365, Betway, and Codere have all registered their interest in obtaining a license to operate in the Argentinian province of Buenos Aires. This now makes 10 operators that are competing for the available seven spots. It demonstrates that many of the big players see this as a unique opportunity to get a foothold in South America.
All three firms listed have joined the race as joint ventures with local partners. Bet365 has partnered with Pasteko, whilst Betway has joined local player Bingo King. As we already mentioned in our previous article on Buenos Aires, there are already seven other players in the running so competitions seems to be fierce.
This competition could grow further with GVC Holdings, owners of Bwin, Ladbrokes, and Coral, still showing interest. They said they were examing the process, before submitting a potential application. Whatever the process, all parties have to register their intent to apply before 25 June, or they will not be able to do so. Time is of the essence for those wanting to do so, as it is unknown if or when more licenses with be allowed in the future. The big players don’t want to miss out, hence their early interest.
We see very good, even great opportunity for affiliates to join the revolution and turn in to Latam. We identify it as the next market to grow after Europe and Asia, and we have a very high expectation from this market.– Aviv Sher, CEO, Codere
The application process
By applying for a license the bookies commit to Buenos Aires regulations of maintaining a physical presence in the district. This presumably means through an office and dedicated staff. By partnering with local firms, international operators seem to already have found a loophole in this requirement.
Those who win the process will receive an intial 15-year license that costs AR$65m or £1.1m. All of the gross gambling revenue will be subjected to 25% tax that has to be paid directly to the state.
There has not been any deadline for when a decision will be made, but we expect news in the coming months as to who has been successful with their application.