The Argentinian province of Buenos Aires has approved online gambling for the first time, as part of its 2019 Budget.
The new regulation, designed to part reverse the economic slump which saw the Peso lose half its value this year, will see the government claim 15 percent of GGR on slots, sports betting, poker and horse racing.
IMF spokesman Gerry Rice hailed the approval as “a clear commitment by the Argentine authorities and a broad spectrum of Argentina’s political forces to strength the country’s economic policies.”
Successful licensees must be able to prove a physical presence within the province, and dedicate an additional two percent of revenue to regulator the Instituto Provincial de Lotería y Casinos.
The initial licenses will be valid for up to 15 years, and be reliant on operators offering players safeguarding controls including deposit and time limits, as well as self-exclusion options.
Tax revenue will be dedicated by the provincial government to funding the FIDES Social Development and Integration Fund, complemented by a new two percent levy on land-based slot machine winnings.
Original plans to regulate online gambling had met with opposition from Buenos Aires governor Maria Eugenia Vidal, who styled herself as an “anti-gambling advocate” during a 2015 election campaign.
However, during budget discussions, Vidal was at the head of garnering support for gambling directives 142 and 143 from Argentina PRO party members and district leaders, pledging support of the FIDES programme.
The new budget will come into effect on 1 January 2019, however not date has been set to begin the licensing process.