After securing a ‘venture license’ issued by the Province of Buenos Aires IPLyC Lotteries and Casinos Institute, Betsson AB emphasized its ‘good LatAm prospects.’
Obtaining a licence
On 31 December, the IPLyC announced the seven ‘business ventures’ that were granted licenses to operate online gambling services in the most populous state of Argentina, the province of Buenos Aires.
In order to participate in the IPLyC regime, Betsson formally tried to obtain a license by partnering with the Casino de Victoria of local incumbent Grupo Mautone.
In the IPLyC venture licenses and alliances, the Stockholm-listed company now joins European counterparts, William Hill, 888 Holdings, Flutter Entertainment and bet365.
Betsson Group CEO Jesper Svensson, speaking about the company’s latest LatAm growth, said: “Our strategy for LatAm is to find local partners are able to bring the necessary expertise and have solid industry experience and we are extremely excited to have Casino de Victoria as our partners in Argentina for this joint venture.”
Betsson’s South American footprint is further seen by the BA approval, having already secured local agreements to operate in the regulated Colombian online gambling marketplace in 2020.
In addition, Betsson retains’ first-mover advantage ‘in Brazil, the largest sports market in South America, having secured majority investment in online racebook Suaposta, which last September completed its rebrand to Betsson Brazil and currently serves as the only licensed online wagering domain in Brazil.
Going forward, the company will provide its BA venture with the technology platform and operational frameworks needed in compliance with IPLyC regulations to operate online gambling services.
Svensson added: “We will start working on the technical implementations that are required for the market so that operations will be able to commence soon afterward. We will launch under our flagship brand, Betsson, and our goal is to start with our proprietary sportsbook, casino, and live casino offerings.”
The IPLyC has requested that international and domestic alliances confirm their business projects within a 10-day period in order to introduce its compliant online gambling regime during the opening months of 2021.
Despite shifting conditions, however, questions remain as to whether, with its established mechanisms, the IPLyC will officially launch its regime.
New BA Governor Axel Kicillof, who took office last year, has yet to approve the IPLyC plans officially, with his administration expressing its reservations about the planned laws and obligations of the ‘welfare fund’ of BA Provinces.
During an election year that saw the Argentine PRO Party lose both the BA executive and the national presidency, Kicillof criticised former BA governor María Eugenia Vidal for authorizing a thin online gambling mandate.