The world has steadily evolved until it reaches a digital peak. Companies that don’t now keep up with the digital trend could lose their customers. And of course, Vulkan casino and bookmakers in Argentina could not be left out of this forward movement.
Latin America is one of the fastest growing iGaming regions in the world. The region is moving towards becoming a regulated iGaming market. Operators entering the Latin American market for the first time could face challenges in legalizing gambling in Argentina.
One of the peculiarities of Argentina, is the vast territory that is divided into provinces, where each province can regulate its own legislation, including gambling issues.
Now some provinces already have regulations and already have online activity, others have no activity. And there are those that are just discussing the prospects of this direction.
The COVID situation has led to many provinces in Argentina, at the legislative level, to solve the issue of regulations related to Internet gambling. According to international experts, this practice will help to fill the budget in the future and also keep jobs in the industry.
The Latin American market presents valuable growth prospects for iGaming operators. At the moment, in Argentina, only 9 out of 23 provinces regulate online gambling at the legislative level. It is estimated that online gambling there among which slots casino online Vulkan generates $2.4 billion in revenue per year.
At the time of writing, there are 72 online gambling entities operating legally in Argentina. These companies include
- True Fortune;
- Europa Casino.
Online casino licenses
As for the issuance of licenses for online gambling companies in Argentina, for example, in the capital, the Buenos Aires city administration in 2021 issued seven licenses for online gambling activities to seven companies out of fourteen applied for. According to Argentine gaming laws, the criteria for the selection of licensees are:
- past licenses;
- financial evaluation
- product analysis
- the advantages of the technical system
- fraud prevention
To obtain a license, each licensee must pay the sum of 65 million Argentinean pesos (approximately 620,000 euros) as a single fixed fee.
What the single regulation brings to the industry
Argentina’s civil society organizations are actively working on a single industry regulation. “Through this regulation, the intention is to introduce an interdisciplinary and unified responsible gaming policy for the whole country. It also attempts to comprehensively protect the personal data of participants, prevent money laundering and strengthen the fight against any illegal gambling operations,” – Ida Lopez, president of the Gaming and Casino Institute of Argentina.
Civilized, future-oriented models of legalizing the gambling industry are being used all over the world in order to detenitize illegal gambling revenues and create attractive investments for foreign market participants. Now, Argentina is still far from an ideal system of online gambling regulation, but there is no doubt that the positive trend of the gambling market will continue.