- Legal States
Julie Moraine June 9, 2019 3 min read
Betway and Bet365 Enter Buenos Aires with Local Partnerships
- Betway and Bet365 apply for licenses in Buenos Aires
- Local partnerships are already formed
- South America’s sports betting potential increases
Betway and Bet365 have become the latest overseas gaming operators to make a move on Buenos Aires in the hopes of scaling their operations in Argentina and South America.
Bet365 and Betway Make a Move on Buenos Aires
Buenos Aires is shaping itself up as the latest iGaming hub in South America. Earlier this year, Argentina announced that it would begin issuing online gaming licenses on the territory of the city, a move which prompted interest by a number of high profile brands.
On Friday, June 7, three high-profile operators stated that they were joining the race for an online race. Bet365, Betway, and CodereLatAm, having set up joint-ventures with local partners and register for a license.
All three operators had found local support:
- Bet365 has teamed up with Pasteko, a bingo hall operator
- Betway joined Bingo King
- Codere LatAm will collaborate with Iberargen
The companies want to secure one of the seven licenses that are available to future online gaming operators in the country. Nearly all of the seven licenses will be granted to joint-ventures between local and international operators.
Buenos Aires Turns Into an iGaming Hotspot
The decision of both Betway and Bet365 to expand in South America has signalled the potential of the market. Even though gaming will be limited to Buenos Aires at first, Argentina may yet expand the operation nationally.
Other notable names from the iGaming industry have already announced their intentions to join the market and have established local partnerships. William Hill is teamed up with ArgenBingo and Canadian gaming company, the Stars Group, has found a local ally in the face of Atlantica de Juegos.
There are more names to be seen on the now shaping up landscape of gambling operations, including Playtech which joined hands with Hotel Casino Tandil. In the meantime, Intralot has managed to secure the support of BinBaires.
Two local operators, Biyemas and Slots Machines SA, will look into licensing agreements independently.
A Sweet Deal for Argentina’s iGaming Market
The competition for licenses is understandable. Argentina will award companies with 15-year contracts, which means a long-term partnership and good potential ROI.
Unlike other countries, though, the tax revenue will hit 25% on gross gaming revenue (GGR), which is a little steep, but it hasn’t dissuaded international brands from signing up.
South America is proving a ever more promising market for sports betting operator. Brazil has recently passed a law allowing spots betting to take place legally in the country. In similar news, the National Basketball Association (NBA) signed up a partnership with Supermatch to become the official data sponsor in Uruguay.
With 4 years experience as an analyst, Julie—or ‘Jewels’, as we aptly refer to her in the office—is nothing short of a marvel-worthy in her attention to the forex and cryptocurrency space as she quickly became the first pick to co-pilot education to the masses with Mike.