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How the online gambling market is regulated in Argentina?
The first thought that comes to mind when you hear the word, “Argentina” is the football and their iconic blue and white striped shirt. However, mind that this country located in South America has the largest percentage of online gamblers. Gambling has been around for a very long time in Argentina and even the offshore iGaming is legal there. Unfortunately, in Buenos Aires, the country’s capital, the overseas online casinos are not regulated and only the local operators are allowed to offer their services. Despite the prohibition of these foreign companies, they are not totally blocked and still available in this location. That means the gambling laws there are controversial except for the National Lottery. This article explores how the online gambling industry in this nation is regulated.
The History of Gambling in Argentina
The gambling in Argentina appeared in 1882 when the first place for horse betting was built called Jockey Club. At that time, the sports betting was the most loved diversion by the Argentines. The gambling regulation license was first given to the local operator when people started to appreciate this kind of distraction. It didn’t stop there because, in 2006, the first local casino internet was approved by the authority and since, the online casino Argentina has become a heightened entertainment. In 2008, the nightmares of the foreign web-based casinos have begun because they are forbidden to apply for the licenses in Argentina reducing the number of the best internet casinos available in this country. However, most of them are still accessible and have continued to provide various games to the aficionados.
Gambling in Argentina Today
The rate of problem gambling has risen in this nation and today the country decides to fight against the gambling addiction by imposing new laws and measures. Despite this major concern, the field has grown year to year where the competition between the online casinos Argentina has occurred. The country boasts the highest number of players who prefer gambling on the platforms. It’s been calculated by the Financial Times that Argentines spend an estimated $4bn-$5bn annually on lottery games and slot-machines, known as tragamonedas (“change swallowers”). With daily takings per slot machine averaging more than $300, Argentina is the largest gaming market in Latin America.
Today, the enthusiasts have a wide choice to real money casinos that offer the large selection of the games. As stated above, the foreigner online casinos are banned in Argentina but most of them are still accessible there. The government is working on the new gambling laws to enhance the regulation of online gambling.
How is Online Gambling in Argentina Regulated?
The foreign online gambling is still a disputable subject in Argentina. This sector is, actually, legal everywhere in the country except in the capital. This nation has many gambling jurisdictions. That is to say, the rules applying in one region don’t be practiced to the next area. Even some regions permit gambling providers to grow their business, others prohibited their existences. Owing to these disorders and complications, Argentina should update their gambling laws and try to find a consensus. The offshore sites laws should be revised as well to avoid any possible gambling issues. While applying the gambling laws, this industry is hoping to proliferate in a regulated environment that is lucrative for both the avid gamblers and the operators.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes