Racetracks in the city and province of Buenos Aires will now be able to grant betting licences, following permission from regional regulatory authorities.
A new update on the regulation of the province’s horse racing agencies from the Provincial Institute of Lotteries and Casinos (IPLyC) – the local regulator – and published in the provincial Official Gazette, confirmed the development.
As a result, the La Plata and San Isidro racecourses, two of Argentina’s most prominent horse racing venues, will be able to distribute licences for onsite wagering to horse racing agencies.
Licences held by approved agencies will be valid for 10 years, covering horse racing as well as other types of gambling-related to racetracks.
As of yet, no information has been released regarding the renewal of licences, but it has set out that public officials, convicted criminals and debtors, among others, will be unable to gain a licence.
Racecourses will have full control over the bidding process for the onsite betting venues, and suspension of licences in cases of infractions, whilst the rights and obligations operators must conduct business to have also been detailed.
Additionally, the regulatory update will also approve any management contracts for the exploitation of the agencies between the two aforementioned racetracks and interested companies and/or individuals.
The provincial authority and the operators of the racecourses will subsequently carry out a market study, after which the areas in which new betting agencies can be installed will be determined.
The IPLyC and the two racecourses will also be responsible for supervising and documenting the horse racing agencies and ensuring industry transparency, whilst preventive measures and penalties have been established to maintain compliance.
Following its launch, the regulated Buenos Aires sports betting and gambling sector has begun to attract substantial international interest, with Codere Online, bet365, Betsson and Evolution all securing licences to enter the market this year.