Codere Receives First Online Gambling License in Buenos Aires

The Argentine capital, Buenos Aires, has granted its first online gambling license to Codere, a Spanish and Latin American gaming firm.

Buenos Aires City Lottery (LOTBA), the lottery operator and de facto online gambling regulator in Buenos Aires, has given the green light to Codere’s online gambling plan. This makes Codere the first company to receive approval.

The plan was put together by a team from various departments, including technology and online, but was led by the local Argentine team and submitted to LOTBA in May.

Bernado Chena, Codere’s Regional Manager for Latin America (excluding Mexico), said the approval shows “the strength of the group, the quality of its products, and the viability of Codere’s online expansion project in Latin America.”

Codere emphasized that this is just the first step in an ongoing process. The company will now begin implementing the strategies outlined in the plan, including technical development and integration with its online gambling platform. This will ensure that its solutions meet the city’s online gambling regulations.

Codere is already actively engaged in this endeavor. They have been established in Argentina for more than three decades and are the leading gaming establishment operator in Buenos Aires province. They manage thirteen locations with over six thousand eight hundred and fifty machines.

The province is striving to regulate online gambling, but the process is progressing slowly. The city initiated the process earlier this year, with regulations for online licenses being implemented in February.

To obtain a license, businesses must have been operational for at least two years and generate revenue exceeding one hundred million Argentine pesos. They are also required to pay thirty thousand dollars for the license, one hundred thousand dollars annually to maintain it, and a two million dollar bond. The tax rate is ten percent of their earnings.

Initially, they were not permitted to allow stores and gaming halls to apply for online licenses, but local businesses objected, leading to a modification of the regulations in September.

In Buenos Aires province, the licensing procedure is currently stalled due to governmental shifts.

News outlets report that seven out of seventeen companies will be granted licenses, but none have been issued as of yet. Some of the companies in contention include ArgenBingo in partnership with William Hill, and Bingo Pilar in collaboration with Paddy Power Betfair.

Bet365 and Pasteko, Playtech and Hotel Casino Tandil, 888 and Boldt, Atlántica de Juegos and The Stars Group, and Intralot and BinBaires are all poised to secure their gaming permits.

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