Argentina's iGaming market picks up after Casinos Maverick entry
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Argentina’s iGaming market continues to gather steam, with Casinos Maverick entering the space. Based in the Neuquén province, it is the first gaming operator in the province to launch online gaming, made possible with the approval of a license by the provincial gaming regulatory, the Neuquén Gaming and Betting Institute (IJAN, for its Spanish acronym). With the license in hand, Casinos Maverick teamed up with LatamWin to launch a portfolio of online gaming content and the country’s iGaming space continues to expand.
Casinos Maverick has primarily been a land-based gaming operator, but the recent approval of virtual casinos in Argentina is giving it the ability to grab a piece of the nascent market. It began negotiating with LatamWin to offer content, ultimately signing an agreement to introduce virtual slot machines, casino games and bingo offerings. In the works, as soon as IJAN gives the green light, Casinos Maverick wants to also launch live dealer games and sports gambling; however, there is currently no timeframe for these to be included in the license.
The casino operator and LatamWin, which already has a strong presence in several Latin America countries, have agreed to a revenue-sharing scheme that will undoubtedly prove lucrative to both companies. Argentina’s land-based casino segment, like all others, is still suffering because of COVID-19, which has facilitated the introduction of the online alternative. While the associated taxes may not be appealing to operators, iGaming has already proven to be a veritable cash cow, and operators getting into the space are able to start generating revenue almost immediately.
Cristhian Vargas, LatamWin’s Business Development Manager, explains in a press release, “It has been a complex year in terms of the movement in regulations in Latin America, as in the case of Argentina, which advanced to provide a way out of the COVID-19 crisis for physical casinos. Luckily, due to our commercial management in the country and the agreement with JSD, we were able to obtain two licenses. We thought of them to enter the Argentine market, which has had an excellent result, allowing us to access two places in Catamarca and Neuquén provinces. They have helped us to attend to the complexities of the country, since it is not easy to do business in Argentina.”
When Argentina began to contemplate a regulated iGaming market, it decided that each province would be allowed to regulate the activity according to its own set of rules. Nine provinces already have online markets up and running and four have approved regulations but have not yet launched their respective markets. Another is currently considering legislation and another two are still trying to figure out if they want to move forward with their own regulated markets. Given the potential revenue iGaming will provide to government and education programs, blocking the activity means massive financial losses.
