Legalization of online gambling is spreading throughout the United States and the rest of the world.
States, including New Jersey and Connecticut, have passed laws and are discussing further negotiations, respectively, on this topic.
With the rise of online gambling, the sport has become less of a taboo. Organizations managing land-based and online casinos are seeing renewed demand for their services.
Sports betting, casinos, lotteries, and other games are becoming popular choices of entertainment for the public.
From Native American casinos to Chinese poker, this world has touched multiple cultures, and the gambling industry continues to expand and grow.
Argentina, for example, is in the middle of this very conversation about how to best regulate online gambling. In December 2018, Buenos Aires, the biggest province and city in Argentina, signed a regulatory decree that essentially paved the way to legalize online gambling.
Before this, the governor of the province of Buenos Aires, María Eugenia Vidal, authorized the provision of online slots, casinos games, lotteries, and horse betting to entertain the public and create more jobs.
Moreover, Decree 181/19 permits betting on non-sports events, as long as the event is not political.
The city of Buenos Aires and the province both got on board to pass this law. The Buenos Aires government recognizes the unique demand for gambling, not to mention the impact of technology in their province.
As of now, the government has issued seven online gambling licenses under the new law. The Argentine Provinces Board for Lotteries and Casinos is just beginning to support online gambling.
The agency requires each online gambling organization to uphold a minimum of 20 requisites to first receive and then continue to maintain their Buenos Aires license.
Applications get reviewed by an appointed council that judges the organizations’ criteria. Some of the requirements include an examination of the establishment’s level of industry experience, data security, and financial capacity.
Furthermore, licensees must have a strict and functioning marketing strategy that does not target 18-year-olds (or younger). The messaging must promote a healthy, safe, and responsible gambling environment that includes a self-exclusion program.
While the majority of the board checks on organizations based in Buenos Aires, international enterprises are encouraged to apply for a license. For outside businesses to get a license, they have to maintain a physical business presence within the Buenos Aires province.
After approval, online gambling organizations’ licenses are valid for a 15-year term.
The agenda has been moving smoothly, but Buenos Aires executives have proposed additional modifications to the 2019 Budget Law regarding a tax policy for online gambling.
The tax rate of all online gambling activity outlined in the decree is 25% on revenue. This is 10% more than what was initially proposed.
The percentage is split in three ways: the previously approved 15% remains solely on online gambling revenues, while the other 10% stems from two other taxes.
Specifically, an 8% percent tax will be charged on individual product verticals, while the other 2% will cover the province’s licensing provisions and costs.
With this new tax policy, coined as the Tax Law of 2019, Argentinian officials hope that the tax charges will increase the revenue allocated for social welfare. The Buenos Aires Province estimates that approximately 6,000 million pesos, or about 169 million dollars, could be raised in tax revenues due to the newly-proposed tax policy.
According to the law, organizations must comply with specific rules to serve their potential customers and players. With the minimum gambling age of 19, Buenos Aires requires each participant to register with a licensed and approved online gambling establishment.
Article 142 of the Tax Law of 2019 states that the activity of online gambling must be monitored to “guarantee public order, eradicate illegal gambling, and safeguard the rights of the players.”
Players have to follow Article 142 when placing any bets while being a part of the Players Registry as participants of the license holder. Players must provide name, address, and any other information requested by the establishment, to partake in official play.
It is the responsibility of the organization to confirm the information about newly registered players.
Furthermore, operators have to create a gaming account for each registered player. Bettors may have a single account on each licensed website. The only undefined processes relating to registration and actual gameplay are how the law will charge the balance on the accounts and perform collections on prizes won.
The goal the Argentinian government is to create an environment for responsible gambling. Order and social responsibility are of high value to the officials who made the legalization of online gambling possible.
Safety and management are of enough significance to the Buenos Aires government that they passed preventive actions that will raise awareness and disseminate information about healthy gaming practices.
Argentinian officials, especially those in favor of this proposed law, recognized the growing popularity of online gambling while it was still deemed illegal. This law allows them to control a formerly illegal activity.
These laws were made to strategically close the doors to scammers and give the public a form of entertainment they like while making it safe by regulating it.
Online gambling websites, such as OnlineCasinoGems, are a great way to access safe casino games and provide tips on how to excel at this activity.
By accepting online gambling, Buenos Aires aims to protect consumers and participants. It also makes it possible for these lucrative games to generate revenue for the state. Some positive effects of this legalization include the reduction of gambling fraud, loan sharking, extortion, and other financial crimes.
While the provincial law is not yet perfected, this first step of accepting online gambling will most likely encourage other parts of Argentina towards legalization.
With that possible revolution in mind, people all over the world can add Buenos Aires as a destination for safe and responsible gambling both online and offline, along with New Jersey, Las Vegas, and Montecarlo.
Overall, the government has taken the right steps to determine a safe future for gambling in Argentina. This new gambling destination is stepping up its technology game to accommodate online gambling.