Posted: Jan 29, 2021 2:19 pm.
Last update on: January 29, 2021, 02:19 pm.
The Argentine online sports betting Casino Magic will be launched in the Neuquen province within a few months. Sports betting is expected to go online in Neuquen in the first four months of 2021.
Argentine striker Lionel Messi took a penalty in a game between Brazil and Argentina in 2019. Football is very popular in Argentina and online sports betting will soon be available in at least one province. (Image: Fayez Nureldine / AFP via Getty Images)
Finally, the company would like to expand into other regions of Latin America. Eduardo Nanton, General Manager of Casino Magic, said in a recent statement that the company had “ambitious plans”. But he didn’t go into details.
The Kambi Group will provide Casino Magic with technology and services for the sports betting initiative over several years.
“It is a promising partnership as we aim to unlock the potential of regulated sports betting in Argentina,” said Kristian Nylen, CEO of the Kambi Group, in a statement.
As in the USA, Argentina regulates sports betting regionally. In the Latin American country, it is overseen by the provincial governments.
In Neuquen Province, Casino Magic and Kambi have worked to adapt the technology to meet compliance requirements in the region’s regulated market, Nylen said.
Growth potential in Argentine online gaming
As of September, the total gaming market in Argentina was estimated at $ 415 million, the Gaming Innovation Group said last year. Online activities account for just 7 percent of the total market. As a result, there is significant growth potential in the online gaming sector, the company forecast in September.
In the city of Buenos Aires, in particular, tax revenues from the physical casinos collapsed when exposed to the effects of the COVID-19 pandemic. Government officials hope online gaming can bring them around $ 5 million a year in tax revenues, Mark P. Jones, a political scientist at Rice University’s Baker Institute, told Casino.org in September.
“That’s not a large amount. However, given the economic crisis in Argentina, every little bit helps, ”said Jones last year.
Online gaming taxes more than double
Late last year the Argentine government approved a higher tax rate for online games. Taxes on online games rose from 2 percent to 5 percent, according to a report by SBC Americas, a Latin American news organization.
Other Latin American countries could also expand to online games. Those nations would make a decision based on game and revenue projections, Jones said.
Betting on US baseball also increased in the region. In July, the Costa Rican sports betting company Betcris signed a multi-year contract to become the official betting partner for Major League Baseball in Latin America.
It is the first such agreement for MLB in a market that is critical to the sport.
Football, known locally as soccer or soccer in Spanish, is popular in Argentina, according to Argentina, an associate professor of history at the University of New Haven.
“It’s their most popular sport and many of their best players end up in the major European leagues,” Yoder told Casino.org.