The Buenos Aires Province Institute of Lottery and Casinos has released the terms and conditions to compete for one of the seven online gambling licenses to be issued.
The institute will establish the modality regulation for online gambling including electronic machines, casino games, lotteries, virtual games betting (excluding lotteries games), horse racing betting, and wagers on real sporting and non-sporting events other than politics.
The regulator will be able to issue up to seven licenses for a 15-year period. Applicants must have a partnership between an international and a local company.
The participation fee will cost about $117,000 and each applicant will be able to make a single proposal for the present call.
Once the license has been granted, each licensee must about $1.4 million as a single fixed charge, payable as follows: when signing the covenant, the licensee must pay 40 percent once the first year is completed, another 40 percent of the mentioned amount; and after the second year is completed, the remaining 20 percent.
A security deposit of $2.8 million is also required.
Applicants must have at least two-year’s experience in the and have a provable annual total income in excess $1.06 million).
