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Betsson AB has underscored its ‘strong LatAm prospects’ after securing a ‘venture licence’ granted by the Province of Buenos Aires IPLyC lotteries and casinos institute.
On 31 December, the IPLyC disclosed the seven ‘business ventures’ that had been granted licences to operate online gambling services within the province of Buenos Aires – Argentina’s most populous state.
Betsson, seeking to participate in the IPLyC regime, had formally pursued securing a licence by partnering with local incumbent Grupo Mautone’s Casino de Victoria.
The Stockholm-listed group now joins European counterparts, William Hill, 888 Holdings, Flutter Entertainment and bet365 in being granted venture licenses and partnerships by the IPLyC.
Speaking on the firm’s latest LatAm development, Betsson Group CEO, Jesper Svensson, said: “Our strategy for LatAm is to find local partners are able to bring the necessary expertise and have solid industry experience and we are extremely excited to have Casino de Victoria as our partners in Argentina for this joint venture.”
The BA approval sees Betsson further its South American footprint, having already secured local partnerships to operate in the regulated Colombian online gambling marketplace during 2020.
Furthermore, Betsson maintains ‘first-mover advantage’ in Brazil, South America’s biggest sports market, having secured majority investment in online racebook Suaposta, which finished its rebrand to Betsson Brazil last September and currently serves as Brazil’s only licensed online wagering domain.
Moving forward, the firm will provide its BA venture with the technology platform and operational frameworks required to operate online gambling services in accordance with IPLyC regulations.
“We will start working on the technical implementations that are required for the market so that operations will be able to commence soon afterward. We will launch under our flagship brand, Betsson, and our goal is to start with our proprietary sportsbook, casino, and live casino offerings,” added Svensson.
Aiming to launch its regulated online gambling regime during the opening months of 2021, the IPLyC has demanded that foreign and domestic partnerships confirm their business ventures within a 10-day timeframe.
However, despite changing circumstances, doubts remain as to whether the IPLyC will formally launch its regime with its current frameworks.
New BA governor Axel Kicillof, who took office last year, has yet to formally approve the IPLyC plans, with his administration having stated its concerns with regards to BA Provinces intended laws and ‘welfare fund’ commitments.
Taking office, Kicillof criticised former BA governor María Eugenia Vidal for approving a thin online gambling mandate during an election year which saw the Argentina PRO Party lose both the BA executive and national presidency.
