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Buenos Aires Province Institute of Lottery and Casinos (IPLyC, in Spanish) has published the terms and conditions for the operators to apply for online gambling license. The deadline for proposals expires on June 25 and19 companies have already registered.
The license for operating the business will be granted by the IPLyC, as a result of the call for bids, and the regulator will be able to issue up to seven licenses for a 15-year period, not extendable.
The regulation underlines a basic requirement of minimum two-year experience in the sector and a provable annual total income in excess of 50,000,000 pesos.
As per the terms and conditions, “the executive branch shall establish the relevant regulations of the title for its practice” and “the enforcement authority will be the Buenos Aires Province Institute of Lottery and Casinos, which will establish the modality regulation for online gambling”, stating that “any modality unauthorized by the enforcement authority is considered prohibited”.
The participation fee cost 5,500,000 pesos, and each applicant is allowed for only single proposal. Once the license has been granted, each licensee must pay the amount of 65,000,000 pesos as a single fixed charge. In addition, a security deposit of 130,000,000 pesos has to be paid.
A technical evaluation committee will consider the items related to licenses, experience, financial assessment, product analysis, technical system, responsible gaming, and fraud prevention plan. Based on the results, points will be generated for each operator.
Source: Latest News on European Gaming Media Network
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