This story was published more than 1 year ago.
The Argentinian city of Buenos Aires is pushing to legalize and launch online sportsbetting as a means to generate revenue that has evaporated due to the Covid-19 pandemic.
The city uses traditional in-store sportsbetting to generate tax revenues and control an activity that goes on anyway, but with restrictions being put in place, these revenues have plummeted. Politicians in the city are therefore looking to push for online betting, where they could generate an estimated $6.8 million in tax revenues annually. This initial online sportsbook would be run by Casino de Puerto Madero.
Some politicians are pushing back on the attempt though, saying that retail operations will suffer and that the casino's ties with Cristobal Lopez will be an issue for integrity. Lopez is the former owner of the casino and has been accused of collusion and money laundering in the past.
Operators looking to offer online sportsbetting may have to pay an administrative tax of $30,000 and prove that they have a net worth of $25 million. They'll also have to prove that they've been involved in betting operations for at least two years.
The bill still has a way to go, but we're going to be following this story and will update readers as we learn more.