GiG Secures Key Approval for Buenos Aires Gambling Market Entry

GiG Secures Key Approval for Buenos Aires Gambling Market Entry

Online gambling technology firm Gaming Innovation Group (GiG) has made further progress in its effort to expand in the Buenos Aires market, news emerged Tuesday.

The company announced that LOTBA (the gambling regulator of the City of Buenos Aires) has approved the implementation of the technical project for the provision of online gambling services on the territory of the city that GiG and its local partner, Grupo Slots, presented last year.

Following that key approval, the two companies will now move onto to making preparations for the final certification of the online gaming platform that will power Grupo Slots’ site Jugadon.bet.ar.

Buenos Aires officials passed in 2019 a piece of legislation that authorized the reorganization of the city’s gambling market in a manner that permitted the provision of online casino-style and sports betting activities. The move aimed to create a well-regulated environment and to block the proliferation of unregulated gambling provided by offshore companies.

Here it is important to note that the city’s gambling regulation effort has nothing to do with a similar process launched by the Argentinian province of Buenos Aires. The province has too entered the final stretch of its market liberalization effort, but it seems that the city will be the first to go live with legal digital gambling. This is expected to happen by the end of this year’s first quarter.

Proud to Be Among Early Movers

Commenting on securing the key approval in Buenos Aires, GiG Chief Commercial Officer Ben Clemes said that the opportunity to implement the company’s platform in the city’s “fresh and dynamic market” is a challenge that “marks a milestone for our companies.”

Mr. Clemes also praised LOTBA for “setting a great precedent” for the strengthening of digital gambling in the region and that they are proud to be among “the early movers into the market.”

GiG and Grupo Slots announced their partnership in August 2020. The gambling technology company said at the time that under the agreement, it would provide the Argentinian operator with its technical iGaming platform, sportsbook solution, front-end development tools and the GiG data platform and GiG Logic.

The deal has an initial contract period of four years with an automatic extension for one more year. It is based on a revenue share model and set up fees.

Established in 1985, Grupo Slots is one of Argentina’s leading gambling and entertainment groups. The company operates more than 20 casinos, gambling and bingo halls around the country. Headquartered in San Luis, it operates the Jugadon.com site in that province. It is in San Luis again where it is responsible for the management, operation, and advertising of the local Lottery.

Its non-gaming operations include the Epic Hotels chain and various restaurant establishments.

Of their latest milestone, Juan Ignacio Torres, General Manager at Grupo Slots, said that it gives them “enormous satisfaction and motivation” to be able to contribute to their experience and operational capacity and continue to generate opportunities for its partners and build the future of the company.

Mr. Torres went on to say that they have put together an excellent team to lead their Buenos Aires expansion effort by combining the GiG platform’s technology and strength with Grupo Slots’ deep knowledge of the Argentinian market and that they are “deeply grateful and proud of those who made this possible.”

Source: “Grupo Slots and Gaming Innovation Group receive approval to implement online gaming platform in Buenos Aires”, GiG Newsroom, March 9, 2021

The post GiG Secures Key Approval for Buenos Aires Gambling Market Entry appeared first on Casino News Daily.

Original source: https://www.casinonewsdaily.com/2021/03/10/gig-secures-key-approval-for-buenos-aires-gambling-market-entry/

Leave a Reply

Your email address will not be published. Required fields are marked *