Codere is making progress towards securing an online gaming permit in Buenos Aires, Argentina’s capital. The Spanish and Latin American gaming firm is the first to take this step.

Codere’s online gaming implementation strategy has been endorsed by the Buenos Aires City Lottery Board (LOTBA), the city’s lottery operator and de facto online gaming regulator.

The strategy was created by a multidisciplinary team from across the company, including its technology and online divisions. The local Argentine team led the effort and submitted the plan to LOTBA in May.

Bernardo Cena, the operator’s regional manager for Latin America (excluding Mexico), said the approval shows “the strength of the group, the quality of its products and the viability of Codere’s online expansion project in Latin America.”

Codere emphasized that this is just the beginning of a continuing process. It is the first company to have its plan approved by LOTBA.

The next phase will involve implementing the strategy outlined in its proposal. This includes technical development and integrating its online gaming platform to ensure compliance with the city’s online gaming rules.

Codere has already commenced work on this undertaking.

They have been present in Argentina for over three decades and are the largest gaming establishment operator in the Buenos Aires province. The province has distinct regulations compared to the city. They possess 13 locations with over 6,850 machines across the area.

The province has been sluggish in regulating online gaming, but the city initiated the process earlier this year. In February, legislators enacted rules for online permits.

To apply, enterprises must have been in operation for more than two years and generate over 100 million Argentine pesos annually.

Operators are required to pay a $30,000 licensing fee, followed by $100,000 each year to renew it. They must also provide a $2 million security deposit. The tax rate is 10% of their total revenue.

Initially, shops and gaming halls were ineligible to apply for online gambling licenses. However, local businesses voiced their opposition, leading to a modification of the regulations in September.

Nevertheless, the province of Buenos Aires is distinct from the city, and their licensing procedure has been delayed due to governmental shifts.

Local news reports indicate that 7 out of 17 companies will receive licenses, but none have been granted yet. Some of the applicants include ArgenBingo with William Hill, Bingo Pilar, and Paddy Power Betfair.

Bet365 and Pasteko, Playtech and Hotel Casino Tandil, 888 and Boldt, Atlántica de Juegos and The Stars Group, and Intralot and BinBaires are all poised to obtain operational permits.

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