The Provincial Institute of Lotteries and Casinos (IPLyC), the regulator of the Province of Buenos Aires, has approved a new update on the regulation of Horse Betting Agencies, which came into force earlier this week.
The update was published on the Official Gazette of the province and states that the biggest jurisdiction in Argentina will grant licenses for horse betting agencies in the La Plata and San Isidro racecourses, two of the most important horse racing establishments in the country.
The new regulation establishes that, as the enforcement authority, the IPLyC will be in charge of granting the racecourses the ownership of the horse racing agencies.
It will also approve the management contracts between the La Plata and San Isidro racecourses and the interested people or companies for the exploitation and management of the agencies.
With this new update, the racecourses will be in charge of the bidding process for the new betting halls, as well as their suspension if needed. The regulation also includes all the details regarding the rights and obligations that the operators will be subject to.
The authorized agencies will be able to offer betting on horse races and other types of gambling modalities related to the racetracks. The licenses will be valid for ten years, although no information has been shared in regards to their renewal.
These new rules came into effect only a few months after the Province opened its sports betting market. Through the new authorizations, the racecourses could expand their offering on-site and open new revenue streams.
Both the provincial authority and the operators of the racecourses will decide, after a market study, the areas in which new betting agencies can be installed.
On the other hand, the document also highlights that several people will be excluded from the possibility of obtaining a license, such as public officials, convicted criminals, debtors, and more.
The three entities will also be in charge of supervising and documenting the agencies, as well as ensuring transparency for the industry. The IPLyC also set some preventive measures and penalties to ensure compliance with the regulation.
