The Spanish and Latin America iGaming operator, Codere, has officially had its proposal for the implementation of online gambling approved by the Lotería de la Ciudad de Buenos Aires, the regulatory body for iGaming in the Argentinean city.
Beginning their online expansion project
This is the first step towards the company securing an online gambling licence in Buenos Aires, the capital of Argentina. The proposal was presented to the LOTBA back in May, following on from lawmakers approving an iGaming licencing criterion earlier in the year.
The company’s regional manager, Bernado Chena, felt that the proposal demonstrated “the strength of the group, the quality of its offer and the viability of Codere’s online expansion project in Latin America”.
Starting the next phase of the acquisition
With their proposal approved, Codere can now move onto the next phase of acquiring an online gambling licence. This will see the company implementing the policies that were stipulated in its proposal, such as the technological development and alteration of their current iGaming platforms.
In doing so, this should ensure that their operations are remaining compliant with the city’s new regulations. Furthermore, they will need to pay $30,000 for their licence and then an annual renewal fee of $100,000. Finally, they must adhere to the $2 million compliance guarantee.
Codere was the first iGaming company to have their proposal approved in Buenos Aires, which has a different legal system to the rest of Argentina. They are the biggest gaming hall provider in the region and have been active for over 30 years, so this comes as no surprise.
With the next phase underway, Codere is now set to further establish itself within Latin America.