Tomas Enrique Garcia Botta
Lawyer

Tomás Enrique García Botta is a lawyer and graduated from the University of Buenos Aires. He specialises in gaming, gambling, administrative and tax law. Since 2019 he has been a member of MF Estudio – Abogados, the only law firm in Argentina that focuses on the provision of bespoke legal services to all verticals of the gaming industry. Prior to joining MF Estudio – Abogados, he was a senior associate at the largest local big law firm, advising multinational companies within many industries including gaming and gambling. He is a member of the Argentine Association of Fiscal Studies (‘AAEF’) and the only member in Argentina of the International Masters of Gaming Law (‘IMGL’) and the International Association of Gaming Advisors (‘IAGA’).

KEY DEVELOPMENTS & THE LATEST TRENDS IN ARGENTINA – A LEGAL PERSPECTIVE ON THE GAMBLING MARKET

Introduction

Argentina’s gambling market is at a pivotal moment. After years of economic volatility, regulatory fragmentation, and limited access to foreign investment, the country is witnessing a slow but promising normalisation process. With President Javier Milei’s reformist administration pushing for deregulation, fiscal discipline, and private-sector empowerment, there is renewed momentum in several strategic industries – including gambling. In this context, legal developments at both the provincial and national levels are shaping a market that offers significant opportunities for operators and suppliers alike.

At the same time, caution is warranted. A national bill passed by the House of Representatives on 27 November 2024, designed to prevent gambling addiction, threatens to undercut provincial autonomy and impose sweeping restrictions on advertising and customer acquisition strategies. If adopted into law, this bill could stall the momentum of the regulated sector and also affect genuine revenue streams for the 24 states that form Argentina (23 provinces and the City of Buenos Aires). Nonetheless, this article offers a cautiously optimistic view: that with proper adaptation, Argentina’s legal and economic evolution can foster a more robust, mature, and attractive gambling market.

Political and Economic Context

Since assuming office in December 2023, President Javier Milei has launched a series of ambitious reforms aimed at reducing Argentina’s fiscal deficit, lifting currency controls, and reorienting the country toward market-driven policies. These efforts have started to bear fruit. Inflation has slowed, the peso has stabilised,

and capital inflows are gradually resuming. One of the clearest indicators of normalisation has been the progressive relaxation of foreign exchange controls and the convergence of official and alternative exchange rates.

In April 2025, the government eliminated most currency restrictions, allowing individuals and companies to buy and sell US dollars without quotas or waiting periods. A managed floating exchange band was introduced, initially set between ARS 1,000– 1,400 per USD, expanding by 1% each month. By May 2025, the peso had stabilised near ARS 1,138/USD, and the once-significant gap with the “blue dollar” had narrowed to less than 0.5%—a remarkable shift from a 40–50% spread just one year earlier. This convergence has reduced arbitrage opportunities, restored predictability for businesses, and improved investor confidence.

From a legal and commercial perspective, this environment creates a more predictable playing field for regulated industries, including gambling. The unification of the foreign exchange market and the removal of capital barriers has particularly benefited technology suppliers and payment processors seeking to operate or repatriate revenues.

However, Milei’s government lacks a congressional majority, meaning that key legislative reforms are often subject to negotiation and compromise. The gambling sector, while not a priority for the executive, has become entangled in broader debates about consumer protection, federalism, and the reach of public health regulation. These tensions are most visible in the contrast between progressive provincial-level regulation and the more restrictive national bill passed by the House.

National-Level Regulation and the 2024 Bill

The centerpiece of recent national-level legal activity is the “Bill for the Prevention of Gambling Addiction,” approved by the House of Representatives on 27 November 2024. This bill proposes a national framework for online gambling that emphasises consumer protection through strict limitations on advertising, marketing, and user engagement tools. The bill received 139 votes in favour, 36 against, and 59 abstentions. It is now pending review by the Senate.

Key provisions include:

• A nationwide ban on gambling advertising across media channels, including television, online platforms, and public spaces.
• Prohibition of gambling sponsorships for sports teams, stadiums, or public events.
• A ban on promotional tactics such as welcome bonuses, free spins, or matched deposits.
• The requirement that gambling operators implement biometric identification systems to prevent minors from accessing platforms.
• A cap on daily deposits by punters.

If enacted, the bill would mark an improper and unprecedented advance by the federal government into areas that fall squarely within the regulatory competence of the provinces, as established by Argentina’s Constitution. This shift would override the existing regime, where each province autonomously regulates gambling, including operational and promotional aspects. The regulated sector fears that such intervention would not only challenge the principle of federalism but also severely disrupt the business models of licensed operators, many of whom rely on legally compliant advertising and promotional tools to compete with unregulated platforms.

Moreover, the potential enactment of the bill could inadvertently strengthen the black market. By banning all advertising, prohibiting promotional incentives, and imposing high compliance burdens such as biometric verification, the legal offer would become less visible, less attractive, and more expensive to operate. In contrast, illegal operators -unburdened by compliance and enforcement-would continue to reach Argentine consumers via offshore channels and VPNs. This dynamic threatens to exacerbate the existing imbalance: it is currently estimated that less than 10% of online gambling activity in Argentina occurs through regulated channels, leaving the overwhelming majority in the shadows.

Provincial Regulatory Frameworks

Despite the uncertainties at the national level, provinces continue to play a leading role in regulating gambling, as has been the case since the very foundation of Argentina. This foundational principle of provincial autonomy in matters of public entertainment and economic regulation, including gambling, remains a cornerstone of Argentina’s federal structure. Argentina’s Constitution grants them broad autonomy over public entertainment and betting activities, and many have taken significant steps toward creating a regulated, transparent, and technologically advanced gambling environment.

Buenos Aires Province and the Autonomous City of Buenos Aires remain the most mature markets. The City enacted its online gambling framework in December 2018 and began issuing licenses in 2020, with the first operators going live in December 2021. The Province approved its regime in April 2019, with license awards beginning in 2021 and most operators launching in early 2022. Compliance requirements include local partnerships, responsible gaming tools, and technical certifications.

Other provinces are catching up:

• San Juan has recently opened its online market, publishing its regulatory framework and announcing its intent to issue online gambling licenses through a public tender process.
• Mendoza finalised its first licensing round in 2023, granting five online licenses, and continued expanding in 2024 and 2025 by issuing two additional licenses. As of early 2025, the province has seven active online gambling operators, reflecting one of the most proactive licensing frameworks in Argentina.
• Santa Fe has transitioned from merely drafting legislation to operating a regulated online market: City Center Rosario and Bplay began offering online games in late 2020.

This decentralisation creates both opportunities and challenges. For suppliers and operators, it means navigating a mosaic of legal requirements. But it also allows for legal experimentation and the tailoring of business models to local realities.

Comparative Table: Provincial Online Gambling Market Maturity

Opportunities for Suppliers and Operators in a Normalised Economy

Argentina’s economic stabilisation and the expansion of regulated markets open new doors for game providers, payment processors, and other relevant suppliers within the sector. As the rest of the provinces launch licensing regimes and a nationwide regulated sector consolidates, the demand and opportunities for suppliers is expected to continue to increase. On the operators’ side, as Argentina has unique features and does not have a nationwide licensing regime, the opportunities reside on the M&A side.

From a commercial standpoint, the strengthening of the peso (ARS), alongside the normalisation of the foreign exchange transactions and the easing of import restrictions improve profitability for foreign suppliers. In just 18 months, the landscape for foreign suppliers as well as investors looking to do business in Argentina has shifted completely. At the moment when this piece is being written, the peso exchange rate spread (between the official exchange rate and the free exchange rates) is at minimum lows, reducing substantially the cost of transacting with Argentina.

Moreover, and unlike other countries in the region, there is no need to incorporate local entities to engage with licensed operators. This, combined with the range of double taxation treaties in force, make Argentina specially attractive.

Argentina is also at the forefront of the fight against unlicensed operators currently targeting this market. Being a federal country with a number of licensing regimes combined with the fact enforcement needs to be conducted locally, make the playing field particularly uneven. From the supplier and operator standpoint, Argentina is a jurisdiction to watch, as disruptive solutions (i.e. dynamic url blocking) are in the process of being rolled out.

Strategic Recommendations for Suppliers and Market Entrants

Doing business in Argentina’s regulated gambling sector requires more than technical expertise. It demands contextual awareness and local insight. Those seeking to enter or expand their presence in the market should consider the following bespoke strategies:

• Secure trusted local counsel and operational intelligence The regulatory landscape in Argentina is decentralised and politically sensitive. Understanding local nuances and maintaining direct communication with the relevant stakeholders within the public sector can save months of guesswork (with its financial implications).
• Tailor your market-entry strategy province by province. Jurisdictions such as Mendoza, Córdoba, and Buenos Aires have distinct licensing processes, responsible gaming rules, and technical standards. A one-size-fits-all approach will likely fall short. This is specially relevant when designing a technical compliance strategy to enter the market.
• Anticipate regulatory change. The potential enactment of the national bill and ongoing reforms in key provinces may dramatically alter advertising, onboarding, and KYC protocols. Build agility into your compliance roadmap.
• Prioritise legal clarity in all commercial arrangements. Whether you’re entering into reseller agreements, tech licensing, or revenue-sharing deals, ensure your contracts reflect local enforceability and tax implications, including treaty benefits. While clear, any agreement should also allow some leeway to adapt to any regulatory changes, whether these refer to gaming and gambling or financial transactions. A special point to keep in mind here is the assessment of the impact of the Stamp Tax on contracts and the enactment of tax optimisation strategies.
• Invest in cultural fluency. Argentina’s market is highly relationship-driven. Building trust with local partners, regulators, and stakeholders often depends as much on credibility and local engagement as on pricing or tech stack.
• Map your cross-border structure early. Argentina’s network of double taxation treaties can be leveraged to optimise remittance strategies, provided your structure is pre-cleared and audit-ready.

Conclusion

Argentina stands at a crossroads. Its gambling sector, once fragmented and opaque, is gradually evolving into a regulated, competitive, and socially responsible market. While the 2024 national bill introduces risks and uncertainties, it also reflects a new level of regulatory engagement and seriousness.

For suppliers and operators willing to adapt, Argentina offers a promising landscape. The key will be to align commercial ambitions with legal and social imperatives, leveraging regulatory developments not as obstacles, but as a framework for sustainable growth. With careful planning, the future of regulated gambling in Argentina can be not just viable, but vibrant. If channelisation can be improved, we are looking at a market worth USD 3 billion (GGR).