A head of terms agreement has been signed between Gaming Innovation Group and Grupo Slots to provide support to the online gaming offering in Buenos Aires.
Grupo Slots will soon have full turnkey support from the Gaming Innovation Group (GiG) when they join forces to expand on the existing online gaming market in Buenos Aires. Grupo is headquartered in San Luis and provides entertainment and leisure services in more than 20 locations across Argentina.
Grupo Slots Expansion
Buenos Aires has only just recently passed a bill to legalise online gambling in the state when Governor María Eugenia Vidal signed a decree. The bill legalised multiple forms of online gambling in Argentina’s Buenos Aires province in April last year. Since then, Grupo has launched an online gaming service that operates throughout the hospitality industry.
Before the legalisation, Group Slots operated casinos, gambling and bingo halls and the lottery. In Buenos Aires, the legalisation of online gambling is decided on a state by state basis.
Grupo General Manager, Juan Ignacio Torres, commented on the agreement:
“We are extremely pleased to have reached this agreement with a company like GiG, an international company with extensive experience, which demonstrates a high level of seriousness and excellence in the field of online gaming.
On our part, we also contribute 35 years of experience, innovation, infrastructure and knowledge of the Argentine gambling market, currently being one of the few operators with online gaming presence (www.jugadon.com). This agreement complements us and gives us a tool of quality and excellence to continue growing in this market with so much future potential.”
The Jugadon.com online gaming site has been well received in the country and is considered a pioneer of online gambling in Argentina.
What GiG Brings to the Table
The press release published earlier this week confirmed that GiG will provide Grupo Slots with a full online turnkey solution, which includes the technical iGaming platform, Sportsbook, front end development, GiG’s data platform and GiG Logic.
GiG CEO, Richard Brown, has this to say on the expansion and partnership:
“We see a great potential in the regulated environments within Argentina as that market is in the early transformation from offline to online gambling, and to partner with one of the largest and premier land-based operators in the market is a great opportunity to showcase our product in the LatAm market while delivering the platform for online gambling transformation for Grupo Slots.”
The minimum contract period will be 4 years with an automatic extension for one additional year and is based on a revenue share model in combination with set up fees. Signing of the final agreement is anticipated before the end of Q3 2020.
The total gambling revenue in Argentina is estimated to be around €352 million ($416.7 million) however, as only 7% is done online, there is room for a great deal of growth over the next few years.
Given that the legalisation of online gambling has only recently happened, it may be too early to tell but there are positive indicators that we can anticipate big things from Argentina in the future.
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