Last month, online gaming operator Betway added Playtech to its Betway Casino portfolio. As a result, players gained access to live dealer gaming options, which will prove especially beneficial for Argentina.
The online gambling industry is one of the new additions to Argentina’s economy. Since the beginning of the COVID-19 pandemic, most provinces, as well as the City of Buenos Aires, have drafted legislation to regulate the service. As a result, the country became an instant target for international operators.
Among them is Betway, which obtained its license to operate in the city of Buenos Aires last year. Since then, it has established itself as a leading operator. Now, as it features live games from Playtech, it’s likely the country’s online gaming segment will gain more ground, more rapidly.
Betway Raises the Bar in Argentina
With this addition to the catalog, Betway is serving, in a way, as a catalyst for innovation in Argentina’s online gambling ecosystem. Through the inclusion of live dealer options, other operators have to respond in kind in order to remain competitive.
Betway, part of Super Group, has a large global footprint. Its headquarters are in Malta, but it maintains offices in London and the Isle of Man, as well as other locations. In addition to the UK and Malta, Betway holds European online gaming licenses in Spain, Sweden, Denmark, Italy, Belgium and Ireland.
In Argentina, it operates mainly thanks to the license issued by Lotteries of Buenos Aires (LOTBA, for its Spanish acronym). This certification began last year, when the Buenos Aires legislature approved the online gambling law. Since then, Betway and others operate under a formal framework in the country.
This implies a strong tax revenue for the state, as gambling companies have one of the highest tax rates in the economy. They’re about to increase, as well, after Argentina recently announced new taxes for the industry.
Betway Proves Vital to Super Group
Betway accounted for over half of Super Group’s revenues in the first quarter of the year. Its revenue increased by 20.0% year on year to $187 million.
The Latin American gaming market has a lot of catching up to do. Geographically, North America was Super Group’s largest market. It brought in $150.5 million, up 1.4%. Asia and the Pacific were next with $79.2 million. This is a 16.6% rise, with $55.3 million coming from Betway.
Africa and the Middle East revenues increased 54.3% to $65.1 million, while Europe revenue fell 29.7% to $32.7 million. These totals came almost entirely from Betway.
Latin American revenue increased 7.8% to $6.9 million; Betway brought in $3.3 million of that total. In addition, online casino activity generated $204.5 million in product sales, 2.9% more than the first quarter.
Betway brought in an additional $109.5 million from sports betting, up by 30.4%. It also earned an additional $19.9 million from licensing its brand and $597,000 in other income.
Super Group also had to incur significant non-operating expenses when going public. These included $126.3 million in share listing costs, $29.4 million change in fair valuation of warrant liabilities and $24.4 million change in fair valuation of earnout payouts.
Betway just teamed up with Pragmatic Play, its latest partner, to add live content and slot machines. Over time, this will help strengthen its operations in Argentina, and perhaps all of Latin America, as the region continues to expand its online gambling footprint.
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