Gaming Market Insights Series #12: Argentina daydream
To introduce one of Latin America’s giants, simply due to its stature and massive population, would not paint a full picture of Argentina. In addition to being Latin America’s third largest economical giant, Argentina’s incredibly diverse emerging tech-scene has fostered some of today’s most saturated and potential markets.
Housing nearly 42 million people, Argentina once again opened its arms and doors for business, as President Mauricio Macri made a statement in saying that the country is finally back on track economy-wise. Argentina’s current leader is no stranger to the business and fin-tech community, thus he has gained the support and trust of many industries after fulfilling his election promises. He is claimed as a perfect leader, some might say, to get the country back on its feet after having gone through incredibly tumultuous and rocky fiscal periods over the last decade.
Graph: Argentina is getting back on its feet
DRAMATIC ECONOMIC BACKDROP
Argentina’s economic history has neither been monotonous nor plainly elaborated . After being one of the world’s most powerful economies in the early decades of the 20th century, only until the end of 2011 when exchange controls were imposed, Argentina’s economy has experienced relatively stagnant growth. And again Argentina is getting back on its feet under Mauricio Macri ‘s presidential administration back in December 2015 when it has been undergoing an economic transformation that promotes sustainable economic development with improved social inclusion and global economic integration.
Hopefully till the end of this year, Argentina will escape the prolonged recession and see inflation rate stands at nearly 40% this year dramatically dropping to under 20 percent next year. The government is now sparing tremendous efforts in tackling the inherent economic recession and reviving the economy as a whole.
PROMISING GAMING MARKET IN SOUTH AMERICA
In recent years, despite unstable economic growth, growth potentials as well as the reality of the gambling sector in Argentina have been turning positive. Practically all forms of gambling are legal in Argentina, making the country one of gambling hotbeds in South America.
Today, Argentina houses the largest gambling market in all of South America with a total of 79 casinos, $4–5 billion spendings in betting, and one of the busiest football betting communities in the world. The gaming market continues to emerge, at breakneck speed, with a 20% rise in 2016, double-whammied with a 56% rise for the mobile markets. A quick look through Argentina’s top news will reveal that football, specifically, holds an incredible amount of attention within the business/economical developments.
ONLINE GAMBLING — THE UPS AND DOWNS
On average, 69.2 percent of the population in Argentina are able to access the internet by July 2016, opening up opportunities for online business in music, gaming, e-commerce and especially online gambling. The billion dollar gambling business in Argentina is supported by exuberant gambling sites and inviting online websites in which any user with an internet connection can easily partake for casino games, sports wagering, poker and other games.
Table: Argentina Internet Users figure from 2011–2016
** Internet User = individual who can access the Internet at home, via any device type and connection.
Source: http://www.internetlivestats.com/internet-users/argentina/
The legal scenario of casino gambling in Argentina is rather complex, and a line needs to be drawn between online gambling and physical gambling. There were no regulation of online gambling in place until the 2008 proposition which bans all forms of online gambling. Such protocol applies to all types of games of chance and games of skill in Argentina except for National Lottery. However the National Lottery has been quite lukewarm and reluctant in capitalizing on such proposition to set up online gambling facility in Argentina. As a matter of fact, residents of Argentina interested in online lottery games are now zooming in foreign online lottery platforms, although several sites have been blocked at the behest of the Argentine government.
ABOUT REPORT PUBLISHER
The report is prepared by CARDANO Labo — the leading blockchain research and development startup focusing on blockchain-empowered gaming and entertainment services. We are keen on bringing this technology to a broader audience where people will have better access and opportunities to enjoy their lives through unprecedented technical solutions.
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