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Argentina Launches Comprehensive Update to Its Games of Chance Regulatory Framework

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A groundbreaking shift in Argentina’s approach to gambling regulation begins today, marking a significant milestone in the gaming industry.

After over a decade, Argentina revitalizes its regulatory landscape with the implementation of UIF Resolution No. 194/2023, a transformative measure that aligns the nation’s games of chance regulations with global standards.

This comprehensive overhaul aims to fortify the integrity of Argentina’s gaming sector. By tackling money laundering and terrorist financing, the new framework promises a safer, more transparent gambling environment, both online and offline.

Dive into the details of these pivotal regulations to understand their impact on players, operators, and the broader Argentine economy.

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Argentina Ushers in a New Era of Gaming Regulation

Today marks a significant turning point for the Argentine gaming industry as the new guidelines established by Financial Information Unit (UIF) Resolution No. 194/2023 officially come into force. This long-awaited update, published in the Official Gazette on September 29, represents the first major revision of the country’s regulatory framework for games of chance in 12 years.

A Collaborative Effort for Better Regulation

The comprehensive modification process involved forming working groups with key stakeholders from the gaming sector. These collaborations took place at the national headquarters of the UIF and in various regions across Argentina. Inputs from representative chambers like the Association of Lotteries, Casinos, and Quinielas (ALEA) and the Argentine Chamber of Casino, Bingo, and Annex Rooms significantly influenced the final structure of the regulations.

Focusing on ML/TF Prevention

Authored by Juan Carlos Otero, president of the UIF, the new rule is designed to adapt the obligations to be fulfilled by Argentine and foreign individuals participating in games of chance. The primary objective is to prevent, detect, and report activities that could constitute Money Laundering (ML) and Terrorist Financing (TF) crimes. It reflects a commitment to addressing the evolving challenges in these areas, prompted by technological advances and new industry practices.

Aligning with International Standards

These regulations align with the guidelines and standards set by the Financial Action Task Force (FATF). They include improvements to mitigate ML/TF risks based on the sector’s operations and feedback from national ML and TF/PF Risk Assessments, as approved by Decrees Nos. 653/22 and 652/22.

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Incorporating Risk-Based Approach

A key aspect of UIF Resolution No. 194 is the introduction of concepts specific to the risk-based approach. This includes the Risk Self-Assessment Technical Report, the declaration of Risk Tolerance, and the Independent External Review of preventive systems. The resolution mandates continuous client due diligence and verification of the identity and background of directors, managers, employees, and collaborators.

Implications for the Sector and Economy

This regulatory update is not just a procedural change; it’s a significant shift in how Argentina manages and monitors its gaming sector. By introducing these stringent measures, the UIF aims to protect the industry from being exploited for illicit activities, thus safeguarding the interests of both the players and the economy at large.

The implementation of this resolution sets a new benchmark in regulatory compliance, reflecting Argentina’s dedication to creating a responsible and secure gambling environment. It underscores the country’s proactive stance in adapting to global trends and challenges, ensuring that its gaming sector remains competitive and well-regulated.

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Jerome, a valuable addition to the Gamingo.News team, brings with him extensive journalistic experience in the iGaming sector. His interest in the industry was sparked during his college years when he participated in local poker tournaments, eventually leading to his exposure to the burgeoning world of online poker and casino rooms. Jerome now utilizes his accumulated knowledge to fuel his passion for journalism, providing the team with the latest online scoops.

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SOFTSWISS Jackpot Aggregator Sees 2.6x Surge in Bets: 2023 Report

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In a dynamic year for the iGaming industry, the SOFTSWISS Jackpot Aggregator has released its 2023 report, offering insights into significant trends and achievements.

Notably, the report reveals a staggering 2.6 times increase in bets participating in jackpots, shedding light on the growing appeal of these mechanics among operators and players alike.

A Year of Remarkable Growth

Throughout 2023, bets participating in jackpots experienced consistent quarterly growth, witnessing a remarkable 165% increase from January to December. By the end of the year, the total value of these bets had surged to an impressive 6.396 billion euros. Moreover, the number of jackpot campaigns witnessed a substantial growth of 3.8 times compared to the previous year, totaling 230 campaigns.

Expanding Reach and Impact

One of the standout achievements of 2023 was the expansion of the Jackpot Aggregator’s footprint. The number of brands utilizing its jackpot solution tripled within the year, culminating in over 70 active brands by year-end. This surge in adoption reflects a heightened level of market trust and interest in the product.

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Introducing the Prime Jackpot Campaign

A significant milestone of 2023 was the introduction of the Prime Jackpot campaign, which debuted in Q4. This innovative feature garnered considerable attention and interest from players across various casinos. The Prime Jackpot campaign allows operators to participate in shared prize pools, ensuring that rewards are drawn from the collective pool rather than from a specific brand operator. This approach not only offers larger rewards to attract more players but also enhances player engagement and loyalty while optimizing operational costs for operators.

Insights from SOFTSWISS

Aliaksei Douhin, Head of SOFTSWISS Jackpot Aggregator, shared his insights into the year’s achievements. He emphasized the noticeable increase in clients and connected casino brands, as well as the growing volume and value of bets in jackpots. He expressed satisfaction in witnessing clients actively embracing the Jackpot Aggregator and recognizing the added value it brings to their brand operations. The solution empowers operators to provide players with enhanced gaming experiences and more enticing winnings. Client feedback is actively collected and analyzed to ensure clients have access to the most sought-after tools and mechanics.

Looking Ahead to 2024

In 2024, the SOFTSWISS Jackpot Aggregator is set to extend its reach to a wider spectrum of clients. This expansion will be guided by a customized approach, ensuring that each client can tailor the product’s capabilities to meet their specific requirements.

Meet SOFTSWISS at ICE London

The SOFTSWISS Jackpot Aggregator team will be present at ICE London from February 6th to 8th, 2024. They are ready to showcase their latest advancements and engage in discussions with existing and potential clients.

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About SOFTSWISS

SOFTSWISS is a renowned international iGaming company that offers certified software solutions for managing gambling operations. With a dedicated team of over 2000 employees spread across Malta, Poland, and Georgia, SOFTSWISS holds multiple gaming licenses and provides comprehensive iGaming software solutions. Their diverse product portfolio includes the Online Casino Platform, the Game Aggregator featuring thousands of casino games, the Affilka affiliate platform, the Sportsbook software, and the Jackpot Aggregator. In 2013, SOFTSWISS made history by introducing the world’s first Bitcoin-optimized online casino solution.

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