The legislation seeks to combat gambling addiction, which is on the rise among young people.
Only online platforms registered in the country will be able to operate.
This Wednesday, the Chamber of Deputies of Argentina approved and obtained a majority opinion on the bill that seeks to combat gambling addiction and the proliferation of online betting.
The initiative, which will now be taken to the Plenary Session of the Chamber, is argued in a plenary session of the commissions on Addiction Prevention, Drug Trafficking Control, Social Action and Public Health, Communications and IT, Criminal and Family Legislation, Children and Youth.
The opposition’s legislative proposal includes several strict measures to control online betting
One of the most significant provisions is the total prohibition of advertising, promotion and sponsorship of online gambling, ranging from influencers and athletes to stadium signage. The only exception allowed is advertising within physical gaming establishments such as casinos and racetracks.
In addition, the project limits the means of payment to debit cards with a limit equivalent to that allowed for withdrawals at ATMs, thus prohibiting the use of credit cards and social assistance systems to gamble. Wallets are also subject to these limits. The granting of welcome bonuses that encourage gambling is also prohibited.
To prevent access by minors, biometric identification will be implemented at the beginning of each game session, using the database of the National Registry of Persons (RENAPER) for identity verification through facial recognition. The sanctions for failing to comply with these regulations include an increase in the penalties of article 301 of the Penal Code, with sentences that could range from 3 to 10 years in prison.
The direct impact of this legislation on platforms like Polymarket is considerable. Polymarket, as CriptoNoticias has explained, is a decentralized betting platform that has experienced significant growth in recent times. This platform It is not registered with legal domicile in Argentina.
This legal condition excludes Polymarket from operating under the new regulations, which implies that, if this law is approved, the platform would not be authorized to provide services to those who reside in Argentina.
According to the deputies’ argument, the fight against gambling addiction and the regulation of online betting in Argentina not only seeks to protect citizens from addictions, but also to ensure that only platforms that comply with local legislation can operate, fostering a more controlled and safe environment for bettors.
Following the issuance of opinions, the bill will now be debated in the plenary session of the Chamber of Deputies, then goes to the Chamber of Senators for review, where it can be approved, modified or rejected. If there is disagreement, it is reconciled; If approved by both houses, it is sent to the president for promulgation. Once enacted, it is published and enters into force as law.
This article was created using artificial intelligence and edited by a human Editor.