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Peru Implements Regulation for Online Gaming Services After Five Months

In response to Peru's regulatory measures for the iGaming market, enacted in February 2024, industry operators are diligently pursuing licenses to legally operate per the recently established legislation.

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In the wake of Peru's regulation of the iGaming sector in February 2024, operators are currently...
In the wake of Peru's regulation of the iGaming sector in February 2024, operators are currently eagerly acquiring permits to function under the fresh legal framework.

Peru Implements Regulation for Online Gaming Services After Five Months

In the vibrant South American landscape, Peru takes center stage as it gathers momentum in the regulation of its iGaming and sports betting markets, five months after the groundbreaking legislation was enacted.

Unveiling Peru's Regulatory Structure

In October 2023, the Peruvian Ministry of Foreign Trade and Tourism (Mincetur) endorsed a new set of regulations for sports betting and iGaming. Effective from February 9, 2024, this legislative overhaul put Peru third in line among South American countries, joining Colombia and specific provinces in Argentina (Buenos Aires, Córdoba, and Mendoza). All operators were required to apply for a permit to conduct their operations legally within the country.

Juan Carlos Mathews, the Minister of Foreign Trade and Tourism in Peru, highlighted the significance of this economic reform, stating, "It's the first time that this essential economic activity has been regulated in the country."

Given this new law, operators active in Peru were granted a one-month window, from February 10 to March 10, 2024, to submit their licence applications.

A Warm Industry Embrace

Industry reactions were overwhelmingly positive, with operators hailing this as a long-awaited change in legislation, and viewing it as an opportunity to integrate more deeply into the Peruvian economy.

Mincetur reported receiving 145 licence applications from both national and offshore operators, indicating the market's promising potential.

A Growing Tide of Licences

Key players in the industry are now starting to obtain their licenses. On June 26, 2024, Betsson, a pioneer in Peru since 2008, was granted its first Peruvian gaming licence, allowing it to offer both sports betting and online casino services under the new regulatory framework. Furthermore, operators such as Booming Games and 7777 gaming have also recently been approved to operate within Peru.

South America Embraces Regulation

The regulatory shift in Peru is part of an expanding trend across Latin America (LATAM), which boasts over 660 million inhabitants, representing 8.2% of the global population. A staggering 73% of this demographic own a cellphone capable of accessing online gaming.

This gradual move toward regulation, coupled with Brazil's recent adoption of a new regulatory framework for sports betting and iGaming, points to an increasingly decentralized and open market for South American online gambling.

Don't miss the opportunity to engage at the SiGMA East Europe Summit in Budapest from September 2-4, 2024, for more insights on the emerging LATAM markets!

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As South America continues to embrace regulation, stay connected and explore opportunities in the exciting world of online gaming and sports betting. The future is bright, and the odds of success are ever in your favor!

  • The Minister of Foreign Trade and Tourism in Peru, Juan Carlos Mathews, announced that 145 licence applications have been received from both national and offshore operators, demonstrating the promising potential of the iGaming and sports betting markets following the new regulations enacted in 2023.
  • In June 2024, Betsson, a long-time player in Peru's iGaming market, was granted its first Peruvian gaming licence, enabling it to offer sports betting and online casino services under the new regulatory framework.
  • The regulatory shift in Peru is part of an expanding trend across Latin America, with countries such as Brazil adopting new frameworks, leading to a decentralized and open market for South American online gambling, creating exciting opportunities for operators.

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