Gambling regulations in Peru are about to change. The government released changes in the regulations in the online gambling industry, specifically in implementation and regulation in this industry, on October 13, 2023.
New law implementation
The new rules for remote gaming and sports betting in Peru are regulated by Law No. 31557. The document is called Supreme Decree Nº 005-2023.
The point of new regulations is to allow the licensing regime, which will allow online gambling operators to offer their services in the country. Prior to the final approval, the law was amended by Law No. 31806.
The Bill was signed in 2022, and back then, the government was able to set a 12% tax on net income in the gambling industry. According to that, the government was expecting to earn about $40 million in profit from the gambling industry on a yearly basis. Pedro Castillo, the President of Peru, wanted to approve this in order to “have more resources to meet its economic and social obligations.”
Establishing MINCETUR
However, when the Supreme Decree was approved, the Ministry of Foreign Trade and Tourism, MINCETUR, was in charge of everything related to online gaming and sports betting, including getting the authorization to issue licenses. MINCETUR will be in charge of registering various technological platforms and all of their partners, as well as online gaming programs, live casino games, sports betting terminals all around the country, and service providers related to them.
However, one of the most important duties of the body will be taking care of complying with the advertising restrictions and responsible gaming regulations.
The new regulations will take care of the main technological standards, as well as various restrictions when it comes to gambling ads and responsible gaming provisions.
As Sigma reports, the Supreme Decree will also allow the operators who still haven’t gotten their licenses to have the gap of 30 days, specifically the operators who weren’t licensed on March 9, so they’ll get a second chance to become part of the Peruvian gambling market.
Almost all of these regulations will be effective 120 days after they are released. However, the specific sections have special timelines for all operators and licensees.
It remains to be seen how Peruvian operators will react to these new regulations. However, it is surely a step in the right direction when it comes to strengthening the Peruvian and Latin American markets and opening the door to the popularization of gambling and sports betting in these markets.
Source: Pulis Xerxen, Shirley, “Online gambling regulations published in Peru”, October 16, 2023.