HomeGamblingUltimate Guide to Safe and Legal Betting | Gambling Laws in Ireland

Ultimate Guide to Safe and Legal Betting | Gambling Laws in Ireland

Date:

Related stories

Football Final Diary: Cian O’Neill aiming for superb hat-trick

Success has followed Cian O’Neill almost everywhere he has...

Bord na Móna reports record profits of €106m as it leaves peat behind

The “brown-to green” strategy involves the 91-year-old former turf...

‘We make no apologies’ – Kevin Walsh on Galway’s style of play

Kevin Walsh transformed Galway into hard-to-beat contenders during his...
spot_imgspot_img

Reading Time: 4 minutes

Peru goes down as one of the most regulated gambling countries in South America. This development came after more than four decades for many political leaders, and gaming companies, both online and land-based, to convince the not-too-interested Peruvian population of adults to embrace the concept. We will briefly examine the rise of the country’s gambling market in the wake of internet penetration and the role of the COVID-19 pandemic in accelerating its expansion.

Peru’s Regulatory Framework and Contribution

The casino and gambling sector in Peru is regarded as a success —to a large extent— due to clear regulatory standards set by the authorities, and are easy to carry out. The effect of this development became:

  • Massive inflow of investors —both foreign and domestic;
  • More revenue as a result of cash inflow;
  • Development of a transparent legal structure. 

Now, companies can operate with full confidence, and players know that their data is in a secure environment.

The Scope Of The Gambling Industry and Growth Curve

The gambling market in Peru is dominated by popular and traditional games like lottery and slot machines. Online gaming started gaining more popularity towards mid-2010 and was given more launch by the COVID-19 pandemic. The result of this gambling bull run is that both the online and offline gambling services have recorded enviable market figures since then.

Peruvians now enjoy online casinos and sports betting, which have dominated the gaming space. The older generation enjoyed the traditional game formats such as lottery and bingo.

Digital Connectivity: Effect of the Internet on the Peruvian Gaming Population

In recent times, the South American country has made huge strides in the areas of promoting internet connectivity and integrating the latest technological innovations. These tech strides have been significant for businesses in several sectors, with a special focus on the online gaming sector.

The country boasts over 40 million working phone lines and over 23 million of its 34 million male population are registered members of different social media networks. This means that over half of the Peruvian population has access to the Internet.

With this internet access, many Peruvians can now access more goods and services and explore many online gaming platforms from the comfort of their homes. The government of Peru is also not relenting with its pro-digital projects. They are expected to expand the reach of internet connectivity to promote economic growth and social change.

Traditional and Online Gambling in Peru

In this section, we will share a brief overview of the Peruvian gaming sector, both digital and land-based.

Brick and Mortar Gambling Sector In Peru

The Peruvian government reports that the country has 327 active physical operators, most of whom are based in Lima, the nation’s capital. This sector may not be easily ignored by the government, especially since before the COVID-19 pandemic, it offered direct employment to over 87,000 Peruvians, with others employed directly, numbering over 25,000. 

Operators in this sector — whose services generate an annual turnover of USD 1.3 billion — are highly valued by the government for the reasons mentioned above, especially for their domestic nature.

Online Gaming Sector

The whole world, except for Latin America and Peru, was shocked by the surging popularity of online gambling services. One can have a glance at the brands in the industry on reputable sites like universitario.com.pe. Here, you can explore a list of legalized betting sites in Peru.

Here are some facts about the country’s online gaming industry:

  • 86 foreign brands and 29 domestic brands serve the Peruvian market;
  • Online sports betting is the biggest driver of this industry;
  • Football is the most patronized sports betting market in the country, followed by esports and basketball.
  • The online gaming industry is estimated to have an annual turnover of over USD 1 billion.

Since Peru legalized sports gambling, the country’s lawmakers have been working to ensure that this digital transition benefits the government without stifling the gaming companies based in and out of the country.

Latest Gambling Regulation In Peru 

The government of Peru has a new regulation framework that came into force in February 2024. Attention has shifted from physical gaming brands to online ones, and sports betting — as expected — is the face of the new reviews. The latest laws made some provisions, and they include:

  • Gaming brands must update their technical standards and comply with certification requirements.
  • Current gaming brands must apply for authorization without closing down or pausing operations;
  • New gaming companies must seek approval and certification before they can commence operations.

The Directorate General of Casino Games and Slot Machines (DGJCMT) is responsible for all licensing, compliance, and enforcement in the Peruvian territory. It is also in charge of managing player protection and ensuring that brands adhere to legal standards.

Prospects For The Gambling Industry In Peru

Peruvian authorities have made known their concerns, and one is ensuring ‘fair play’ between local and foreign gaming brands in the country in the aspect of taxation. The new laws, which came into force by April 2024, slapped a 12% tax on net profits for the licensed companies.  

The expected outcomes from this move include:

  • More revenue for the government;
  • Better consumer protection via responsible gaming reforms;
  • Accelerated economic growth and job creation;
  • Interaction of foreign investment.

This comes with a long-short term plans about sharing the revenue generated from gambling taxes to public service. This means that sectors such as tourism, sports, and mental health services will get more allocation while actors like education, health, and social programs will be funded on a long-term basis.

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img