In Peru, almost five months after the regulation of the iGaming market, major gambling operators are obtaining licences to conduct business in the country.
Peru’s new legislation
In October 2023, the Peruvian Ministry of Foreign Trade and Tourism () endorsed new regulations for sports betting and iGaming. This legislation, which came into effect on February 9, 2024, made Peru the third country in South America to regulate this sector, following Colombia and specific provinces in Argentina (Buenos Aires, Córdoba, and Mendoza). According to the new law, all operators must apply for a licence to legally offer their services within the country.
“It is the first time that this important economic activity has been regulated in the country”, said Juan Carlos Mathews, the Minister of Foreign Trade and Tourism in Peru.
Operators active in Peru had a one-month window from February 10 to March 10, 2024, to submit their licence applications.
Industry reactions
The response from the industry to Peru’s new regulatory framework has been overwhelmingly positive. Many operators have expressed that they had long awaited this change in legislation, viewing it as an opportunity to engage more actively in the Peruvian economy.
Mincetur reported receiving 145 licence applications from both national and offshore operators, a clear sign of the potential growth within the market.
Five months after regulation
Leading operators are now starting to obtain their licenses.
On the 26th of June 2024, Betsson was awarded its first Peruvian gaming licence, allowing it to offer both sports betting and online casino services under the new regulatory framework. Betsson, which has been active in Peru since 2008, has continually expanded its operations through the launch of new brands and the acquisition of existing iGaming and sports betting entities.
Other notable operators, such as Booming Games and 7777 gaming, have also recently been approved to operate in Peru.
The emerging LATAM markets
The regulation of the online gaming and sports betting market in Peru is part of a broader trend in Latin America (LATAM). The region constitutes a major market for online gambling, with over 660 million people, representing 8.2% of the world’s population, among whom 73% own a cell phone capable of online gaming.
As more South American countries move towards regulation, Brazil has very recently ratified a new regulatory framework for sports betting and iGaming.
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