Peru approves online gambling regulations

Peru’s Ministry of Foreign Trade and Tourism (Mincetur) has approved online casino and sports betting regulations with the passing of Law No 31,557.

The end of June saw president Dina Boluarte sign off on Law No 31,806, which included an amendment to the cost of an operating licence – a rise to 3% net income or SOL600 (£130.35), whichever costs more.

In a document entitled Supreme Decree No 005-2023-Mincetur, Mincetur outlined the “purpose of guaranteeing that the exploitation of remote games and remote sports betting is conduct with integrity, honesty, transparency and equal treatment”.

The regulations will come into effect on 9 February 2024. Operators then have between 10 February 2024 and 10 March 2024 to present and apply for a licence.

Should they fail to apply and continue offering services, they face fines of up to SOL999,000 and no less than SOL742,500 – as well as the possibility of criminal charges.

The new regulations have also confirmed a 12% tax rate on net profit, which will be applied to both local and foreign operators from April 2024.

Speaking on the regulation, Mincetur minister Juan Carlos Mathews said that Peru could bring in SOL162m annually and explained where that money would be spent.

Mathews said: “The rule will allow the Peruvian State to collect close to SOL162 million annually, to be invested in the reactivation of tourism, tourist infrastructure works, promoting sports and attending to mental health programs.

“We also make it clear that it will not affect betting and the payment of prizes. The money won as a prize will be collected in full. The tax will apply to national and foreign online gaming and betting companies,” he added.

According to Mincetur, there are currently “50 online sports betting and gaming technological platforms operating in Peru, as of October 2023,” while gaming gross revenue in 2022 will reach $102bn according to H2 Gambling Captial.