Peru Greenlights Betting Rules & Regulations

Peru’s sports betting and iGaming scene is set to transform as the Ministry of Foreign Trade and Tourism (Mincetur) rolls out its newly approved regulations. The guidelines, identified as Supreme Decree 005-2023-Mincetur, provide a clear path for gambling operators aiming to establish their presence in the nation. The regulations will officially commence 120 days after their release, which will be in February of next year.

Juan Carlos Mathews, the Minister of Foreign Trade and Tourism, emphasized the significance of this development. “For the first time, this notable economic sector has regulation. Following Argentina and Colombia, Peru is now the third South American nation to implement such guidelines,” Mathews stated.

Notably, these rules will become operational on 9 February 2024. All existing operators in Peru must then acquire a license within a month, precisely from 10 February to 10 March 2024. Non-compliance risks attracting substantial fines, ranging from S/ 742,500 to a whopping S/ 990,000. Moreover, any lapse in licensing procedures might also invite criminal charges, and defaulters could be prohibited from facilitating gaming activities.

Mathews further elaborated on the benefits of the new regulations. “Through this, the Peruvian government expects an annual revenue of nearly S/ 162m. This amount will be channeled to boost tourism, enhance infrastructure, support sports initiatives, and fund mental health programs.” He assured that these rules won’t impede betting or the prize money disbursement, clarifying that both local and international gaming companies will be taxed.

An essential aspect of these regulations is the robust consultation phase that underpins them. A vast array of stakeholders, including the Ministry of Justice and Human Rights, the Ministry of the Economy and Finance, and the Financial Intelligence Unit of Peru, voiced their views. Feedback also poured in from gaming industry participants, legal teams, and global consultancy agencies. After collecting these insights, Mincetur engaged in further discussions with experts from various sectors, reinforcing the transparency and collaboration invested in this project. “The collaborative effort seen here epitomizes Mincetur’s commitment to clarity and inclusivity, ensuring every concerned party had a say in framing these regulations,” concluded Mathews.