Gambling Legislation

Peru advances new regulations for online gambling

Peru advances new regulations for online gambling

Peru is bringing online gaming to the forefront beginning next year

The Peru Ministry of Foreign Trade and Tourism (Mincetur, for its Spanish acronym) has authorized the country’s iGaming and sports betting regulations. Supreme Decree 005-2023-Mincetur is the document that details the regulatory requirements for gambling operators that seek to operate in Peru.

After a public consultation process with input from 772 individuals in the private and public sectors, Mincetur met with professionals from both, as well as unions and technology companies. The new gaming law will take effect 120 days after the regulations are issued, leaving operators with little time to comply with the new law.

The regulations take effect on February 9, 2024, with current gaming operators in Peru having one month to apply for a license. They’ll have from February 10 to March 10, 2024, to submit applications or face a fine of up to S/990,000 ($256,905) and no less than S/742,500 ($192,679).

“The regulations will allow the Peruvian State to collect close to S/162m ($42,039,000) annually, to be invested in the reactivation of tourism, tourist infrastructure works, promoting sports and attending to mental health programs,” Mathews added. “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.”

President Pedro Castillo signed Law No 31,557 in August 2022, which aimed to regulate Peru’s gambling industry. However, the law was criticized as some suggested the original legislation would exempt foreign operators from taxes.

Peru would later pass Law No 31,806 as an amendment to several provisions in the original law. This included tripling license fees and permitting only Peruvian domain addresses for online operators.

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