Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

International

Peru to Triple Cost of Online Gaming Licenses

The new regulations that will establish the legal framework for gambling in the nation were passed on Thursday (25th May 2023), according to the Peruvian Congress, Central Bank, Ministry of Finance, and Financial Intelligence Unit. The price of new gaming licenses will triple due to new regulations, reaching US$ 808,000.

A 12% point of consumption tax is established by Law No. 31557 in its revised form. The earlier version of the law was criticized by the Peruvian Association of Sports Betting (APADELA) for essentially exempting international operators from the gaming tax by simply taxing Net Win.

The use of retail licenses was likewise abolished under the new law. In accordance with the new rules, points of sale will have to pay up a warranty of US$ 7,000 before they can provide gaming services.

There will be new Know Your Customer (KYC) regulations. Instead of the current situation where many gamble anonymously, players will need to register in order to place bets.

Fines, up to four years in prison for guilty persons, license suspension, and cancellation are all possible penalties for non-compliance.

Related Articles

Games of chance will be available on platforms using Peruvian URLs (bet.pe/.bet/.com.pe/.pe).

The new regulations will go into effect after 120 days following the technical regulations’ approval.

Public Consultation on Peru gaming law

A public consultation that compiled opinions from various interested parties on the best way to regulate the gaming sector led to the revision of the legislation.

The findings of the consultation were released by the Ministry of Foreign Trade and Tourism (Mincetur) on May 19. 772 contributions from both public and private parties were gathered through the process between November 11 and December 2. 

These included the Financial Intelligence Unit of the nation, the Ministry of Justice and Human Rights, iGaming and sports betting companies, suppliers, and private citizens. 

Law No. 31,557

The original Law No. 31,557, which governed the nation’s gaming business, was signed by Peruvian President Pedro Castillo in August 2022.

The law, among other things, established rules for market participants and specified where gaming taxes should be active. It also placed the business under the control of Mincetur.

Source: iGB

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

You cannot copy content of this page

Adblock Detected

Please consider supporting us by disabling your ad blocker