The sports betting and igaming regulations in Peru have been given the green light by the Ministry of Foreign Trade and Tourism (Mincetur). Gambling Regulations Approved Peru
The technical and regulatory prerequisites for gambling operators who want to provide their services in Peru are outlined in the comprehensive document formally known as Supreme Decree 005-2023-Mincetur.
The implementation of the country’s gaming law is slated to occur 120 days after the regulations are released. This implies that operators have a restricted time frame to adhere to the revised guidelines.
It is the first time that this important economic activity has been regulated in the country. In South America, Peru becomes the third country to regulate it, after Colombia and Argentina, in the provinces of Buenos Aires, Córdoba and Mendoza.
said minister of foreign trade and tourism Juan Carlos Mathews.
From 9 February 2024, new regulations will come into force in Peru’s gaming market. Operators already operating in the market will have a month to apply for a license, which means that businesses have until 10 March 2024 to apply. Not applying within this period could lead to a fine of at least S/ 742,500 and up to S/ 990,000 (€245,394/ £212,401/ $257,838).
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The ministry also cautioned that failing to apply for a license could result in criminal prosecution and a ban on gaming operations by the government.
The regulations will allow the Peruvian State to collect close to S/ 162m 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.
772 opinions were received from both public and private actors during the public consultation process which resulted in the publication of regulations. These included submissions from institutions such as the Ministry of Justice and Human Rights, the Ministry of the Economy and Finance, and Peru’s Financial Intelligence Unit. Gambling Regulations Approved Peru
In addition, gaming operators, suppliers, legal firms, and international consulting firms also participated in the consultation. To further gather input, Mincetur held meetings with professionals from various sectors, including the public and private sectors, unions, and technology providers.
This result is of utmost importance as it demonstrates the coordinated work carried out by Mincetur with transparency, predictability and openness, considering that all actors involved in the issue participated in the process of developing the regulations.
added Mathews.
Source: iGB
