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Peru Enters a New Era in Gambling Regulation

Peru Enters a New Era in Gambling Regulation

20/10/2023
The country’s Ministry of Foreign Trade and Tourism (Mincetur) has finished its work on the regulatory model for gambling.

Gambling regulation in Peru: new rules

Peru's authorities presented the scheme which is designed to evolve the iGaming segment and clarify the rules for all operators.

Origins of the Supervision Decision

The administration process started in the summer of 2022. Back then, Pedro Castillo, the country’s President, approved Law №31,557 and marked the beginning of proper structuring for Peru's gambling sector. However, the first document was refuted by critiques. They emphasised that the version did not consider possible tax-related loopholes for foreign gaming entrepreneurs.

Then, an upgraded Law №31,806 was introduced and passed. According to its norms, licensees have to pay triple-sized fees but the document ensures more equal conditions for all industry representatives. The official paper also introduces a point-of-consumption tax model.

The state’s authorities improved registration and wagering procedures. These amendments are aimed at optimising Peru's whole amusement market. They also ensure the segment’s better structure and transparency. As a result, there will be more growth opportunities for the entertainment industry and its participants.

Features of the Current Regulation

Supreme Decree 005-2023-Mincetur is now the main administration reference point for entrepreneurs willing to provide gaming and betting services in Peru. It describes tech conditions for both in-state and foreign amusement businesses targeting local players.

Deadlines and Other Important Details

The authorities voiced there are 120 days between the announcement and the official enforcement of the new gaming rules. This is a rather tight timeframe, so operators should start preparing now.

Here are the most important notions:

  1. On February 9, 2024, the standards will finally come into force. The owners of operating projects will then have just a month to secure a licence — till March 10.
  2. The businessmen will face fines of 742,500–990,000 SGD if they ignore the requirements or get behind the specified deadlines.
  3. Additionally, violators risk being subjected to criminal prosecution and the prohibition of offering amusement services within the country.

The repercussions of non-complying are severe, so many operators already started to collect information and required documents to prolong their access to a promising market.

Comments of the Ministry’s Member

Juan Carlos Mathews, Mincetur Minister

Juan Carlos Mathews noted that the regulatory decision made Peru the 3rd South America’s country that established clear rules for gambling business activities. The first 2 states are Colombia and some Argentinian provinces.

Mr Mathews claimed that new standards open great prospects for the Peruvian economic sector. The government expects to collect 162 million SGD from the entertainment segment annually.

The obtained money will be spent on the development of such spheres:

  • sports;
  • tourism;
  • infrastructure;
  • mental-health campaigns, etc.

Also, the Minister specified that the elaboration of rules has been a collaborative effort. Mincetur organised a public consultation procedure on the most transparent conditions. Over 770 submissions were considered before the final decision.

The proposals were coming from:

  • legal advisers;
  • gambling operators;
  • global consultancies;
  • governmental bodies;
  • technology suppliers, etc.

In Mr Mathews’ opinion, the new standards testify to Mincetur’s dedication towards transparent activities, the inclusivity factor, and proper coordination. For efficient rules establishment, different parties were involved in the process. That is why, the final in-depth result promises to improve the situation with gambling within the country and give a decent example for other nations.

Feel free to contact the managers of Gaminator to learn more about the legal situation in Peru and other promising gambling markets.

We also supply business systems, slots from leading providers, payment services and other components for running a profitable project. From us, you can order all this on the most beneficial terms.

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Artur Zimnij
Author
Artur Zimnij
Gambling business specialist
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