In line with most other South American countries, Peru has approved an online gambling and sports betting bill.
The news came after the President of the country, Pedro Castillo, signed the bill, stressing the benefits that this could bring to the state, with between $40 and $50 million expected to be generated annually.
Bill 31,557 has now been passed, which will allow gambling operators to offer this legally, with the government imposing a 12 per cent tax levy on these in order to generate revenue.
Multiple benefits for the country
This latest development is just one of many for the LATAM market recently, with multiple countries and states approving online gambling and/or sports betting in order to help generate income.
For Peru, this would represent a much-needed boost to the economy of the country, which is still struggling to recover from the effects of the global pandemic, which saw the collapse of many different industries.
Anticipated revenue is likely to have already been earmarked, with improvements to infrastructure and some sectors understood to require immediate attention, such as healthcare and education.
The demand for online gambling in the country is clearly there, with many within the country participating in offshore casinos over the last few years. Its neighbours in South America have already witnessed the popularity of online gambling, with Argentina the most recent to pass a bill.
Since the two provinces where this was passed - Buenos Aires - have witnessed explosive growth over the last six months. The same is expected from Peru. Indeed, LATAM is understood to be one of the next big growth markets in the online gambling industry, especially when considering the might of Colombia, Mexico and Brazil, the latter being expected to pass an iGaming bill imminently.
It remains to be seen what segment of online gambling will be the most popular in the country, such as online slots, casino table games or live casino; however, there certainly appears to be confidence from the authorities about the potential.
There is also the likelihood that any foreign operators who plan to apply for a licence in the country will need to partner with a local gambling firm or land-based casino in order to be approved. This model is similar to what Argentina use, as well as the US.
World Cup seen as major magnet
It is understood that the authorities have identified the football World Cup in December as a prime opportunity to launch sports betting in the country. As a result, there is hope that a lot of demand will be generated from people who want to place bets on the tournament.
What can be expected is that sportsbooks will likely submit applications in numbers for licences in order to start generating interest from potential customers.
Peru, like most South American countries, is a keen footballing nation, so providing the population with an opportunity to make bets on the biggest event in world football could be somewhat of a masterstroke from the authorities.
Author: Amelia Smith
Amelia Smith knows a lot about different areas of gambling. She's been our main writer for most things since 2019. She spoke at a big conference in London in 2022 and has been recognized at several industry events.
This news article was published on 19-08-2022
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