Peru Adapts Regulation to Optimize iGaming with Bet and Registration UpdatesPublished November 18, 2022 by Lee R
Peru continues to lead South American jurisdictions in iGaming regulation.
The jurisdiction of Peru is adjusting its regulations slightly and significantly.
Key regulatory adaptations include banning free bets and demos and mandating supplier registration.
The changes resulted from the July vote for Peru Congress’ unanimous vote to regulate iGaming, which was subsequently signed into law in August and came into effect 60 days later.
Continuing to Regulate
The new legislation appoints Peru’s Ministry of Foreign Trade and Tourism of Peru (Mincetur) as the official gambling regulator. Mincetur is charged with establishing the rules that will apply to operators, including the free bet ban and supplier registration requirements.
The rules are currently open to consultation with iGaming stakeholders in Peru, with submissions open until 2 December.
The bet ban prohibits operators from offering any type of remote betting or gaming for free, regardless of the reason. The new requirements stipulate operators offering free bets be liable for fines of between one to 50 Peruvian tax units (Unidad Impositiva Tributaria/UIT).
Industry Value Units
The designated units remain flexible and are intended to be adaptable to fluctuations in local currency, with one UIT currently equal to PEN4600 (£1,010/€1,149/$1,197).
More restrictions include the prohibition of advertising being “directly or indirectly” directed at minors, nor should ads include minors deemed violating “people’s morals” as determined by the Peruvian government.
Supplier Registration Requirements
To offer content to licensed operators, suppliers will also have to register with Mincetur. Applying suppliers will be required to provide a full range of previous authorisations they have received, with more details as yet undetermined.
Penalties for Unregistered Content Use
Operators will be subjected to penalties for using unregistered suppliers of 1-50 UIT.
Gaming and betting will require separate respective licenses as well in Peru, with each applicant needed to be registered in Peru or have an office set up within the jurisdiction.
Peru’s Regulation History
The adaptation of guidelines represents a big moment in the regulatory history of Peru. Priding itself as a well-regulated beacon jurisdiction of South American markets, Peru has undergone substantial efforts to adopt iGaming since first regulating way back in 1979 and first issuing online casino licences in 2008. Mincetur has been around for more than 40 years, ever since the adoption of Decree-Law No. 22515 in 1979.
From the inception of gambling licenses, Peru has been committed to a transparent and user-friendly regulation model. Peru’s new changes appear as highly proactive steps in that direction.