Peru President Pedro Castillo has officially signed online gambling and sports betting into law.
The iGaming market is projected to gross $40 million USD annually from revenue from online operators.
No launch date has been set yet for sportsbooks to go live.
LIMA, Peru – Pedro Castillo, President of the Republic of Peru (Peru) has officially signed online betting and gambling into law.
This comes following the passing of multiple bills that formed the sports betting market, including tax allocations and setting the Ministry of Foreign Trade-Tourism (Mincetur) as the regulatory branch for iGaming.
There is currently no set date for the launch of online betting and gambling. Lawmakers estimate upwards of $40 million USD will be collected annually in revenue.
Presidente @PedroCastilloTe: “La reactivación económica, el impulso y crecimiento del país son tareas fundamentales con las que estamos comprometidos desde que iniciamos este Gobierno”, indicó durante la promulgación de la Ley que regula los juegos y apuestas a distancia.(1/7) pic.twitter.com/hm8ar7XdEn
— Presidencia del Perú 🇵🇪 (@presidenciaperu) August 13, 2022
Peru Sports Betting Incoming
Sports betting and online gambling operations will be taxed at a 12% rate across the board. The funds will be used to fund multiple countrywide efforts including the Ministry if Health and the public treasury.
“The Executive Branch and Congress have established a regulatory framework so that these operations are controlled in a comprehensive manner, paying taxes, as in countries: Colombia, Mexico, Argentina, as well as a large part of the United States and Europe,” said Castillo.
With sports betting and iGaming now signed into law, the Peru gaming market is set to resemble the likes of the US and Europe.
There will be both online operations as well as physical locations active. Peru is already home to several casinos which are expected to see retail sportsbooks go live once the market launches.
“This is a law that will benefit the country because, on the one hand, it will enable the State to rely on greater resources so as to meet its obligations in economic and social matters, which will result in better living conditions,” said Castillo.
The nation is expected to invest all of the profits gained from sports betting back into Peru. With such excitement coming from the President and other lawmakers, it wont be long before a launch date is officially announced.
News tags: Lima | Mincetur | Ministry of Foreign Trade-Tourism | Pedro Castillo | Peru | Peruvian Sports Institute
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.