At the end of a long period of trial and tribulations and just one month, after it received approval from Congress, the Government of Pery finally enacted Law 31,557. The legislation that will regulate the operation of online casino gambling and sports betting activities in the country was signed into effect by president Pedro Castillo Terrones on August 12. One day later, the legislation was published in the Legal Norma Bulletin of the official Gazette El Peruano.
Now, the Ministry of Foreign Trade and Tourism has 120 business days to decide upon all the details.
The Bill Received Overwhelming Support from Congress
In July, the idea of online gambling and the sports betting market in Peru gained even more ground through an overwhelming vote received from the country’s Congressmen. The measure was closely supervised by Roberto Sanchez, Peru’s Foreign Trade and Tourism. He was guided by a desire to help the country take back many missed opportunities of collecting millions of dollars in revenue.
Last Friday, government officials organized an official ceremony during which Peru’s president finally enacted the legislation. The new gambling law will take effect two months after the Supreme Decree that will approve its regulations will be published. The decree needs to be published within 120 business days from the day the regulations will be created.
The Ministry of Foreign Trade and Tourism (Mincetur) will play the role of the administrative gambling authority that will supervise the online gambling market. Mincetur will be allowed to issue authorizations to casino and sports betting operators, as well as to regulate and supervise their activities.
The Issue of Bets by Minors and Problem Gamblers
The new gambling law does not allow minors to take part in remote casino gambling and sports. Problem gamblers are also prohibited from engaging in these activities. To do this, gaming operators will use Peru’s Registry of Persons Prohibited from Accessing Casino Games and Slot Machines listing all individuals who had been banned from any form of gambling.
Remote sports betting gambling venues will not be allowed at less than 492 feet away from schools or religious temples.
The Ministry of Transport and Communications will also be responsible for conducting the necessary actions to block IP addresses, URLs, web pages, and apps from operators attempting to illegally provide their services to players in the country without having the consent of Mincetur.
Operators may face a 12% tax applied to their net incomes once the framework will be in place. The rate is identical to the one applied to casinos and slot venues in the country. Also, 40% of the collected tax will reach the public treasury, 40% will be used to develop tourism, and the remainder of 20% will be used to promote a series of programs implemented by the government. Operators failing to comply with the new regulations may be fined between 1 to 200 special tax units equal to $1,181 per unit, have their license canceled, suffer permanent disqualification, or not be allowed to offer their services for up to a decade.
At the beginning of August, FBMDS entered the market in Peru by launching its gaming content with local operator Olimpo.bet.