The Commission of Economy, Banks, Finance and Financial Intelligence has granted approval for the amendment of multiple law articles in Peru.
One of the recently introduced regulations is related to the iGaming and online sports betting industry, which prohibits players from maintaining anonymity while playing. This move aims to curb financial fraud and potential tax evasion.
Anonymity will not be allowed for gamblers
In August, Law 31,557 was signed into law in Peru, legalizing online gambling. However, the country faces challenges in navigating the intricate digital landscape, prompting the recent introduction of amendments aimed at preventing tax evasion in online gambling.
According to iGamingBrazil, the Commission of Economy, Banks, Finance and Financial Intelligence has approved modifications to several law articles. Among the changes, online sportsbooks will now have an automated authorization process and will be required to eliminate customer anonymity to deter money laundering in online gaming.
Additionally, the amendments specify that the cash bonus offered in iGaming and online sports betting will remain the basis for calculating taxes on such services.
Lastly, the updated law permits existing sportsbooks in close proximity to religious and educational institutions to continue operating. Previously, a law had banned the opening of sports betting venues within 150 meters of temples and schools.
Peru’s online market is now regulated
In August 2022, Peru legalized iGaming and online sports betting through the enactment of Law 31,557, signed by President Pedro Castillo Terrones. The Ministry of Foreign Trade and Tourism was given four months to establish regulatory measures for the newly legalized vertical.
The bill enjoyed strong support from Peruvian Congressmen and was overseen by the Minister of Foreign Trade and Tourism, Roberto Sanchez, who expects that an iGaming market will generate significant tax revenue for Peru.
Following the legalization, several companies entered the Peruvian market. In November, Pragmatic Play agreed to supply Tinbet with gaming content, and later, the same provider struck a deal with Pentagol. In January, AstroPay launched prepaid VISAs in the country, and the following month, MGA Games entered the Peruvian market via a partnership with Olympo.bet.
More recently, esports specialist Oddin.gg expanded its trading hub in Peru, strengthening its presence in the Americas.