Emerging markets & culture
Peru primed and ready for takeoff Jaime Varela Vidal with a summary of the Bill regulating remote gambling and remote sports betting which is about to become law In Peru.
T he value of remote sports betting and gaming activity in Peru is estimated by the government at around US$ 1,000 million. This is despite the sector being unregulated in the county a factor which helps to explain the law recently approved by the Congress of Peru. The government is hoping it will add another source of income to the national treasury, one that will continue to grow as the activity itself grows. Like their Latin American neighbors, Peruvians identify with soccer and other sports. Sports betting is already popular in the country and it is this segment that is likely to have the greatest attraction for the players. In July 2022, Congress approved a Law that regulates remote gambling and remote sports betting. In August it was published in the Official Gazette El Peruano paving the way for it to become law. The new law intends to formalize a market that currently operates in a gray zone. One of its purposes is to ensure that the operation of remote gaming
and remote sports betting is conducted with integrity, honesty, transparency and equal treatment. It seeks to protect vulnerable sectors of the population through access controls for minors and execution of responsible gaming policies aimed at preventing development of addictive behaviors. It has provisions to prevent remote gaming and remote sports betting from being exploited by criminals for money laundering, the financing of terrorism or the commission of fraud, information technology crimes and any other illicit purposes. Although this is a landmark moment, players will not necessarily be affected or see any change as a result of the new law. They will continue to place their bets as they are currently doing. The difference is that they will no longer be able to continue betting on unauthorized websites. LAW TO CREATE A REGULATED MARKET Despite certain inconsistencies in the Law under comment, this is a long anticipated moment and occurs after no fewer
54 • IMGL Magazine • November 2022
Made with FlippingBook flipbook maker