In 2022, the President of the Republic of Peru signed Law 31557 to regulate online gambling and sports betting in the country. This enactment had a big impact on Peru’s iGaming market. SOFTSWISS Regional Business Development Manager Jonathan Felix Vilchez provided his expert insight and first conclusions on the resulting changes in the comment below.
The Peruvian gambling market is one of the most lucrative destinations for international investors looking for new lands to land their projects in the iGaming sector. In the last five years, the Peruvian market has seen the sports betting and online gaming sector grow exponentially, especially during the two years of the COVID-19 pandemic.
For this reason, in July 2022, the Congress of the Republic approved the law that regulates remote sports betting and online games. In August of the same year, the government finalized Law No. 31557 to regulate this activity, designating MINCETUR as the regulatory body, which is currently in the process of preparing the related technical regulations.
With the approval of the Law, Peru became the fourth country in the region to regulate this market (after Colombia, Panama and Argentina). According to preliminary estimates, the participation of this sector in the structure of the national GDP is 0.7%, on average, and is expected to grow by more than 1.5% per year in the coming years. That is why the country, like Brazil, has become an attractive destination in the region for local and global investments.
As with any other regulatory process, there are some aspects of the law that need to be adjusted and clarified. In this regard, in November 2022, Congresswoman Lady Camones presented bill 3595-2022 which includes a series of important clarifications that would be a valuable addition to Law 31557 and which, once in force, would help to consolidate, grow and mature the Peruvian market to generate more revenue for the State through use rights.
Therefore, this important change should be very productive for the interested parties and will give everyone a vision of the law, the current market, the challenges associated with the enactment and the opportunities for national and international companies in this new phase of the regulated market.
This is an important opportunity for leading global iGaming providers such as SOFTSWISS who are committed to the industry and regulated markets to become part of the process. They can contribute to the development and strengthening of the Peruvian market through their experience and the design and adaptation of their solutions to this type of market, regulators, operators and actors.
SOFTSWISS, a leading technology company for the iGaming industry, will present its solutions and offerings at the following events in Latin America: GAT Expo (March 29-30, Colombia), SAGSE LatAm (April 19-20, Argentina) and CGS LATAM (May 30-31, Chile). All visitors are invited to arrange a meeting with the company’s business development managers and learn more about SOFTSWISS’ innovative products and solutions.
About Jonathan Daniel Felix Vilchez
Jonathan Félix Vilchez is an international executive with over 20 years of experience in the gaming industry in Latin America. He has worked for international companies with operations in Peru. In addition, he has advised international companies headquartered in the United States, Europe and Asia in the development of businesses and projects in the Latin American region.
He is CEO of Global Business Company de Perú S.A.C., a Peru-based company specializing in consulting and business development in the gaming and financial sectors. He currently serves as Regional Business Development Manager in Latin America for the international company iGaming SOFTSWISS.
About SOFTSWISS
SOFTSWISS is an international iGaming company that provides certified software solutions for managing gaming operations. The expert team, which has more than 1,500 employees, is based in Malta, Poland, Georgia and Belarus. The brand holds multiple gaming licenses and provides complete iGaming software solutions.
The company has a vast portfolio of products, including the Online Casino Platform, the Games Aggregator with thousands of casino games, the Affilka Affiliate Platform, the Sports Betting Platform and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a bitcoin-optimized online casino solution.
