The status of online casino legislation in Peru
Monday 28th December 2020
Peru is a niche gambling market you may have not heard about. However, the country has done everything in its power to make gambling legislation as easy as these things can get, and it has succeeded.
There has been a string of decrees passed, the first one of which dating back to 1979 followed by a string of legislation from 1991 on in. All of these laws contributed to the ultimate goal of establishing Peru as one of the most liberal gaming markets in the world.
As you can imagine, this extends to online casinos which are welcome and represented by various global brands that have chosen Peru as their home. Regulated by the General Directorate of Casino Games and Slot Machines (DGJCMT) under the control of Ministry of Foreign Trade and Tourism (Mincetur), Peru's gambling law has been doing well.
While much progress has been made in the 1990s, it wasn't until 2008 that Peru's online gambling and brick-and-mortar industries truly picked up some steam enjoying a liberal approach towards the entire industry.
Peru began endorsing private brands and allowing them to operate so long as they were able to provide and meet the necessary consumer protection standards the government has set out through its regulatory arms.
This led to the arrival of Betsson, one of the largest British gambling brands, which has been present all over Latin America and Peru is no exception today. The company was the first to obtain a license in the country, with more following,
More importantly, though, having a clear-cut regulatory framework has allowed to evolve and allow residents to enjoy various casinos online in Peru. In fact, players may participate in various gambling products even if the website in question does not hold a license, but regulators advise against it due to the lack of a proper license.
Yes, online casinos are perfectly legal in Peru and they are part of the country's growing gambling industry. As a resident of Peru, you may participate in all types of gambling, including online casinos, but also join the gaming floors of brick-and-mortar facilities.
The only condition for players is to be of the legal age and not to be self-excluded from gambling due to problems with managing their addiction, for example. Other than that, Peru has consumer-friendly laws on regulating gambling, that make KYC and AML checks a piece of cake.
Now, one minor thing that must be mentioned here is that the US Department of Treasure was a little skeptical of how Peru regulated its gambling industry, according to a Wikileaks document dating back to 2009.
Peru did bring up a new online gambling regulatory bill to tighten controls around 2017, but presently, the country's regulatory limbo remains the same, albeit players who pick good casino brands can expect and enjoy an accomplished array of online casino gaming options.
Peru has one of the most diverse banking systems when it comes to online casinos. Peruvians have the good fortune to choose from a whole lot of excellent payment options when playing online, including Skrill, Neteller, PayPal, and other intuitive payment methods.
Cryptocurrencies are only beginning to make their mark on the country, but they are also being adopted rapidly across South America. Peru's casinos offer quick deposits and withdrawals and make money transfers to and from the casino website simple enough for consumers to be happy with.
Interestingly, the Nuevo Sol, which is the national currency, is a bit of a niche, and players will actually go the lengthier road of converting their money in euro or US dollars, which makes Peru one of the few gambling industries where residents do not use their native currency to play with.
Peru has modernised its gambling industry significantly. Choosing a non-interventionist approach, the country has made it possible for overseas brands to arrive and offer fair competition in the country, prompting fair conditions for consumers.
Yet, Peru can optimise and help its industry by regulating it a little closer so as to reassure skeptics that it is doing a proper job. Latin America is the next big frontier for online casinos as a whole, and other jurisdictions may learn from Peru's example with a few caveats here and there.