Peru’s iGaming Market is Ripe for Continued Growth
While much of the global iGaming industry has set its sights on Colombia, another South American jurisdiction has quietly emerged as an equally enticing prospect as the region begins to open to online gaming.
With a population of 32 million people, land-based gambling having a strong presence, and a strong interest for the whole gambling context, everything points to Peru following in the footsteps of Colombia which is widely perceived as the principal example for all the Latin American region to follow.
It is a well-known fact that the gaming market in Peru offers predominantly a land-based gaming experience. However online gaming and sports betting legislation may become a reality for the Peruvian market later in the year.
The process of building a regulatory framework
From a retail perspective Peru has built a strong reputation, with experts across the region widely viewing the current regulatory framework as a big success. The current regulatory setup, which had been three years in the making – from 2007 till 2010 – has made possible the supervision and monitoring of the more than 77,000 slot machines present in the country by gambling regulator General Direction of Casino Games and Slot Machines (DGJCMT).
There is widespread consensus in the iGaming industry that the local market counts with one of the most solid and competitive regulations in the region.
BtoBet’s view on the Peruvian market
With Peru promising to emerge as a major contender in the LatAm region, BtoBet has asked its Chairman Alessandro Fried regarding the prospects that the market presents, and how it could help shape the whole iGaming industry in the region.
“First of all, let’s start by saying that the regulation of the online iGaming industry has drawn a lot of attention to the Latin American market from a variety of different suppliers and operators from different parts of the world. However, the prospect of Peru introducing a new regulatory framework to regularize its online market, alongside with its widely respected land-based legislation, is contributing in a very determinate way in promoting Peru’s gambling industry and generating a lot of interest from operators who may seek to expand their activities in the region.”
Fried also noted the benefits of the probable introduction later on this year of a legal framework regularizing the online sector.
“A strongly regulated scenario is one of the steps for operators to safeguard their businesses’ success. The expected high level of regulation that will come into effect during the next few months will act as a safeguard for all parties who have invested in providing a regulated environment for the players”.
Aspects to consider before going online
Countries such as Peru, Colombia, Mexico, Brazil, Paraguay and Chile among others, are increasingly regulating their local gaming industry and are attracting the attention of operators willing to invest in this promising market.
However even after the necessary regulation comes into place, there are two more crucial aspects to consider before seeing the online betting activity growing fast in Peru:
- Payment method developments
- Use of technology to keep and retain bettors
Latin America has been attracting substantial interest from operators keen to diversify their activities away from the costly European scenario. Colombia has been a successful story and a reference for the region. With local authorities seeking to regularize the online market, operators are setting their eyes on the benefits they could reap through such a strongly supervised environment. However, as is most often the case in the iGaming industry, their success usually depends on making the right decisions as the regards the choice of the technical partner.
For deeper insight, download BtoBet’s latest market analysis regarding the opportunities that the Peruvian market keeps in hold.