Connect with us
SOFTSWISS

Latest News

Must Know About Peru Gambling Market 2024

Published

on

Reading Time: 4 minutes

Peru’s Gambling Market: Regulation and Growth

Peru goes down as one of the most regulated gambling countries in South America. This development came after more than four decades for many political leaders, and gaming companies, both online and land-based, to convince the not-too-interested Peruvian population of adults to embrace the concept. We will briefly examine the rise of the country’s gambling market in the wake of internet penetration and the role of the COVID-19 pandemic in accelerating its expansion.

Peru’s Regulatory Framework and Contribution

The casino and gambling sector in Peru is regarded as a success —to a large extent— due to clear regulatory standards set by the authorities, and are easy to carry out. The effect of this development became:

  • Massive inflow of investors —both foreign and domestic;
  • More revenue as a result of cash inflow;
  • Development of a transparent legal structure. 

Now, companies can operate with full confidence, and players know that their data is in a secure environment.

The Scope Of The Gambling Industry and Growth Curve

The gambling market in Peru is dominated by popular and traditional games like lottery and slot machines. Online gaming started gaining more popularity towards mid-2010 and was given more launch by the COVID-19 pandemic. The result of this gambling bull run is that both the online and offline gambling services have recorded enviable market figures since then.

Peruvians now enjoy online casinos and sports betting, which have dominated the gaming space. The older generation enjoyed the traditional game formats such as lottery and bingo.

Digital Connectivity: Effect of the Internet on the Peruvian Gaming Population

In recent times, the South American country has made huge strides in the areas of promoting internet connectivity and integrating the latest technological innovations. These tech strides have been significant for businesses in several sectors, with a special focus on the online gaming sector.

The country boasts over 40 million working phone lines and over 23 million of its 34 million male population are registered members of different social media networks. This means that over half of the Peruvian population has access to the Internet.

With this internet access, many Peruvians can now access more goods and services and explore many online gaming platforms from the comfort of their homes. The government of Peru is also not relenting with its pro-digital projects. They are expected to expand the reach of internet connectivity to promote economic growth and social change.

Traditional and Online Gambling in Peru

In this section, we will share a brief overview of the Peruvian gaming sector, both digital and land-based.

Brick and Mortar Gambling Sector In Peru

The Peruvian government reports that the country has 327 active physical operators, most of whom are based in Lima, the nation’s capital. This sector may not be easily ignored by the government, especially since before the COVID-19 pandemic, it offered direct employment to over 87,000 Peruvians, with others employed directly, numbering over 25,000. 

Operators in this sector — whose services generate an annual turnover of USD 1.3 billion — are highly valued by the government for the reasons mentioned above, especially for their domestic nature.

Online Gaming Sector

The whole world, except for Latin America and Peru, was shocked by the surging popularity of online gambling services. One can have a glance at the brands in the industry on reputable sites like universitario.com.pe. Here, you can explore a list of legalized betting sites in Peru.

Here are some facts about the country’s online gaming industry:

  • 86 foreign brands and 29 domestic brands serve the Peruvian market;
  • Online sports betting is the biggest driver of this industry;
  • Football is the most patronized sports betting market in the country, followed by esports and basketball.
  • The online gaming industry is estimated to have an annual turnover of over USD 1 billion.

Since Peru legalized sports gambling, the country’s lawmakers have been working to ensure that this digital transition benefits the government without stifling the gaming companies based in and out of the country.

Latest Gambling Regulation In Peru 

The government of Peru has a new regulation framework that came into force in February 2024. Attention has shifted from physical gaming brands to online ones, and sports betting — as expected — is the face of the new reviews. The latest laws made some provisions, and they include:

  • Gaming brands must update their technical standards and comply with certification requirements.
  • Current gaming brands must apply for authorization without closing down or pausing operations;
  • New gaming companies must seek approval and certification before they can commence operations.

The Directorate General of Casino Games and Slot Machines (DGJCMT) is responsible for all licensing, compliance, and enforcement in the Peruvian territory. It is also in charge of managing player protection and ensuring that brands adhere to legal standards.

Prospects For The Gambling Industry In Peru

Peruvian authorities have made known their concerns, and one is ensuring ‘fair play’ between local and foreign gaming brands in the country in the aspect of taxation. The new laws, which came into force by April 2024, slapped a 12% tax on net profits for the licensed companies.  

The expected outcomes from this move include:

  • More revenue for the government;
  • Better consumer protection via responsible gaming reforms;
  • Accelerated economic growth and job creation;
  • Interaction of foreign investment.

This comes with a long-short term plans about sharing the revenue generated from gambling taxes to public service. This means that sectors such as tourism, sports, and mental health services will get more allocation while actors like education, health, and social programs will be funded on a long-term basis.

Latest News

Golden Matrix (GMGI) Awarded Peru Online Sports Betting and iGaming License

Published

on

Reading Time: < 1 minute

Golden Matrix Group (NASDAQ: GMGI), a developer and licensor of online gaming platforms, systems, and gaming content, today announced that it has been granted a sports betting and iGaming license in Peru.

This license has been issued to Meridian Gaming Peru S.A.C., a subsidiary of Meridianbet Group (“Meridianbet”), a B2B and B2C sports betting and iGaming provider licensed and operating in multiple international markets.
The license N° 3321-2024-MINCETUR/VMT/DGJCMT was granted by the Ministry of Foreign Trade and Tourism of Peru (MINCETUR).

“We are thrilled to enter the Peruvian market, a region poised for massive growth and unprecedented expansion in the coming years. This market entry presents an exciting opportunity to further grow our user base and deliver additional value to shareholders, underscoring our ongoing commitment to developing industry-leading brands globally,” said Zoran Milosevic, CEO of Meridianbet.

According to ENV Media, the total size of the online sports betting and iGaming market gaming industry in Peru is approximately USD $1.2 billion, and is expected to grow at a rate of 6.4% annually until at least 2028. Market penetration is projected to reach 750,000 players by 2028, or slightly above 20% of the total adult population, highlighting the substantial growth potential for iGaming in the region.

Continue Reading

eSports

Esports Charts has been nominated for the Esports Awards 2024

Published

on

Reading Time: 2 minutes

Esports Charts is proud to announce that we have made it to the list of finalists for the Esports Awards 2024 in the ‘Esports Content & Coverage Platform of the Year’ category, as revealed by the organizers. We are immensely pleased with the recognition in the industry, which resulted in our second consecutive nomination for the award.

“We are thrilled to be nominated for the Esports Awards for the second year in a row. Being recognized in the Esports Content & Coverage Platform of the Year category, which celebrates resources that consistently produce valuable, high-quality, and impactful content, validates our continuous efforts to provide accurate and insightful viewership data. This nomination motivates us to keep pushing the boundaries in our field and continue making a significant impact on the wider esports and live streaming community.”

Artyom Odintsov, co-founder and CEO of Esports Charts

The award organizers have already announced the finalists in other categories as well. Among the contenders for “Streamer of the Year” are Nicholas “Jynxzi” Stewart, Darren “IShowSpeed” Watkins Jr., and Marc “Caedrel” Lamont. The “Esports Content Group of the Year” nominees include G2 Esports and Karmine Corp, while “Mobile Esports Game of the Year” will see competition from Mobile Legends: Bang Bang, PUBG Mobile, and others. Interestingly, the announced categories did not include a Journalist of the Year nomination. It is presumed that the winner in this category may be announced during the second part of the awards, which will take place in London.

This year, voting for the finalists will continue until August 20. There also will be a ‘turbo voting period’ from August 13 to 20, when each vote will count as double.

The Esports Awards is a reputable industry event that honors the most prominent figures of the year in various categories, from content creators to standout new players. In 2024, the awards will be held in two stages. The first stage will take place during the Esports World Cup on August 24 in Riyadh, Saudi Arabia. The second stage will be held in London later in the year, with details about this event yet to be announced.

In 2023, Esports Charts was also among the nominees and won the award for Esports Coverage Platform of the Year. Read more about the results and audience metrics of the previous ceremony here.

Continue Reading

Latest News

SOFTSWISS and iGaming Companies Going Green

Published

on

Reading Time: 3 minutes

The iGaming industry has seen unprecedented growth in recent years, with gamers all over the world logging on to wager and play at their favorite sites. With so much action and development, many companies are starting to evaluate their impact on the environment and take steps to go green. One such company is SOFTSWISS, which is leading by example. The company is putting rules in place that will truly make a difference.

Updating old company policies to support a greener future within the iGaming industry is important. While some regulations are put in place by governments, many businesses are starting to implement their own rules and practices to ensure a bright future for all. This is especially true for international offshore iGaming sites, which cater to a diverse multinational audience. While punters often seek out the best offshore sportsbooks that offer unique bonuses and a wide variety of games in order to bypass tough local restrictions, a growing audience is also looking for platforms that are environmentally friendly. For international sites that cater to a global audience, the need to update old policies and turn a new, greener, leaf, has never been more relevant. By adopting eco-friendly practices, these sites can help the planet, appeal to a wider audience, and also help their own bottom line.

As mentioned above, one company is truly leading by example. SOFTSWISS is a software producer for online casinos and bookmaking websites. This company is taking its environmental efforts seriously and has put rules in place to ensure that they are helping, not hindering, a green tomorrow for our planet.

In fact, on World Environment Day 2024, SOFTSWISS announced several new initiatives that they are launching to support a greener future. Their effort is mostly aimed at reducing their own environmental impact and also promoting sustainability within the broader iGaming sector. During the announcement, it was made clear that the company intends to adopt green office practices, support environmental causes, and more. Andrey Starovoitov, the company Co-CEO, says that the initiatives are intended to “draw attention to the critical importance of our planet’s health”.

Energy efficiency is one area that SOFTSWISS is targeting specifically. The team at SOFTSWISS has created high-tech spaces that use renewable energy sources to help reduce their overall environmental footprint. Beyond helping the planet and reducing their environmental impact, the team at SOFTSWISS will also reap financial benefits, as these changes are set to lower their operational costs as well. A win for the planet and a win for SOFTSWISS.

In the office, the company is also making some changes. The team has committed to reducing how much paper they consume. To achieve this, they will start using a digital documentation system. In addition, they will promote recycling within the office and support staff who want to go green at home, too.

Beyond office updates, environmental leaders at SOFTSWISS are also involved with CSR programs that support green causes. Projects and programs include things like tree planting efforts and education programs. By supporting these causes, the company can truly make a difference and change the future of our planet.

While SOFTSWISS is certainly leading by example and doing an amazing job, they are not alone in their efforts. Many other iGaming businesses are starting to go green in an effort to conserve energy, help the planet, attract eco-friendly consumers, and boost their bottom lines at the same time.

Environmental conservation is not left to businesses alone. In many regions, governments are also putting stricter rules and laws into place to help conserve resources and protect natural assets. While some companies are implementing change on their own, rules put in place by the government will be the encouragement that all businesses need and will ensure that everyone is on the same page when it comes to a greener tomorrow.

While the iGaming industry will likely continue to grow and develop in the coming years as more players turn to online casinos and crypto casinos to wager, it’s important that businesses and local governments are taking action now to ensure a sustainable future for all. By doing this, we can ensure that industries like iGaming have a long, bright future and can co-exist and support our planet’s health at the same time.

Continue Reading

Trending (Top 7)

Get it on Google Play

EuropeanGaming.eu is a premier online platform that serves as a leading information hub for the gaming and gambling industry. This industry-centric media outlet reaches over 200,000 readers monthly, providing them with compelling content, the latest news, and deep-dive insights.

Offering comprehensive coverage on all aspects of the gaming sector, EuropeanGaming.eu includes online and land-based gaming, betting, esports, regulatory and compliance updates, and technological advancements. Regular features encompass daily news articles, press releases, exclusive interviews, and insightful event reports.

The platform also hosts industry-relevant virtual meetups and conferences, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - European Gaming is part of HIPTHER. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.