Key Moments:
- Demand for online gambling products rose by 120% since the regulatory framework launched in February 2024
- Market share for offshore operators dropped below 1% of measured visibility by July 2024 and has stayed at that level
- Apuesta Total currently holds over 50% of total measured demand, while Betano reached almost 18% following over 100% annual demand growth
Regulation Spurs Rapid Industry Expansion
Peru’s online gambling market has undergone a dramatic transformation after the country enacted a comprehensive regulatory system. Following the introduction of the full regulatory framework in February 2024, the Peruvian online gambling sector experienced a 120% surge in demand, according to research from iGamingFuture and analytics firm Blask. Meanwhile, offshore operators rapidly lost ground as players migrated to licensed platforms.
Legislative Changes Open the Door for Global Brands
Prior to 2022, Peru operated without a specific legal structure for online betting or casino activities, resulting in irregular oversight and a lack of formal controls. Law No. 31557 shifted this landscape by granting the Ministry of Foreign Trade and Tourism (MINCETUR) regulatory authority over the sector. However, this law initially excluded international operators from applying for local licenses. That changed in June 2023, when amendments welcomed global brands—a move that would prove pivotal once the new regulatory framework took effect in February 2024.
Swift Market Transition to Updated Regulations
The transition period for operators was brief. Those already in Peru had a short window to apply for licenses, with the deadline arriving in March 2024. Afterward, regulatory oversight intensified. As operators and players adjusted to the new regime, demand initially dipped but soon rebounded. By the middle of 2024, growth resumed, and—aside from some seasonal declines in spring—momentum has remained steady through 2025 and 2026.
Divergent Trends in Demand and Revenue
Despite the significant rise in demand, projected revenue only grew by about 10% during the same interval. This discrepancy suggests that although market interest has strengthened, converting increased engagement into proportional financial returns remains a work in progress.
Offshore Operators Marginized After Licensing Deadline
The impact of tighter licensing became immediately apparent after the application period concluded. Interest in offshore platforms fell sharply, with their market visibility dropping under 1% by July 2024—a level it has maintained. Revenue from offshore sites has also been marginal, estimated at between 2% and 4% of total market earnings since mid-2024.
| Market Element | Pre-Regulation | Post-Regulation |
|---|---|---|
| Demand Growth | Baseline | +120% |
| Offshore Operator Market Share | Substantial | <1% (from July 2024 onward) |
| Projected Revenue Growth | Baseline | +10% |
Market Leaders and Competitive Dynamics
Apuesta Total continues to dominate the regulated Peruvian market, controlling over half of measured demand—a level of leadership rarely matched in established jurisdictions. However, Betano’s performance has been particularly notable, with annual demand growth exceeding 100% and current market share reaching almost 18%. This signals a shift, as Betano evolves from a niche participant to a key contender.
International platforms like Bet365, Betsson, and Coolbet also hold significant market positions, showing that Peruvian customers preferred sticking with familiar brands once those platforms became licensed domestically.
Comparative Regulatory Approaches and Tax Policy
Peru’s regulatory system differs significantly in its taxation model. While markets such as Brazil apply a 12% gross gaming revenue tax, Peru taxes net gaming revenue at the same rate. This structure reduces tax liability for operators and may have helped attract major international brands to the Peruvian market.
Lessons from Peru’s Regulatory Experience
The main takeaway from Peru’s approach is straightforward: regulatory change alone does not guarantee the decline of offshore gambling; providing a path for established brands to operate legally is critical. The country’s decision to integrate those brands into its regulated ecosystem has resulted in growing demand, a shrinking offshore sector, and a dynamic, evolving market landscape.
- Author
Daniel Williams
