Peru’s iGaming Boom Shows What Happens When Regulation Works

Two years after Peru switched on its regulated online gambling market, the numbers point to something many jurisdictions have struggled to achieve: players abandoning offshore operators without abandoning the brands they already knew.

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The result has been a sharp expansion of the market. Since the launch of the full regulatory framework in February 2024, demand for online gambling products has climbed by 120%, according to data examined by iGamingFuture and analytics firm Blask. During the same period, offshore operators have largely disappeared from view.

That outcome was far from guaranteed.

Before 2022, Peru had no dedicated legal framework for online betting and casino gaming. Operators served local customers in a legal grey zone, while regulators had little formal control over the sector. The turning point came with Law No. 31557, which established the foundations of a regulated market and placed oversight in the hands of the Ministry of Foreign Trade and Tourism, known as MINCETUR.

Yet the original legislation contained a flaw. International operators could not obtain local licences.

A year later, lawmakers revisited the issue. Amendments approved in June 2023 opened the market to global brands, a move that would prove decisive once the regulatory regime became fully operational in February 2024.

The transition was brief. Operators already active in Peru were given a short grace period to submit licence applications, with the deadline arriving in March 2024. After that, the framework tightened considerably.

The early months followed a familiar pattern seen in newly regulated markets. Consumer interest dipped as operators adapted to the new rules and players adjusted to a different environment. The slowdown did not last.

By mid-2024, demand had started moving upward again. Aside from seasonal soft patches during spring, growth has remained remarkably consistent through both 2025 and 2026.

What stands out is that spending has not increased at the same pace. While demand surged by 120%, projected revenue rose by only around 10% over the same period. The gap suggests a market attracting growing attention but still working out how that interest converts into long-term spending.

Offshore Operators Lose Ground

The clearest shift emerged immediately after licensing requirements took effect.

Interest in offshore brands fell sharply once the application window closed. At the same time, licensed operators gained visibility. By July 2024, offshore activity had dropped below 1% of measured market visibility and has remained there ever since.

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The revenue picture tells a similar story. Offshore operators have accounted for only a small fraction of projected market earnings since mid-2024, holding an estimated share of between 2% and 4%.

For regulators, that is the central achievement.

Many jurisdictions introduce licensing systems only to discover that players continue using unregulated sites. Peru appears to have avoided that problem by bringing established operators into the legal market rather than forcing customers to change habits overnight.

One Dominant Brand, But Competition Is Growing

The market still revolves around a single heavyweight.

Apuesta Total currently commands more than half of total measured demand, giving it a level of dominance rarely seen in mature regulated markets.

The more interesting story may be unfolding behind the leader.

Betano has recorded year-over-year demand growth of more than 100%, pushing its market share to nearly 18%. The company has moved well beyond the niche position it occupied during the market’s early regulated phase and is increasingly emerging as a genuine challenger.

Other international brands have also maintained strong positions. Operators such as Bet365, Betsson and Coolbet remain among the country’s leading names, suggesting that Peruvian consumers were willing to stay with familiar platforms once those companies entered the licensed market.

That contrasts sharply with some other regulated jurisdictions where major brands failed to secure licences and customers simply continued using them offshore.

A Different Regulatory Formula

Peru’s approach also carries a financial incentive.

While neighbouring markets such as Brazil apply a 12% tax on gross gaming revenue, Peru levies the same rate on net gaming revenue. The difference reduces the tax burden on operators and may have contributed to the willingness of international brands to enter the market legally.

Two years on, Peru’s experiment offers a straightforward lesson. Regulation alone does not eliminate offshore gambling. What appears to matter is whether players can continue using the brands they already trust inside the legal system.

Peru gave those operators a route into the regulated market. Players followed. Demand kept growing. And the offshore sector, once entrenched, was left with little room to compete.

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Source: igamingfuture.com