TLDR
- Peru’s regulated online gambling market launched fully in February 2024 under Law No. 31557
- Demand for online gambling has grown 120% since the framework went live
- Offshore operators now hold less than 1% of market visibility
- Apuesta Total controls more than half the market; Betano has grown over 100% year-on-year
- Peru taxes net gaming revenue at 12%, lower in effect than Brazil’s 12% on gross revenue
Peru’s online gambling market has grown sharply in the two years since its regulatory framework went fully live, with demand up 120% and offshore operators nearly wiped out.
Before 2022, Peru had no legal framework for online betting or casino gaming. Operators ran in a legal grey zone, with little government oversight. That changed with Law No. 31557, which handed regulatory control to the Ministry of Foreign Trade and Tourism, known as MINCETUR.
The original law had a gap. International operators were blocked from getting local licences. Lawmakers fixed this in June 2023, opening the market to global brands ahead of the full framework launch in February 2024.
Operators already active in Peru were given a short window to apply for licences. The deadline was March 2024. After that, the rules tightened.
Demand dipped briefly in the early months as operators and players adjusted. That slowdown did not last long.
Offshore Operators Lose Ground
The shift away from offshore brands was fast and clear.
Once the licensing window closed, interest in unlicensed operators dropped sharply. By July 2024, offshore platforms held less than 1% of measured market visibility. They have stayed there since.
Offshore operators have also captured only a small slice of revenue, holding an estimated 2% to 4% of projected market earnings since mid-2024.
Peru managed something many regulated markets have not. Players did not keep using offshore sites after regulation. They stayed with the brands they knew — because those brands entered the legal market.
Revenue growth has been more modest than demand growth. While demand rose 120%, projected revenue climbed only around 10% over the same period. The market is attracting more users but is still converting that interest into spending at a slower pace.
One Leader, but Competition Is Building
One operator still dominates the market.
Apuesta Total holds more than half of total measured demand. That level of concentration is unusual even by the standards of newly regulated markets.
Behind the leader, the picture is changing. Betano has recorded demand growth of more than 100% year-on-year and now holds close to 18% market share. It has moved from a niche player to a genuine competitor.
Bet365, Betsson and Coolbet have also held strong positions, showing that Peruvian users were willing to stick with familiar international brands once those companies got licensed.
Peru’s tax structure may have helped attract those operators. The country taxes net gaming revenue at 12%. Neighbouring Brazil applies the same rate but on gross revenue, making Peru’s effective burden lower.
Two years in, Peru’s regulated market is growing steadily, offshore competition is near zero, and consumer demand continues to rise heading into 2026.
