Introduction:

The global online gambling market is growing rapidly, but smart businesses will not limit their sights to traditional gambling centers. In a South American country, with the legalization of online gambling, businesses have ushered in a once-in-a-century opportunity!

The online gambling industry has a huge pie!

With the development of technology and the Internet, the increasing popularity of digital currency in the payment field, and the influence of factors such as changes in people's concepts, online gambling has become one of the popular entertainment methods nowadays. At present, the online gambling market has entered a period of rapid growth and its prospects are generally optimistic.

Note: Online gambling includes various forms of gambling activities such as sports betting, poker, casino games, lotteries, etc., which are conducted over the Internet.

The global online gambling market size has reached 65 billion U.S. dollars in 2023, showing the strong growth momentum of online gambling around the world, and it is expected to continue to expand in the future. According to authoritative forecasts, by 2028, the global online gambling market size is expected to reach 114.4 billion U.S. dollars.

Over the past year, online gambling in Europe and Asia has seen significant growth:

• France's gambling sales reached 13.4 billion euros in 2023, a record high, with online gambling participants reaching 3.6 million.
• In the United States, the mobile casino games market has witnessed significant growth in 2023, becoming one of the major revenue sources for the US mobile gaming market.
• In 2023, the total revenue of Macau's physical casinos fell by 12% year-on-year, while the revenue of online gambling increased by 18% year-on-year, indicating that a part of Macau's gamblers turned to online gambling services.

In short, the online gambling pie is huge and will only get bigger. Who wouldn’t want a piece of it?

Traditional gambling centers such as Macau and Las Vegas are naturally coveted by countless people, but smart businessmen will never miss out on "undeveloped areas" that have great potential but are not yet well known to the world!

Online gambling is legalized, Peru's gambling market takes off!

Today, I would like to introduce to you a very promising online gambling market - Peru.

Peru's gambling industry began to rise in the mid-20th century and continued to develop and form a certain scale in the following decades, especially in the country's capital, Lima, where casinos and racetracks have become popular entertainment venues. However, the development of the country's gambling industry has not been smooth sailing, and it has experienced many regulatory changes, including periods of alternating legalization and prohibition.

Entering the 21st century, with the global economic integration and the popularization of the Internet, Peru's gambling industry, especially online gambling, has experienced new growth. From 2000 to the middle and late 2010s, the Peruvian government began to take measures to regulate the gambling industry, including introducing stricter supervision and taxation systems to ensure the legality and transparency of the gambling industry.

In 2020, due to the outbreak of the COVID-19 epidemic, Peru's gaming industry was severely affected, with industry revenue declining significantly and many gaming venues being forced to close. Fernando Calderon, president of the Peruvian National Gaming Association (Sonaja), has said that the industry is waiting for the government to launch the fourth phase of economic recovery in order to resume business. This shows that the gambling industry accounts for a certain proportion of the Peruvian economy and contributes to national tax revenue.

On the one hand, the epidemic has accelerated the trend of consumers turning to online services, including online shopping, remote work and entertainment activities, and online gambling has also benefited from it. On the other hand, technological advances have brought better experience to players! In order to adapt to the changes and development of the gambling industry, the Peruvian government is accelerating theExploration and experimentation in the online gambling market.

In July 2022, then-Peruvian President Pedro Castillo signed a new gambling law, officially legalizing sports betting and online gambling, and published it in Peru's official newspaper "El Peruano". Also designating the Peruvian Ministry of Foreign Trade and Tourism (Mincetur) as Peru’s official gambling regulator, Mincetur will have the power to monitor all gambling in the country.

After legalization, Peru's online gambling market took off!

In April this year, according to Mincetur, 144 affiliated service providers were registered, eight certification laboratories were accredited, and 145 authorization requests were submitted by Peruvian domestic and international operating companies. The Peruvian online gaming and sports betting market is in full swing. After Law No. 31557 regulating remote gaming and remote sports betting came into effect, providers and operators submitted their respective documents to participate and were officially released by the regulatory agency Mincetur. On the supplier side, according to Mincetur, 144 link service providers have been registered and 8 internationally certified laboratories have been accredited; providers have submitted 184 applications for approval of technology platforms, gaming programs, progressive systems and gaming models . Meanwhile, domestic and international operating companies have submitted 145 authorization requests to participate in Peru’s online gambling industry.

In addition, Peru also announced the online gambling authorization, approval and certification process and its key points, adding fuel to the development of the industry.

Where there are policies, there are business opportunities! Having a gaming license is like having a cash cow!

How profitable is the gambling industry?

Taking Macau’s physical casinos as an example, there are a total of 6 gaming companies in the region. According to official data released by the Gaming Inspection and Coordination Bureau of the Macau Special Administrative Region Government, the total revenue of Macau’s gaming industry in 2023 was 183.059 billion patacas (about 22.7 billion US dollars). In other words, each of these 6 gaming companies brought in more than 30 billion patacas in gaming revenue on average!

With the changes in players' gambling habits and the development of the global online gambling industry, the size of the online gambling market will continue to grow and will continue to widen the gap with the offline gambling market!

Therefore, after the legalization of online gambling in Peru, relevant licenses have become a hot commodity, and the country's gambling market has entered a stage of rapid development!

Data from Peru’s top gambling websites show that most of them saw significant growth in visits in June this year, both month-on-month and year-on-year:

Data source: Open .Trends

Generally speaking, the greater the number of visits, the more players there are or the more times players place bets online, and the higher the operator's income.

Countless cases have shown that the legalization of gambling means a lot of money for operators and other businesses!

Peru's Online Gambling Industry Prospects Analysis

In 1847, the Macau government issued a decree declaring the gambling industry legal;

In 1931, the U.S. state of Nevada legalized gambling, and the state’s largest city, Las Vegas, quickly became a world-famous “gambling city.”

With the law in place, Macau and Las Vegas have become the holy lands of countless gamblers.PASA (www.pasa365.com), the world’s No. 1 get-rich-quick industry platformThere is every reason to believe that after obtaining legal status, coupled with the development of technology, Peru's online gambling market will also shine and the prospects are optimistic!

Regarding the development prospects of Peru’s online gambling market,PASA (www.pasa365.com), the world’s No. 1 get-rich-quick industry platformIt is believed that the analysis can be carried out around the following factors:

1. Legal and regulatory environment

• Legalization of Gambling:In July 2022, the then Peruvian President Pedro Castillo signed a new gambling law, officially legalizing sports betting and online gambling; both domestic and international operators in Peru can apply for authorization. This is an extremely important and critical step for the country's gambling market!

• Improved regulatory framework:Peru has a relatively mature gambling regulatory system.The Ministry of Foreign Trade and Tourism (Mincetur) is the country’s official gambling regulatorEffective regulation helps build market confidence and attract legitimate operators.

• Compliance requirements:As the industry develops, Peru is likely to implement stricter compliance requirements such as anti-money laundering regulations, age verification, and responsible gambling measures to protect consumers and prevent illegal activity.

2. Market potential and growth trend

• Digital transformation is accelerating:Peru has experienced rapid digital transformation, especially in the wake of the COVID-19 pandemic, with more people turning to online services, including online gambling. This provides the industry with a wider customer base.
• Increased Internet penetration:With the improvement of internet access and the popularization of smartphones, more and more Peruvian residents and even foreign players are able to access online gambling platforms, driving market growth.

• Changing consumer preferences:Consumers are increasingly inclined to conduct transactions and entertainment online, a trend that has promoted the development of the online gambling industry. Before the epidemic, Peru's online gambling penetration rate was about 18.6%, a figure that jumped to 41.8% in 2021. This shows that more and more Peruvians are beginning to use online gambling services, whether it is sports betting, online poker or other types of gambling games.

• Rapid growth:According to Cacerda, president of the Peruvian Chamber of Commerce, online consumption has grown significantly during the epidemic, driving the rapid development of e-commerce. While this review is primarily about e-commerce, it can be speculated that online gambling is also benefiting from this shift in consumer behavior. At present, at least 300,000 Peruvian companies have opened online sales channels. Although this mainly refers to e-commerce, it must have created a favorable market environment for the online gambling industry. Meanwhile, bookmakers have made similar transformations in the process to meet the needs of online customers.

3. Economic and social factors

• Economic Growth:Peru’s steady economic growth has provided a favorable macroeconomic environment for the online gaming industry, increasing people’s disposable income, which could lead to higher gaming spending.

• Social attitude:Social attitudes towards gambling may affect the acceptance of online gambling. The legalization of online gambling has brought positive social perceptions to Peru, which will help promote market expansion.

4. Technology and Innovation

• Payment Solutions:Diversified payment options, including e-wallets and cryptocurrencies, make online transactions more convenient and attract a wider user base. Peru's Internet penetration rate and the improvement of mobile communication technology provide a good infrastructure for online gambling. The growing popularity of cryptocurrencies may provide players with more payment options, especially on gambling platforms that accept digital currencies. Currently, Peru's cryptocurrency market is showing a rapid growth trend.
• Mobile advantages:Advances in mobile technology have made online gambling more convenient and accessible anytime, anywhere, which is likely to be a key driver of industry growth.

5. International market impact

• Global Trends:Trends and innovations in the global gaming industry may affect the Peruvian market, such as the application of VR/AR technology, data analysis and personalized user experience.

• International Competition:After the legalization of online gambling, the entry of international gaming companies may bring new standards and competition to the Peruvian gaming industry, and may also promote market maturity and standardization.

PASA (www.pasa365.com), the world's largest get-rich-quick industry platform, believes that as the online gambling market matures, operators will continue to explore and try new services and products, such as e-sports betting, virtual reality experiences, etc., to attract Younger generation of players.

In summary, the outlook for Peru's online gambling industry is positive and is expected to continue to grow. However, this growth is also accompanied by challenges, including maintaining high standards of regulation, ensuring responsible gambling practices and responding to technological and market changes, protecting minors from gambling hazards, and combating illegal gambling activities. Peru's online gambling operators and regulators need to work closely together to ensure the sustainability and legality of the industry.

For investors and operators, understanding local market trends, consumer preferences and compliance with regulations will be key factors for success. In the future, the growth of Peru's online gambling market may be affected by factors such as global economic conditions, domestic policy adjustments, technological innovation and industry self-regulation. Operators need to pay close attention to these trends and adjust their strategies in a timely manner to achieve steady business expansion.