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Gambling as a topic has faced controversy over the years, with plenty of backlash from naysayers. One thing that cannot be denied is the market’s ability to generate revenue for players and countries.
Through taxes and regulations, online gambling and brick and mortar gambling can help countries gain lost capital and increase tourism. With the attraction of entertainment and gains, gambling provides opportunities and entertainment unlike any other.
With this said, Peru made the next move in its gambling growth by legalizing online gambling and sports betting.
Bitcoin Casinos are the most popular form of online entertainment worldwide. Latin America has been an areas that have seen the most growth and adoption in online casino gambling. One of the most recent countries to jump on the legalization bandwagon is Peru, which quickly advanced its legislation to allow for fair online gambling and sports betting, which came into play in July of 2022.
The law was brought about after multiple bills were drafted that catered to the incorporation of the legalization of online gambling and sports betting. These included tax allocations and a department formed in the Ministry of Foreign Trade-Tourism, which will act to regulate iGaming.
The expected timeframe for the laws to be implemented is not yet defined. We know the law will take 60 days after the Supreme Decree publication declares the regulations’ approval.
As for the Supreme Decree, this document needs to be published 120 working days from the date of the creation of the approved regulation. The governing body responsible for regulating the industry will be the Ministry of Foreign Trade and Tourism. The authority will uphold the industry’s standards by being responsible for approving and authorizing operations and supervising the activity.
Like any law or rule, some criteria must be met for the law to apply. These include that operators are expected to pay direct tax on the platform’s net income. The bill has proposed a tax rate of 12%, the same as that of land-based casinos in Peru.
From what is collected from the direct tax from the online BTC casino platforms, 40% will be for the public treasury and another 40% for the development of tourism within Peru. The last 20% of Peru’s tax returns from online gambling and sportsbooks will promote mental health.
Peru is a highly active online community with a huge interest in gambling. With success within the brick-and-mortar setting, the Peruvian government took the next step, legalizing online gambling and sports betting.
It is expected that the iGaming community in Peru is set to expand and resemble that of the US and European markets. In Peru, multiple land-based gambling sites are expected to migrate online, offering a sportsbook for online players.
With the market being what it is today, it is no surprise that quite a few countries have already legalized online gambling and sports betting. Some of these markets comprise a vast portion of the online gambling ecosystem.
The USA is one of the biggest markets, offering tremendous opportunities within the sportsbook sector. Some top US sportsbooks include BetUS, Bovada, and a few others. At the Bitcoin Strip, not only will you have a complete list of the top US online Bitcoin casinos but also an option for every other occasion and region.
The online entertainment sector is destined to grow, and with countries like Peru, known for the success of land-based casinos legalizing the fun, the industry is set to grow even more. Pay attention to Bitcoin casinos like Roobet and BC.GAME who appeal to many gambling pools, including both casino gambling and sports betting.
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