Peru is moving closer to legalizing online sports betting in an effort to support the country's economy. The Economic Commission of Congress unanimously passed a law regulating the practice.
The bill, introduced by Congresswoman Diana Gonzalez, aims to regulate sports betting via the Internet or other communication channels.
The lawmaker made the case for her initiative during the session, which was held at the Legislative Palace. She noted that the economic activity would support Peru and national athletics. The bill will now be sent to Parliament for further consideration.
Gonzalez said the measure would legalize sports betting, which would help prevent crimes such as money laundering. It would also provide more aid to Peruvian sports through taxes collected by the government.
The initiative comes as Peruvian national sports groups face funding cuts year after year. In addition, Gonzalez argues that online sports betting is not regulated in Peru. As a result, no tax revenue is generated. In 2018, she estimated that Peru's unregulated sports betting sector was worth about 1.8 billion soles ($475.87 million).
The plan has a total of 12 penalties if rules are violated. They range from a fine of up to 50 UIT to a 36-month suspension of operations, permanent revocation of license and disqualification for up to ten years. UIT is a tax unit, now worth S$4,600 (US$1,216).
The government received no part of that amount. Even at the 3% rate, Peru would have received more than $14 million. That money would have come in handy in a country where about 19% of the population is poor.
The success of the casino and gambling industry in Peru is largely due to a clear, clear and easy to implement legal and regulatory framework. This legal formalization has attracted many investors, both local and international, who see exciting revenue potential in this area.
Understanding the importance of recognizing, formalizing and streamlining the gambling business, the Peruvian government has developed a rigorous but unambiguous legal framework. It allows interested businesses to develop these activities with full legal certainty, and provides players with additional guarantees. However, Internet casinos and sports betting are still not available.
Peruvian gambling laws clearly distinguish between gambling and betting. The law defines gambling as a game in which the player's profit is determined solely by chance. This includes slot machines, lotteries, and casino games such as bingo and roulette.
"Gambling," on the other hand, requires ability, knowledge and talent. Betting is regulated by Law 10345, which was passed in 1945, but it only attempted to legalize the practice. Sports betting, on the other hand, is regulated by article 1942 of the Peruvian Civil Code, and there are no significant restrictions on this type of enterprise.
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