Peru positions itself to become a key player in the LatAm market: Sportingtech

Maria Cobos, Technical Compliance Manager

Peru’s Ministry of Foreign Trade and Tourism (Mincetur) has approved the country’s sports betting and iGaming regulations, opening the gate for non-domiciled operators to enter the thriving LatAm market. How are you preparing for the launch of regulated content?

We have been anticipating regulation for a while and getting plans in place so we are ready to enter the market as soon as possible. We are analysing and planning the operational and technical requirements for our platform to comply with regulations by registering as a supplier with Mincetur and reviewing the Peruvian technical standards to certify the platform against the requirements. We are also looking in the data retention requirements and checking other regulatory aspects for which our platform will support the operators, for example regulatory data transmission, national self-exclusion program, know-your-customer rules specific to Peru and events or bet type restrictions.

LatAm is a key target for commercial growth, featuring in many operators’ plans for further expansion. What opportunities does Peru offer?

The Peruvian online betting market is one of the most important in Latin America, second only to Brazil and Argentina, which have larger populations. Peru’s population of 33 million includes a growing middle class who benefit from modest but sustained economic growth.

The popularity of online sports betting in Peru has seen a boost in recent years, with 59% of the population betting online at least once in the last 12 months. The enduring passion for football that is also synonymous with other LatAm markets continues to contribute to this uptick in interest, with 90% of all bets placed being on the sport.

The market offers huge opportunities with growth at an annual rate of 8.7% and a market expected to reach $277 million this year. By 2027, that will be $390 million, presenting bountiful opportunities for operators’ commercial growth.

How will your company adapt its offering to ensure it appeals to the nuances of each market?

We are no strangers to adaptation at Sportingtech and continue to prove our ability to be agile when entering new markets. In most case, with the right foresight and planning in-mind, Sportingtech is ready to tackle the nuances and idiosyncrasies of any market within Latin America, but for us, it is all about ensuring we work with operators who have a strong understanding of what the player wants out of a product. We always value quality over quantity. It is vital to keep this in mind when integrating new solutions, and a key part of any platform’s success when we’re trying to maintain our share of the proverbial pie.

What other challenges do you anticipate having to overcome and how have you prepared for these in advance?

Like any country that is close to regulation, the biggest challenge is always the initial change in legislation. As a technology provider there are always the larger pieces of work around certification, compliance and ensuring the platform meets the required standards.

After that our product and commercial teams work tirelessly reviewing new products both at local and global levels to see where we can find competitive edges for our customers, whilst harnessing some of their local expertise in our decision making.

Without being cliché, we’re always looking at what’s on the horizon and ensuring that we navigate these challenges well in advance of us reaching them.