- August 14, 2023
Peru! The Peruvian gaming market is about to take off; gaming industry bosses, iGaming has officially been legalized in Peru. Just in July 2022, the President of Peru signed a new gaming law, officially legalizing sports betting and iGaming and published in the official Peruvian newspaper El Peruano. It also designated the Peruvian Ministry of Foreign Trade and Tourism (Mincetur) as the official gaming regulator in Peru. Mincetur will have the authority to monitor all gaming in the country. At the same time, there is data that the video game and e-sports user market in Peru will grow at a rate of 20%. The editor of TC-GAMING will talk in-depth with the gaming giants about the Peruvian white label and the prospects of the Peruvian iGaming market.
Speaking of Peru, many people may have the impression that it is still in the era when paper was more expensive than money in Peru, but I can say that it is all in the past tense. In the past, Peru's economy encountered inflation. However, since the new currency (New Sole) was changed in 1991, in line with the economic policy of the Fujimori government, the new Sole has become one of the most stable currencies in Latin America. The exchange rate against the U.S. dollar is generally around 2.7 new sols to 1 U.S. dollar. In recent years, even in the context of the economic crisis, it has been able to maintain low volatility. In the financial crisis of 2008, Peru's currency was still very strong, and it was one of the most influential currencies in the world. Therefore, the currency of Peru can be regarded as the hard currency in Latin America.
(In 2008, the Central Bank of Peru pointed out that the new sol, the Peruvian currency, has become one of the currencies least affected by the international financial crisis. Compared with other national currencies, the depreciation rate of sol is only 1.1%. Exchange rate fluctuations are small. Last month The Sol depreciated by 1.1%, while the Brazilian real fell by 17%, the Colombian peso by 12.8%, the Chilean peso by 7.7%, the Mexican peso by 62%, and the Argentine peso by 2.9%. Other powerful currencies include the euro and the British pound. Outside Latin American countries Among currencies, the euro fell 3,9% against the dollar, the British pound fell 2.1%, and the South Korean won fell 10.8%.)
Peru, a country located in the west of South America, is famous for its diverse natural landscapes and rich resources. However, like many developing countries, Peru's economy has experienced peaks and troughs. Over the past few decades, Peru's economic growth has experienced ups and downs. From 2000 to 2013, Peru's economy stood out with strong growth rates. By diversifying its economy, reducing inequality, developing tourism, and maintaining political stability, Peru has slowly begun to achieve more sustainable and inclusive economic growth. From the figure below, we can also see that Peru's per capita GDP is similar to that of Colombia and Ecuador, but one thing to note is that Peru's per capita GDP is twice that of Vietnam.
GDP per capita of Peru
Political Stability in Peru
As a country with relatively stable politics, Peru provides favorable conditions for the healthy development of the gaming market. Political stability means that legal systems and regulators are better able to maintain market order and create a predictable environment for investors and operators. The Peruvian government is actively involved in the regulation of the gaming market. The gaming market in Peru has experienced rapid growth in recent years. From traditional lottery and sports betting to iGaming and smartphone games, various forms of gambling have a certain market share in Peru. The expansion of this market has not only attracted domestic investors but also attracted the attention of international gaming companies. The growth of the gaming market has brought economic benefits to Peru. Increased tax revenues and job creation have both contributed to Peru's economic health. Not to mention that Peru has now clearly stated its entry into legalization. This puts Peru on the global radar as one of seven attractive markets in the Latin American region, alongside Brazil, Mexico, Argentina, Colombia, Venezuela, and Chile.
Peruvian Population and Internet Situation
Located in Latin America, Peru is a country with a population of over 30 million (34.19 million as of January 2023), with a stable economy and a growing middle class offering great potential for the iGaming market.
In January 2023, the total population of Peru was 34.19 million. Between 2022 and 2023, Peru's population will increase by 276,000 people (+0.8%). The population of Peru is 50.5% female and 49.5% male. As of early 2023, 78.8% of Peru's population lives in urban centers and 21.2% in rural areas.
Peru has a diverse population with a mix of different cultures, languages , and traditions, and this diversity creates a wide range of demand in the gaming market. The needs of different levels create opportunities for gaming companies. Gaming platforms meet the needs of different Peruvian gamers through localized gaming games and entertainment experiences. In addition, Peru has a very rich sports culture. Therefore, bookmakers can use sports events as an entry point to attract more bettors and, at the same time, increase brand awareness. In conclusion, Peru is a very attractive and promising sports betting market, and betting companies should take full advantage of this market opportunity.
Peru Population by Age
According to the latest data, the average age of Peru's total population is 28.7 years. Analyzing the age structure of the total population of Peru, the following data can be drawn:
8.6% of the people are between 0 and 4 years old, belonging to the infant group.
13.7% are between the ages of 5 and 12, belonging to the children's group.
8.8% are between the ages of 13 and 17, belonging to the youth group.
11.5% are between the ages of 18 and 24 and belong to the youth group.
15.9% are between the ages of 25 and 34, belonging to the adult group.
13.8% of the people are between 35 and 44 years old, belonging to the middle-aged group.
11.2% of the people are between the ages of 45 and 54, belonging to the middle-aged and elderly groups.
8.0% of the people are between 55 and 64 years old, belonging to the elderly group.
Another 8.5% are aged 65 and above, belonging to the senior age group.
Overall, the population structure of Peru is relatively balanced. The proportion of the population of all age groups is basically around 10%, of which the adult group accounts for the highest proportion.
According to data released by Ookla, the Internet connection speeds in Peru in early 2023 are as follows:
- Mobile internet connection speeds over cellular networks were 16.62 Mbps, a 13.6 percent increase over the previous year. In addition, due to the popularity of mobile phones, the use of mobile Internet is also increasing year by year.
- Fixed internet connection speed was 65.73 Mbps, a 55.5% increase from the previous year. The Peruvian government has been working to increase the penetration rate of fixed broadband across the country, so as to promote the process of national informatization and digitization.
It is understood that in the past 12 months, the Peruvian government has taken a series of measures to improve the speed of Internet connections across the country, including but not limited to: strengthening Internet infrastructure construction, reducing network costs, etc. The implementation of these measures has injected new vitality into the development of the Internet industry in Peru.
Number of Internet Users in Peru
As of the beginning of 2023, Peru already has an astonishing number of Internet users, with the number reaching 24.31 million, and the Internet penetration rate as high as 71.1%. The increasing trend of this number shows that Peruvian citizens are increasingly dependent on the Internet. In January 2023, the number of social media users in Peru reached 25.05 million, which is equivalent to 73.3% of the country’s total population. Moreover, according to the latest data, Peru's cellular mobile connections are also increasing and have reached 40.03 million, equivalent to 117.1% of the total population. The growth of this number means that Peruvian people are increasingly mobile and have a greater need for the Internet, social media and mobile devices.
Internet Connection Speeds in Peru
According to data released by Ookla, the Internet connection speeds in Peru in early 2023 are as follows:
Mobile internet connection speeds over cellular networks were 16.62 Mbps, a 13.6 percent increase over the previous year. In addition, due to the popularity of mobile phones, the use of mobile Internet is also increasing year by year.
The fixed internet connection speed was 65.73 Mbps, a 55.5% increase from the previous year. The Peruvian government has been working to increase the penetration rate of fixed broadband across the country so as to promote the process of national informatization and digitization.
It is understood that in the past 12 months, the Peruvian government has taken a series of measures to increase the speed of the national Internet connection, including but not limited to strengthening the construction of Internet infrastructure and reducing network costs. The implementation of these measures has injected new vitality into the development of the Internet industry in Peru.
Peruvian Social Media Statistics
As of January 2023, Peru has 25.05 million social media users, which means it has 73.3% of the total population. Sometimes a user has multiple connection terminals, which may lead to duplication of data.
In addition, we can also see that the proportion of women in Peruvian social media users is 48.2%, while the proportion of men is 51.8%. This shows that while men make up a relatively high percentage of social media users in Peru, women also hold a considerable presence in the field.
Peruvian Facebook User Count
Facebook has 22.85 million users in Peru at the start of 2023, but potential ad reach will drop by 2 million, or 7.9%, between 2022 and 2023, according to Meta Ad Inventory. During the same period, the number of users marketers advertised on Facebook in Peru also fell by 1.1 million, or 4.6%, mainly because of the increase in TIKTOK users. The advertising coverage is equivalent to 66.8% of the total population of Peru. Since Facebook restricts the use of its platform to only people aged 13 and over, 86.0% of the "people aged 13 and over" audience users are affected. Among the advertising audiences, women accounted for 48.3%, and men accounted for 51.7%.
Peruvian YouTube User Count
According to the latest Google inventory update, the number of YouTube users in Peru has reached 17.6 million by early 2023. This figure shows that YouTube's user base in Peru continues to grow.
Meanwhile, YouTube ad coverage reached 51.5% of the total population of Peru in January 2023. This means that YouTube advertising has become a very important part of the Peruvian market.
Also, in January 2023, 72.4% of total internet users in Peru saw YouTube ads. This number shows that YouTube advertising has become the dominant form of advertising among Peruvian Internet users.
Overall, YouTube’s potential ad reach in Peru will increase by 100,000, or 0.6%, from early 2022 to early 2023. This data shows that the influence of YouTube advertisements in the Peruvian market is gradually expanding, providing gaming platforms with more opportunities and potential audiences.
Peruvian Instagram User Count
Instagram will have 8.5 million users in Peru in early 2023, according to data released by the Meta advertising tool. Therefore, it is helpful to know that 32.0% of the Peruvian audience aged 13 and over using Instagram in 2023 will be 32.0%. Ad coverage is equivalent to 35.0% of the local Internet user base (regardless of age). In early 2023, 54.1% of the Peruvian Instagram advertising audience will be women and 45.9% men.
Peruvian Tiktok User Count
According to data released by Bytedance Advertising Resources, the number of TikTok users aged 18 and over in Peru is expected to reach 16.87 million by early 2023. This is equivalent to 69.4% of the total internet users in the country. Women accounted for 56.9% of advertising audiences, while men accounted for 43.1%. It is worth mentioning that this figure has increased by 38.6% compared to the same period last year. From the beginning of 2022 to the beginning of 2023, TikTok’s potential ad reach in Peru increased by 4.7 million, which shows TikTok’s rapid user growth in the country. At the same time, from October 2022 to January 2023, the potential reach of TikTok ads has increased by 1.5 million, which also proves that TikTok’s advertising influence in the Peruvian market is gradually expanding.
Peruvian Facebook Messenger User Count
According to data released by Meta Advertising Resources, in early 2023, ads on Facebook Messenger reached 13.25 million Peruvian users, equivalent to 38.8% of the total population. As more and more people use social media, Facebook Messenger has become an important place for gambling platforms to display advertisements. In addition, the data shows that among users aged 13 and above, the ad coverage is equivalent to 54.5% of the local Internet user base. Therefore, gaming platforms can reach their target customers more effectively and increase their brand awareness through Facebook Messenger ads. It is worth noting that among the advertising audience, women account for 49.2%, and men account for 50.8%. Gaming platforms can formulate targeted advertising strategies based on this data. Between 2022 and 2023, potential ad reach decreases by 0.9 million (-6.4%), and ad audience size decreases by 0.45 million (-3.3%) between October 2022 and January 2023. This also confirms the reason for the decline in Meta's overall earnings last year.
Peruvian LinkedIn User Count
The number of “members” in Peru is expected to reach 7.7 million by early 2023, according to data from LinkedIn Ads Inventory. Internet users aged 18 and over in Peru will account for 31.7% of all Internet users by 2023. While LinkedIn restricts the use of its platform to those under the age of 18, ad coverage in Peru equates to 22.5% of the population. Among the advertising audience, men accounted for 56.3%, and women accounted for 43.7%.
Notably, LinkedIn’s potential ad reach in Peru increased by 900,000 people (+13.2%), and audience size increased by 300,000 people (+4.1%) in the period from 2022 to 2023. This shows the rapid rate of Internet penetration in Peru, with more and more Peruvians looking for work and networking through the Internet.
The situation of online games in Peru
In 2019, GfK, with the support of the Peruvian Association of Esports and Video Games (APDEV), released a report titled "Gamers: Profiles, culture, and purchasing priorities. A Deep dive in the Peruvian Gaming category." The report explores the game market situation in Peru in detail and provides a range of data and information. Among them, the most striking data are as follows:
In Peru, 78% of men are "gamers," compared to 22% of women.
Meanwhile, 76% of Peruvian men play video games at least once a week, compared to 56% of women.
In terms of age, 63% of men aged 18 to 35 are defined as gamers, compared to 83% of women. Among men aged 36 to 64, 38 percent identified as gamers, compared with 17 percent of women.
In terms of marital status, the proportion of single female players is 65%, and the proportion of married female players is 18%. For men, however, 49% of gamers are married, and 31 percent are single.
When it comes to choosing a gaming platform, men give priority to PlayStation (29%), followed by smartphones (24%), PCs (23%), and laptops (18%). Women are more likely to use smartphones (38%), followed by PlayStations (20%), laptops (19%), and PCs (12%).
In addition, according to GfK, in the last months of the quarantine, Peruvians even played more video games online than listened to music, second only to news and social networking. During the quarantine period, video game consumption increased by 50% to 500%. 75% of Peruvians play online video games at least once a week, showing a significant upward trend.
To sum up, the report shows that the game market in Peru shows a strong development momentum. This trend is not only reflected in the most vividly among men, but also has a good development among women. In addition, people of different age groups and marital status have developed a strong interest in games. In this context, the Internet development in Peru is self-evident.
With the advent of the digital age, electronic payment has become a global mainstream trend, and Peru is no exception. E-wallets in Peru are developing rapidly, becoming the preferred way for people to conduct convenient and safe financial transactions and, at the same time, promoting the modernization of Peru's financial system.
Yape: A mobile payment application that allows users to transfer, pay and recharge in real-time through a mobile app.
Tunki: An e-wallet from the National Bank of Peru that allows users to store funds in a mobile app for payments, shopping, and transfers.
BIM: Allows users to associate bank accounts with it for transfers, top-ups, and payments.
Visa and MasterCard: International credit and debit card brands are also common payment methods in Peru and can be used for online shopping and payments.
Paysafecard: A prepaid card that users can buy and pay for with a code on the card. No bank account is required.
PagoEfectivo: A way to convert cash into online payments, where users can pay in cash at participating brick-and-mortar stores and then complete the payment online.
SafetyPay: Allows users to use their bank accounts to make online payments while keeping their bank information safe.
RapiPago: A cash payment system that allows users to pay cash at agents and then use it for online purchases.
E-wallets have brought faster and more convenient payment methods to Peruvian society while also promoting the modernization of the Peruvian financial system.
Gambling Status in Peru
Due to the particularity of the gaming market industry, it is difficult to have accurate government revenue data, but the TC-GAMING editor found the content of the conversation with Peruvian Foreign Trade and Tourism Minister Luis Fernando Helgro.
Peruvian Foreign Trade and Tourism Minister Luis Fernando Helguero announced that the government expects to generate 210 million soles (S/210 million) in tax revenue this year from casinos and slot machines, compared to the amount in 2022 increased by 5%.
According to his estimates, the Ministry of Foreign Trade and Tourism (Mincetur) will take in around S/32 million this year from just two market segments, land-based casinos, and slot machine establishments. Meanwhile, according to the minister, Peru currently has a total of 19 casinos and 719 slot machine establishments nationwide.
Peru has made significant progress over the years in the regulation and development of the gaming industry. Today, gambling takes place nationwide in casinos, hotels, restaurants, and bars, while the brick-and-mortar sports betting scene is slowly expanding. In addition, the government has allowed iGaming operators to provide services. It can be seen that the Peruvian government is now vigorously developing the gaming industry. This also shows that the Peruvian gaming industry does not have the problem of sensitivity to gaming for the locals, nor does it have a bias in understanding or a mentality of resistance to gaming.
Types of Casino Games Popular in Peru
Peruvians show a wide-ranging interest in gambling. Online sports betting and a variety of classic casino games are popular in addition to football, basketball, tennis, and regular slot machines (Slot machines), roulette (Roulette), blackjack (Blackjack), and so on. Sports such as horse racing, bicycle racing, and volleyball are also popular betting fields for Peruvian players.
But as a gaming platform, chatted to bring more fun and variety to players. Sports passion or looking for excitement, the gaming platform must start with the diverse characteristics of the Peruvian population and localize the gaming so that it can seamlessly access the Peruvian gaming market, eliminate barriers, and the interface operation is close to the local gaming users so that the Peruvian gaming Players can easily find a suitable gaming game for them in gaming and entertainment.
With the popularization of mobile Internet, mobile gaming has become a major trend in the Peruvian gaming market. More and more Peruvians use smartphones and tablets for gambling and shopping, which promotes the development of payment channels and enriches diversified payment methods. The online gaming market in Peru is now legalized, but gaming platforms still need to strengthen the development and optimization of mobile products to meet the needs of bettors. Gaming platforms need to consider localized language, visual elements, marketing strategies, game types, etc., in order to better meet the needs of players in the Peruvian gaming market and maintain the competitiveness of gaming platforms. Therefore, it is very important to choose a reliable white label iGaming platform partner. TC-GAMING white label iGaming provides you with a one-stop network package service to help you save time and cost. In just 10 minutes, you can have your own gaming platform and quickly enter the highly competitive Peruvian gaming market. TC-GAMING has been in the industry for 16 years and has been recognized by thousands of gaming platforms. Our white label iGaming platform covers more than 10,000 sports events and thousands of video games every month. Choosing TC-GAMING as your partner is undoubtedly the best choice to enter the Peruvian gaming market!