This month in iGaming: August 2022

📅 Updated 1 September, 2022 🕐 3min. 👁 408
Table of contents

Germany issues new slots licenses, Peru’s president signs a law legalizing iGaming, Uruguay takes a big step towards regulation, and authorities in Australia explore crypto.

Germany

Germany’s new gambling regulations have faced criticism from some corners. 

With a €1,000 monthly deposit limit and a mere €1 per-spin limit for online slots, as well as a mandatory cooling-off period between switching from sports betting to casino gaming, the German market almost looks like an experiment designed to find out how much regulation a gambling market can take.

But while some operators or suppliers might be opting out of the market, such as Kindred Group, others view Germany as a good bet. 

In August alone, not one, and not two, but five different brands, including Novomatic, were awarded slots licenses and are now able to freely operate throughout the country. It’s too soon to say if Germany’s regulations promote a healthy market or not, but it could turn out that the new licensees find way to adjust to the stringent regulations.

Peru

Peru might be overshadowed by Colombia, Brazil, and Mexico, but the country has earned a solid reputation as a highly desirable gray market. 

However, after watching its gray market thrive for so long, Peru has now joined the ranks of LatAm’s regulated markets; on August 12, President Pedro Castillo Terrones signed a law that created a regulatory framework for online gaming and sports betting. 

The Ministry of Foreign Trade and Tourism of Peru is named as the official gambling regulator. Operators will pay a monthly tax of 12% of the total tax base, which is determined by subtracting maintenance costs from net income. A further 2% of monthly income goes towards a maintenance tax. 

The president also encouraged previous gray market participants to register and start paying taxes. 

Uruguay 

Like Peru, Uruguay is moving to regulate its casino industry. On August 16, the country’s senate voted in favor of a bill to regulate online gambling. 

If the bill is signed into law, the General Directorate of Casinos of the Ministry of Economy and Finance would regulate online gambling in Uruguay. The Directorate would also create a fund that would donate between 5% and 8% of gross income to be directed towards the prevention and treatment of problem gambling.

Uruguay is one of Latin America’s most open and progressive countries, as well as being one of its most developed. The population is comparatively small — only around 3.4 million people — but well-off; the country’s GDP per capita is just over $20,000.

Australia

The past few years have seen an explosion of crypto casinos. In many areas, cryptocurrencies are the only method of payment available to players. 

The global rise of cryptocurrencies is prompting governments to clarify where they stand. Authorities in China, for example, banned all cryptocurrencies except for the digital yuan, the recently launched national cryptocurrency. 

In Australia, The Northern Territory Racing Commission is looking into how to use cryptocurrencies as a payment method.

While previously the NTRC has spoken out against the use of cryptocurrencies for gambling payments, the organization’s recent announcement of a public consultation indicates a recognition that the times have changed and it’s better to change with them. 

The Northern Territory is the only region of Australia that licenses online gambling operations, but licensees are not allowed to target players on Australian territory. 

The NTRC is looking at plans to allow players to place wagers entirely in crypto, without exchanging to fiat. 

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