Superbets: "If it is not equitable, the regulatory framework may discourage the main brands from investing in Peru"

Superbets' COO, Luis Felipe Cornejo, attended the twentieth edition of the Peru Gaming Show in Lima and highlighted the relevance of the event, which, he said, is an example of the "rapid evolution" of the gaming industry.

In an exclusive interview with Yogonet, Cornejo talked about his recent incorporation into Superbets, an online gaming and betting operator brand in the Dominican Republic, as COO and announced that the firm is expanding to other Latin American countries and to a US state.

Besides acknowledging the importance of PGS 2023, the executive offered his analysis regarding the regulatory framework for the online sector that Peru is about to adopt and said he expects it to be "equitable" for the brands that already operate and those that are considering entering the market.

The twentieth edition of PGS was recently held, in which you participated as a speaker. What did you think of the event with regard to the offer available for operators?

Peru Gaming Show has become one of the most important annual events in this part of the continent. By that, I mean that the main suppliers schedule their attendance on their agendas in advance. Moreover, it is true that there are brands that are repeated every year, but the offer of technological solutions is always different. This is a rapidly evolving industry and we can see that every year at PGS.

Luis Felipe Cornejo at PGS 2023

The regulation that will govern the online sector in Peru is expected to be published at the beginning of July. What are your expectations regarding this regulatory framework?

My expectation, and that of many of us who have been in the sector for several years, is that it will be equitable. That it regulates those of us who are going to adapt, but it also controls those who decide to operate illegally. Otherwise, this may discourage the main brands in the market from continuing to invest, or those that have not yet entered the market may decide to take another path, one that gives them stability and protection for their investments.

Do you think that the discussion around the regulation and the standard was enough to have a regulatory framework consistent with the current Peruvian market?

I think that will depend on the final document that is issued because although the possibility was opened for each participant in the industry to send their suggestions or observations, we were not given the opportunity to provide support. This secrecy is a little worrying because we do not know if they [the suggestions], which in some cases are crucial for the activity, have been taken into account.

Do you think that the regulation of the sector signals a change in the scenario of the gaming sector (land-based and online) in Peru?

It is a natural step in the evolution of the markets. What will mark the change is how it is executed, how it is controlled, and how it is modified in case it does not work as planned. For that, it will be necessary for the parties to be open to dialogue and understanding, and to handle information responsibly and with a joint purpose. Otherwise, everything that has been achieved will be put at risk.

Peru Gaming Show 2023

In your presentation at PGS, you commented that, in addition to regulatory factors, there are cultural and sports factors that allow the growth of verticals such as online gambling and sports betting. How do you evaluate the evolution of such factors in Peru and Latin America?

From my experience, markets that for years have had legal or illegal gambling experience are likely to develop faster than those that do not. I am referring to bingo halls, land-based casinos, lotteries, or pool games that did the previous work to break gambling paradigms.

Furthermore, there are the sporting factors and the countries where professional sports have a higher level and variety will be more attractive to the bettor. This will push the development of sports betting.

At this point, Peru is between two situations. On one hand, it has an advantage over other markets since gambling, with the exception of online gambling, is completely regulated and is part of the culture. But, on the other hand, it is a market centered on soccer, with a professional league with some problems that prevent it from having a better level.

PGS 2023 - Conferences