Inkabet and Timberazo Co-Founder Reflects on 16 Years Shaping Peru’s Online Betting Sector

Jeremy Castillo Willis, a leading figure in Peru’s online betting sector, has played a central role in the growth and transformation of the market over the past 16 years. Castillo Willis co-founded Inkabet and Timberazo, two major brands in the region, both ultimately acquired by European groups. He describes Peru as an increasingly stable and supportive market for operators, despite recent tax changes and regulatory shifts.

Building Inkabet: Establishing Local Online Betting in Peru

Castillo Willis launched Inkabet in 2010 after a career in technology, aiming to develop a sports betting platform tailored for the Peruvian market. At the time, options for local players were limited, with only companies like Betsson operating—with deposits in US dollars and requiring credit cards. Castillo Willis’s team introduced the first platform to accept deposits in Peruvian currency, adapting operational processes for a largely unserved gambling population.

The early challenges included:

• Educating new players on how to use the platform
• Establishing customer service, payments, and withdrawals from scratch
• Negotiating with banks and local service providers unfamiliar with online gambling

"We were the first operator to receive deposits in the local currency. I think we made errors, but we started to build the gaming sector in Peru," said Castillo Willis.

By 2016, Inkabet had become one of Peru’s leading operators—attracting attention for eventual acquisition.

From Inkabet to Timberazo: New Ventures, New Approaches

In 2016, Castillo Willis left Inkabet to pursue further entrepreneurial projects. He established Timberazo as a purely online operator, mirroring the agility and fast decision-making he valued from previous experience. Timberazo differentiated itself by:

• Leveraging influencers and social communities to promote online betting
• Using WhatsApp and direct engagement with customers
• Maintaining a lean team, fostering fast-paced innovation

Castillo Willis recalls, "At that time, it was crazy because the influencers didn’t know what online betting really was. We talked to them and we had to teach them how it worked. Now, you need influencers and ambassadors."

Timberazo quickly gained local brand awareness, earning a position among the top seven operators in Peru. It was one of the first to secure a new operating licence under the 2024 regulatory framework.

M&A and International Partnerships: Betsson and BOYLE Sports in Peru

Inkabet was sold to Betsson in 2021 for an initial $25 million, marking a significant foreign acquisition in the market. In 2023, Timberazo followed, selling a majority stake to BOYLE Sports, the omnichannel UK and Ireland-focused operator. Castillo Willis noted that Timberazo was the second Peruvian operator acquired by a European company after Inkabet.

Multiple parties expressed interest in Timberazo during its M&A process. Groups included a Colombian company, two European companies, and an investment consortium of former CEOs. After the acquisition by BOYLE Sports, Timberazo expanded its workforce and international reach, introducing teams in Ireland, the UK, and beyond. Castillo Willis highlighted the transition challenges: "We had around 20 people. We decided things fast. When we were acquired, the team grew to around 50. We had people in Peru, people in Ireland, the UK and other countries. We were slower, but we had a big backing and the technology was great."

Peru’s Regulatory Evolution: Opportunities and Challenges

Peru's online gambling industry saw substantial regulatory reforms in 2024, with oversight by the Ministry of Foreign Trade and Tourism (MINCETUR). H2 Gambling Capital reported that Peru’s total gross gaming revenue (GGR) in 2025 reached PEN7.3bn (£1.6bn), with projections of PEN12.3bn by 2031. The regulatory approach in Peru is described by Castillo Willis as collaborative, helping to distinguish the country from others in Latin America experiencing stricter crackdowns.

Castillo Willis observed, "If you look at other countries in Latam, there are a lot that have serious problems with the industry. They are trying to ban a lot of things. I think Peru is a safe place right now, and you can grow."

He highlighted the effective tax regime, with an effective 12% GGR rate and a 1% excise tax on turnover. While the intent is to moderate betting behaviour, Castillo Willis questioned the application: the excise tax is charged to operators rather than being transparent to the end user, creating debate over whether the policy meets its objectives.

After Timberazo: Advisory Roles and Industry Outlook

Following the closure of Timberazo in early 2025—attributed to BOYLE Sports seeking to limit international exposure—Castillo Willis transitioned into a period of rest and then strategic advisory work. He now consults for groups considering Peru market entry and is evaluating senior roles within Peru and wider Latin America. "I'm now looking at it from a different perspective. At the same time, I’ve been approached with some very interesting opportunities, which I’m currently evaluating," he said.

Castillo Willis underscored his optimism for Peru’s future as a regulated gaming market. He maintains the market is "on the right track" with a regulator open to dialogue and continuous improvement, supported by substantial projected growth and increasing operator sophistication.

Peru as a Growth Market for Online Gambling Operators

Peru’s population of 34 million, progressive regulatory stance, and adoption of digital platforms make it a strategic growth market for international and domestic operators. With MINCETUR setting the regulatory tone, and sustained engagement between government and industry, companies are positioning themselves for expansion and compliant operation in the rapidly developing Peruvian sector.

Find further sector analysis and regulatory updates in our b2b and regulation sections.