Dialling in from the Peruvian capital of Lima, EGR’s interview with Jeremy Castillo Willis is interspersed with the sound of drilling and construction. Perhaps it is apt, given Castillo Willis built two of Peru’s major sports betting operators from scratch in the past 16 years.
First was Inkabet in 2010, which was eventually sold to Betsson for an initial $25m in 2021. Castillo Willis had departed in 2016 to feed his entrepreneurial ambitions and launched Timberazo in the process. A majority stake in online-only Timberazo was then sold to UK and Ireland-focused omnichannel operator BOYLE Sports in 2023. The business closed its doors in 2025, with Peru having undergone a major regulatory overhaul and a new framework coming into force in 2024.
The Andean nation has a population of 34 million. H2 Gambling Capital placed 2025 total market GGR at PEN7.3bn (£1.6bn), with that figure expected to hit PEN12.3bn in 2031. The market is regulated by the country’s Ministry of Foreign Trade and Tourism (Mincetur), which Castillo Willis says is a supportive authority, with Peru a “safe place” amid a rush of anti-sector sentiment in Latam.
We caught up with Castillo Willis to get his thoughts on how he expects the market to continue to grow and what he has learned from his 16 years on the frontline.
EGR: You’re in a unique position in that you founded two major Peruvian operators. Can you take us back to 2010 and the founding of Inkabet?
Jeremy Castillo Willis (JCW): I’m an engineer. I have a background in technology, and in 2010 I was working at technology company. We developed platforms and systems for some companies, and one of the projects was researching and trying to develop a betting platform that became Inkabet. At that time, I think we only had Betsson in Peru. But if you were a Betsson user, you had to have a credit card and bet in US dollars. It was a very early stage.
The challenge was we had to teach people how to use this new platform, and we had to learn all the processes because we had people to hire. We had to learn and teach customer service, payments and withdrawals. On the other side, with the banks and providers, they didn’t know anything about a sector like gaming. We had some problems and we had to adapt. 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.
EGR: You left Inkabet in 2016. What changed for you and why did you decide to launch Timberazo?
JCW: I’ve always had an entrepreneurial mindset. I needed a new chapter and to start something from zero. Inkabet was big when I was there. They were number one or two in Peru at that time. I started something small with a great team, and I needed to apply all that I’d learned in those six years to a new project.
EGR: Other Peruvian brands such as Apuesta Total have a large retail estate but Timberazo was an online-only operator. Why did you decide to go solely online?
JCW: While retail is a proven way to make this kind of business work, Inkabet was online only. I knew that I could do it online only. It’s very agile and very fast. You have to be aware of what is going on online, what is going on with users all of the time. That kind of challenge was what I wanted to do [with Timberazo].
EGR: What are some of the key highlights or memories you have of Timberazo in the early days of operating?
JCW: We started a lot of things that are industry standard now. For example, we started to work with influencers and social communities. At the 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. At that time, I think we did this first, and we started to the approach the local customer in a very different way. We started using WhatsApp.
I am most proud of the fact we went through the life cycle of an operator. We launched the product, we grew and we competed with larger operators. Then we were acquired by a European group. We were one of the first operators that got the new licence [for 2024]. It was a great experience.
I have to be humble, but I think we were in the top seven. We had a very good team. I think we created a lot of value. That’s why we were approached several times for an M&A, and we had a lot of brand awareness here in Peru.
EGR: How did the BOYLE Sports interest come to pass? Was it a surprise at all?
JCW: We were the second operator to be acquired by a European company in Peru [after Betsson acquired Inkabet in 2021]. We were approached by other groups at the time. BOYLE Sports are a very serious group. They have great people.
EGR: What other groups were kicking the tires and sniffing around Timberazo?
JCW: I’d prefer not to say. We were approached by a Colombian group; two others were European groups. One was an investment company formed of ex-CEOs.
EGR: Did much change in the day-to-day operations once BOYLE Sports completed the deal in 2023?
JCW: In Timberazo, 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. We learned a lot. I think the most shocking process for me was being the owner of something and you pass that ownership to others. You have to adapt.
EGR: Timberazo was then closed in early 2025. Why did that happen?
JCW: We got the licence and were prepared [for the new regulations]. The shareholders made a decision to reduce the international exposure of the company. It was sad, but I understand. I was with the company and went through the process of closing. I learned a lot from that, too. You have two sides. I am very proud of what we did, and I was sad. It is like having a child and then they leave [home].
EGR: What have you been working on since Timberazo closed?
JCW: I took a few months to rest. Creating and operating businesses means I haven’t had much time to breathe.I’ve been advising groups looking at potential market entry into Peru. It’s a new experience for me because after so many years as an operator, 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 – some C-level roles here in Peru and in other Latam countries. I’m entering a very interesting stage of my career. I’m not in a rush. I’m trying to find the right project where I can use everything I learned in the last 16 years and apply it.
EGR: I wanted to pick your brains on Peru more widely. The new regulatory framework that came into effect in 2024; do you think it’s a good set of regulations or has the government got more work to do?
JCW: I believe we started with the right foot. The regulation is very friendly. Regulators need to understand more about our industry. But we are on the right track. I had a meeting with the director of the of Mincetur a couple of weeks ago. Peru is growing very very fast. They know we are growing very fast. They are helping all the operators.
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. I look at all of the reports from the likes of H2 Gambling Capital. Some people told me these reports are too optimistic but, when I spoke with the regulator, we are on track.
EGR: In terms of tax, there is an effective 12% GGR rate but also a 1% excise tax on turnover. What are your thoughts on the excise tax which caused some concern among stakeholders?
JCW: I understand the perspective of the regulator and the government because they are trying to put a tax in place so that the final user does not bet a lot. But the application is wrong because the taxation is paid by the operator. For example, if you put this excise tax on beer, the beer is going to cost more for the user. In our industry, they put the excise tax in place and the user doesn’t know. I don’t think the tax accomplishes its objectives.
We are going to talk more to the regulator and the government. We are in first stages of regulation. The government and all the operators are on the same path. We are going to have very good regulation, and we are going to get there together.
The post Q&A: Inkabet and Timberazo co-founder on pride, sadness and Peru being “on the right track” first appeared on EGR Intel.
Jeremy Castillo Willis reflects on his 16 years at the forefront of the Peruvian gambling sector, his future plans and why the Andean nation is a “safe place” for growth
The post Q&A: Inkabet and Timberazo co-founder on pride, sadness and Peru being “on the right track” first appeared on EGR Intel.