Alessandro Bastianoni’s body was found in a Lima apartment next to a bottle containing a poisonous susbstance, Corriere della Sera said.
Investigators also found an overnight bag containing around €105,000 in cash and a letter in which the gambler asked for the money to be used for his cremation.
Bastianoni likely committed suicide 10 days ago, investigators said, following a worried phone call to his partner.
“He told me that he had lost a lot of money and I could hear deep sadness in his voice. I tried to cheer him up, but it was useless,” partner Yeinni Ospina told Corriere.
Bastianoni was found after she contacted the Italian ambassador and Peruvian police.