With a population of 130 million and a passion for games of chance and sports betting, Mexicans are a great target for an online casino. They have taken a further step, even creating their versions of games such as Bingo. The game is known as Loteria, traditionally played at family gatherings, and uses iconic folk illustrations instead of numbers.
As competition in the online casino industry rises, setting up a lucrative site may be hard. Most developers now face many regulations that could seem hard to penetrate, but that isn’t always the case. Read further to find out more.
How the Gaming Sector Is Doing in Mexico
Mexico is considered a hidden gem in the gaming industry, considering its history and affiliation. Most casinos online Mexico have seen a steady growth in recent years. This has also forced authorities to relax some regulations. In the past, gambling was prohibited until new regulations came into play in 2014.
In 2016 Gambling in Mexico was legalized, increasing turnover from $24 million to $441 million by 2018 and then $798 million by December 2019. This resulted in many regulation changes. In 2020, a new law subjects foreign residents who provide online gaming services to taxes. In 2021 the ruling party also proposed to update the federal gambling law that was aimed at increasing benefits for the industry and also properly regulating the gambling industry.
Things to Consider When Starting an Online Business
1. Know the iGaming Laws in Mexico
It’s important to know what laws govern the country you wish to set up the site. In Mexico, online gambling service providers don’t require a license but must be authorized by the gambling authorities before starting the business. Nonetheless, they should move toward establishing a partnership with a local with a license. The operator is also required to pay a 30% income tax.
2. Know What Games the Mexican Players Prefer
It’s also important to know what your target market wants. Slots in Mexico are as popular as anywhere else worldwide, as players enjoy colourful animated themes. Mexicans also love number games such as the lottery and Bingo. They also enjoy traditional card games such as poker and live versions. Mexicans are huge fans of sports.
3. Know What Payment Methods Are Popular
Setting up an online casino that doesn’t offer any of the popular local payment methods would be a waste. Most online Mexican players prefer using cash payment options. Mexico has local providers, such as Todito Cash, Skrill, and Teleingreso.
Despite the uncertain laws that govern the online gaming industry in Mexico, it’s a very lucrative business considering the industry’s population and income generated in the past. It’s also important to optimize your site for the locals to attract more players to your target market.
Read more: Best iGaming Aggregators
