Mexico Close to iGaming RegulationPublished August 30, 2015 by Lee R
The Mexican government is losing revenues and control until the iGaming bill's passage.
Regulation is coming to Mexico in 2015.
New Regime in 2015
A new gaming regime covering online and live gambling is expected to be passed before year's end in the state legislature.
Though the gaming bill passed last December in Mexico's lower house of the Senate was fast tracked for approval, the legislative session for the year before it could be pushed through.
A flurry of controversial bills and constitutional amendments resulted in Mexico Senate President Luis Miguel Barbosa's subsequent announcement that the new gaming bill would be delayed until 2015.
Delays Challenged Confidence
Speculation that the bill might not pass was raised as the delays dragged through the first half of the year. However, now the doubts have been quelled: Mexico Gaming Association (AIEJA) President Miguel Angel Ochoa Sanchez' announced on radio his belief in the bill's passage during the next Senate session in Mexico, running from September to December.
Ochoa cited the creation of new jobs, the generation of investment and generation of taxes for the national economy as viable benefits that he assures will spur Mexican lawmakers to complete the approval process imminently.
The biggest allure is the estimate of up to $600 million in investment from new land-based casinos that the bill's passage could garner.
In a country where gambling is illegal, the dual benefits of online and land-based revenue certainly represent significant revenue streams at any rate.
As far as online gaming is concerned, the regulation of online gaming will divert revenue streams to the government on what is already a large amount of activity, as currently Sanchez estimates 95 percent of online gaming play in the country to be unregulated.
Much Unregulated Play Now
Apart from online casinos like Caliente Casino, Royal Vegas Casino and Free Spins Casino that accept Mexican players, all of the widespread online gaming activity remains unregulated by the Mexican government, costing the Mexican government an estimated $200 million by Ochoa's projections.
The new bill can change all that.