Regulating the Wildest West Should Bring Up Standards All AroundPublished July 13, 2018 by Lee R
Land-based gambling regulation is flourishing in Mexico; now is the time to bring iGaming regulation up to speed in kind.
Mexico has rolled up its sleeves on iGaming regulation, and the results should have a strong bearing on the North American landscape as well as the potential for iGaming to bring emerging economies into the global fold.
Improving Economy, Disposable Income
With a steadily improving economy, the amount of disposable income which Mexican players have for gaming brings regulation into topical focus in the intriguing LatAm region.
Moving Up the Ladder
At this point, Mexico has achieved the rank of LatAm’s second largest gambling sector.
Annual total gaming revenues regularly surpassing the $10bn (£7.6bn) mark are topped in LatAm only by Argentina.
Rising out of the Chaos
With a long history of illegal gambling, and many years of no licensing system in place even for land-based casinos, Mexico has traditionally been something of a wild card, or wild west, when it came to the gambling industry. This is a region where all manner of unregulated gambling has engaged players in the past, from scratch cards to cockfighting to horse racing to just about anything else.
The key development to modernize all gambling activity under regulation took place in 2004, when a 1947 statute was altered to allowed citizens of Mexico to gamble in locations not under the auspices of the Secretariat of the Interior. This permission led to an investment uptick from both foreign and domestic sources.
Overall Growth and Expansion
This in turn translated to a plethora of new licenced casinos contributing in a unified manner to the tax authority. Under close government regulation, privately run casinos and slot halls managed to grow and expand so that today some the best casinos in Las Vegas.
The Current Need
At this point, there is no regulation in Mexico, while Mexican players are allowed to play at foreign sites at their own risk, putting Mexico in the veritable dark ages of online gaming regulation.
State of Progress
At this point, the movement to protect Mexican players has advanced to the stage of bringing the 1947 Federal Gaming Law Bill under review in the interests of with drafting regulations specially addressing licencing and regulation of online play reflecting the guidelines of other previously established gambling jurisdictions.
Benefits to be Had
Potential local benefits of regulation in Mexico include increased competition and thus many licensing applications which the government can collect fees on, as well as tax revenues to be used for social benefit in Mexico. Further, players would stand to benefit from the lucrative offers and bonuses that would surely be extended by duelling operators continually entering the market. At this point, the sooner surely is the better in Mexico.