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Mexico is the largest gaming market in LA

Mexico is the largest gaming market in Latin America, including physical and online games, according to the Codere Online company.

Codere Online started its online operations in Mexico in 2016, followed by a full commercial launch in 2019.

The current offer of online casino and online sports betting products in this market includes slots, video bingo, table games (including live) and sports betting (pre-match and live).

To see the trend: Codere Online had approximately 18,000, 14,000, and 12,000 average monthly active players in this market in 2021, 2020, and 2019, respectively, of which the majority accessed their products through mobile, desktop and, to a lesser extent, tablets.

Despite having one of the oldest regulatory frameworks for gaming operations, Mexican regulations have evolved to allow new forms of gambling, including online, and local authorities have interpreted that license holders can place bets online.

The Mexican authorities have drafted a new gambling regulation to replace the archaic 1947 law in order to, among others, regulate online gambling. The new law was approved by the Chamber of Deputies in December 2014, but has not been considered by the Senate.

However, according to Codere Online, based on a regulatory decree from 2004, the Mexican regulator, the Ministry of the Interior (Segob), granted various online licenses to locally licensed land-based operators that allow online gaming since 2016, but for to qualify for a license, operators must operate a retail store in Mexico.

Gaming market

Codere Online does not hold a license, but operates through a “Joint venture” or “AenP” (an unincorporated joint venture) with LIFO, a wholly owned subsidiary of the Codere Group, under which Codere Online, through of SEJO, operates online and is entitled to receive 99.99% of distributed benefits, while LIFO is entitled to receive the remaining 0.01% of those distributed benefits.

The LIFO license expires in May 2027. Although Codere Online is not aware of reliable publicly available data on the number of licensed operators in Mexico, it estimates that there are at least 15 online gaming operators in the country, including Caliente, Bet365, PlayCity and Bigbola.

According to Codere Online estimates, Caliente is the largest online operator in Mexico, followed by Codere Online and Bet365, with the rest of the competitors lacking a significant market share.

 

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