Mexico has an ever-expanding online sports betting sector. This momentum is due, among other factors, to its young population, the growth of Internet access, the popularity of sports, and Mexican government regulation.
Globally, the online gambling market registered MXN 64 billion ($3.742 billion) in 2020, according to the Statista portal, while it has climbed to MXN 80 billion ($ 4.673 billion) in 2023 and it is expected to reach MXN 110 billion ($6.425 billion) in 2025.
Mexico, meanwhile, achieved revenues of MXN 2 billion (more than $117 million) in 2022 and online gambling is expected to increase at a compound annual growth rate (CAGR) of 20% over the next five years, according to an article in local newspaper El Imparcial.
Facts and Figures
Mexico has a growing young population that is increasingly connected to the Internet. In 2022, there were more than 100 million Internet users in the country and this number is forecast to rise to 120 million by 2027.
On the other hand, the popularity of sports in Mexico continues to grow. Soccer is the most popular sport in the country, and the country has a strong sports betting culture.
In 2022, Mexicans bet over MXN10 billion (over $585 million) on sports, and this figure is expected to grow to MXN15 billion (over $878 million) by 2027, as detailed in El Imparcial‘s report.
The Mexican government is in charge of regulating the online sports betting market. In 2014, this sector was regulated, although the industry continues to request an update to the 1947 Federal Law on Gaming and Sweepstakes.
It is worth noting that the growth of online gambling in Mexico is not only creating opportunities for betting operators, technology providers, and marketing service agencies, which are increasing their investments in this country, but it has also seen an increase in sportsbook comparison platforms. These are “websites popular with bettors looking for the best sites that are also reliable, legal and secure,” the report adds.
While the online sports betting market in Mexico is still in the early stages, “it has the potential to become one of the largest markets in Latin America and to generate thousands of new jobs,” the analysis concludes.
Original article: https://www.yogonet.com/international/noticias/2023/08/16/68330-mexicans-wagered-over-585-million-on-sports-online-in-2022
