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Mexico to regulate online gambling

Niji Ng

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Mexico to regulate online gambling
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Mexico has been reviewing its gambling legislation for regulating the online gambling sector. The legislators want to bring the online gambling scene in line with the rest of the gambling industry in the country.

With the economy in the country steadily improving, more people have disposable income that they can spend on the likes of gambling. Currently, Mexico has the second biggest gambling sector in Latin America, with revenues from gambling surpassing the $10bn (£7.6bn) mark each year, with only Argentina ahead of them in the rankings.

While gambling has often been illegal in the country, and for many years there were no licensed casinos, it hasn’t stopped anyone from doing it. Scratch cards, cockfighting, and horse racing are all popular past times.

Advances were made in 2004 when a law from 1947 was altered – a move that allowed people to gamble in places outside of the facilities of the Secretariat of the Interior and led to an influx of investment from both domestics and international investors.

Soon, new casinos were all licensed and properly contributing to the tax system. Although the government still closely controls these new establishments, the casinos and slots halls are often operated by private companies, with some of them rivaling those in Las Vegas.

Changes abound in Mexico

One of the final pieces of the puzzle needed to bring the gambling sector in Mexico up to the speed with developed countries is their online gambling sector. Currently, online gambling in the country is not regulated.

People can use online casinos but, because there’s no regulation, it can be a risky business betting money with no guarantee that you’ll ever see your winnings.

There have been many calls to change the situation, and now it looks as if change may be on its way in the not too distant future. Currently, the county’s 1947 Federal Gaming Law Bill is under review with the aim of drafting regulations that would bring the online gambling sector in line with the nations other gambling organisations.

If this happens, it will be a big deal for investors and participants alike. Online gambling sites will be trusted and companies will be able to focus on long-term growth rather than worrying about what the future might hold.

Potential benefits of regulation

There are endless benefits to users of these online gambling sites if approval is given for the sector to be regulated. With so many participants in this space, the competition will be fierce to try and gain market share. This means that new players will be enticed with lucrative offers and bonuses. In the past, with the unregulated sector, a lot of these sites promising great rewards upon sign up could not really be trusted due to the lack of regulation.

Gamblers would tend to stick with a tried and tested party, rather than taking the chance elsewhere, even if the odds were a lot better on other sites. Regulation will inevitably lead to growth in the revenues of the leading regulated online gambling platforms, allowing them to pump more money into their offerings and the business as a whole.

This will enhance the experience for players, too. If changes are approved, these companies need to invest or else they risk being outshone by other market participants, especially those who will be entering the market from abroad. To date, the lack of regulation has meant a lot of established global online gambling companies have avoided Mexico, but this will not be the case once the regulation comes into effect.

It will also be in the interest of the Mexican government to introduce regulations, as they will be able to properly benefit from the taxes derived from online gambling. With the tradition of gambling in Mexico, this could be a massively lucrative market for all involved, and in the not too distant future, the online gambling sector could see its revenues bypass the $10bn (£7.6bn) annual revenues of the current gambling sector in the country. 

 

Source: vegasslotsonline.com

Niji has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. Besides reporting industry headlines from all around the globe, Niji is also head of the content management team at Impressions Content Management, based in Kerala, India, which offers writing and editing services to clients around the world.

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Compliance Updates

Voting differed on Remote Gaming Bill in the Netherlands

Niji Ng

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Voting differed on Remote Gaming Bill in the Netherlands
Image Source: slate.com
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The voting on the Remote Gaming Bill in the Dutch parliament has been postponed. It will now take place on February 19.

The bill has been under development since 2015. MPs debated the Bill and the Casino Reform Bill in the Senate this week also, but the all-important vote has been postponed to February 19.

At present, judging from the tone and content of the debate on parliament, the Bill is likely to be passed.

Sander Dekker, Minister Justice, said about the concern of MPs was whether operators who had operated illegally in the Dutch market would be allowed to gain a license:: “A license applicant who has actively offered online gambling services in the past will be able to remove doubt regarding its future reliability by showing good behavior during a consecutive period prior to the license application. During the debate on February 5, I have called this a “cooling down period.”

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Compliance Updates

Bacta meet with the Minister and explore industry road map

George Miller

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Bacta meet with the Minister and explore industry road map
Bacta meet with the Minister - (L-R): Bacta President elect James Miller, Gambling Minister Mims Davies and Bacta’s National President Gabi Stergides
Reading Time: 1 minute

 

A senior Bacta delegation, comprising National President Gabi Stergides, President elect James Miller and CEO John White met last week with the Gambling Minister Mims Davies and her Civil Service advisers. The meeting, which took place on Wednesday 6 February, was held at Portcullis House and followed the Minister’s attendance at November’s Bacta Parliamentary Reception.

Gabi Stergides said: “When we met in November, the Minister had only recently taken charge of the gambling and amusements portfolio following the resignation of Tracey Crouch, over the proposed delay in implementing the £2 FOBT stake that was subsequently rescinded.

“Last week we took the opportunity to provide a more detailed perspective of the amusement industry and what it contributes to national, regional and local economies, set out our plans for developing a road map of the changes we wished to see alongside appropriate player protection measures and to demonstrate the reasons why player tracking is not appropriate for our sector.

“Discussions surrounding social responsibility featured prominently and we explained the ways in which we are working with and advising the pub sector on age verification as well as expanding on the success of Bacta’s first Social Responsibility Exchange and how we want to extend its scope and influence moving forward. We also took the opportunity to express our views more generally about the importance of keeping the industry competitive in what is a fast moving world of digital entertainment, the role of the Gambling Commission as both regulator and facilitator and potential mergers which may take place among UK trade bodies and associations.”

“It was a very positive exchange and I look forward to the Bacta leadership team developing a progressive and open relationship with the Minister.”

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Compliance Updates

Ireland moves closer to banning loot boxes in video games

Niji Ng

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Ireland moves closer to banning loot boxes in video games
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Ireland could become the next country to ban lootboxes in video games, following the footsteps of countries such as Belgium and the Netherlands. The Dáil, the lower house of parliament in the Republic of Ireland, is discussing the legality of loot boxes.

Loot boxes are popular among the players. They are also a major source of revenue for game manufacturers, as loot boxes are often sold for real money.

However, it has also forced many governments look critically at the practice.

David Stanton, the current Minister of State responded that if any video game was offering a product that was considered gambling under Irish law, they must obtain a license for it. According to Stanton, no video game manufacturer has sought out a license in Ireland or another EU member state for loot boxes.

Minister Stanton repeated the concerns of the Gaming Regulators European Forum that certain video games were offering products that could be considered gambling under some national laws in the EU. Heydon used examples to outline how loot boxes worked and why they were viewed as gambling products.

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