Connect with us

Compliance Updates

Mexico to regulate online gambling

Niji Ng

Published

on

Mexico to regulate online gambling
Reading Time: 3 minutes

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.

Continue Reading
Advertisement
Comments

Compliance Updates

UK may implement cut of FOBT maximum stakes earlier than announced

Niji Ng

Published

on

By

UK may implement cut of FOBT maximum stakes earlier than announced
Reading Time: 1 minute

 

The British culture minister Jeremy Wright said the government is planning to prepone the implementation of the planned reduction of the maximum stake on fixed-odds betting terminals (FOBTs). Earlier, the date of implementation was October 2019. It could be proposed by six months to April 2019.

It is a real twist in the tale, following the resignation of sports minister Tracey Crouch, who blamed the government of delaying to October the planned the reduction of maximum stake from 100 pounds to just two pounds.

The government had been staring at a possible defeat on its budget legislation in parliament, as many legislators from the governing Conservatives backed an amendment which would have forced them to bring forward the timing of the cut.

Wright said the implementation of the proposed rise in Remote Gaming Duty, paid by online gaming operators, could also be preponed to April to cover the negative impact on the public finances.

Continue Reading

Compliance Updates

New gambling law in Switzerland will come into effect from 2019

Niji Ng

Published

on

By

New gambling law in Switzerland will come into effect from 2019
Image Source: fineartamerica.com
Reading Time: 1 minute

 

The newly passed gambling legislation in Switzerland, the Swiss Gaming Act, will come into force in the country on 1 January 2019. The law will regulate the licensed online gambling space and ban foreign operators altogether.

The new law legalises licensed iGaming companies.

The gaming act’s enforcement was confirmed by Switzerland’s Federal Council, which confirmed its implementation starting next January. It also explained it will consider licence applications during the first six months of 2019, in compliance with the new legislation, and the first ones are set to be issued before July 1, when the foreigner’s ban comes into effect as well.

Licensed operators can provide poker and roulette games to the customers, but need to stick with stringent constraints about the stakes.

The “concrete measures” of the new legislation were aimed to protect problem gamblers.

Continue Reading

Compliance Updates

Bulgaria adds more websites to iGaming blacklist

Niji Ng

Published

on

By

Bulgaria adds more websites to iGaming blacklist
Reading Time: 1 minute

 

The State Commission on Gambling (SCG) of Bulgaria has added four more websites to its blacklist of iGaming companies that are operating without a license.

The four websites added to the blacklist as per order no. 1913 of October 28 and no. 1991 of November 9 are nissicasino.com, 1xbet72.com, pokernox.com, 1xdcxc.host.

The SCG periodically updates the list of illegal gambling sites.

The State Commission on Gambling has been established for the purpose of inspecting the compliance with the law of the activity of the gambling games organisers, the producers of gabling game equipment, the distributors and service organisations for the maintenance and repair works of such equipment performed on the territory of Bulgaria.

Continue Reading
Advertisement
NSoft
Advertisement
BetConstruct

Subscribe to our News via Email

Enter your email address to subscribe to our news and receive notifications of new posts by email.

Latest by author

Trending

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.