We Talk with Cristina Romero about the iGaming Market in Mexico

In this conversation, Gamingtec talks with Cristina Romero about the Mexican iGaming market and its regulatory environment. Cristina is a lawyer and financial expert with over 15 years of experience in the Latin American market. She leads the international department at LOYRA Abogados, a leading firm recognised by Chambers and Partners Global Gaming. Additionally, she serves as an adjunct faculty member at IE Business School in Madrid, and as an independent member of several boards. Cristina has advised investors, operators, and suppliers on various projects in the region.

1. How would you describe the current state of the iGaming market in Mexico?

Cristina: I would say it is full of opportunities, as we have been saying for many years. It is a regulated market, despite the regulations being somewhat outdated. There are many opportunities, always with the right local partner, to explore the market both online and physical across all industry verticals, betting and casino. It is a large market and very close to the United States.

2. What is the origin of the legal framework that regulates iGaming in Mexico, and how do you consider it will evolve in the coming years?

Cristina: It is a somewhat "outdated" framework with a general law from 1947 and a regulation from 2004, plus some criteria and guidelines from the regulator. Given the change in government that occurred last year, it is not out of the question that the regulations will be reviewed and new regulatory possibilities will be proposed.

3. Who are the main players driving the growth of the iGaming market in Mexico?

Cristina: It is a market that continues to grow in both the physical gaming and online segments, although it is very much dominated by Caliente Casino. We are still seeing large international players like Betano (Kaizen Group) entering the market. I believe there are great growth opportunities in the affiliate space and that we will see the entry of a major US player in the future.

4. What legal and regulatory aspects should a client consider when launching an iGaming operation in Mexico?

Cristina: There is currently no possibility to enter with your own licence (beyond being able to acquire one), so you will always need to consider an alliance with a local licensee. I consider this, in essence, an advantage. There are different ways to structure these alliances, which present an excellent opportunity. Another relevant issue is that, to date, there are no technical standards or requirements to certify systems by independent entities. It is important to conduct thorough due diligence on available licences and dedicate time to consider the best structure.

5. How do you see the transition from physical games to iGaming in Mexico? Are there any relevant legal or operational challenges in this process?

Cristina: I believe that in a market where players highly value personalised attention and promotions, it is a challenge to move from "physical contact" to the online world and try to retain players in that environment and create communities. Similarly, there are groups of players who may face technological barriers and be reluctant to adapt to the dynamics of online gaming, and there is always the challenge of cybersecurity. However, the main challenge I see revolves around player retention and user experience.

6. What opportunities or risks do iGaming operators in Mexico face compared to other Latin American markets?

Cristina: Undoubtedly, reaching good agreements with local partners, and understanding the operational and local marketing peculiarities.

7. What recommendations would you give to international companies interested in entering the Mexican market?

Cristina: Conduct thorough research, compare available licences and structures, and reach good agreements. We are delighted to support them, as we have extensive experience.

8. What trends or legal changes do you expect in the iGaming market in Mexico in the coming years?

Cristina: As mentioned, with a change in government, a review of the regulations is expected. Hopefully, it will be a transparent process adhering to the best international practices.