Mexico - Keen on expanding globally after dominating the online sports betting space in Europe, Bet365 has already made its way to Mexico.
The Bet365.mx domain is now already live, letting sports bettors in the country to place wagers on their favorite sports and markets. The platform was given the green light by the Direccion General de Juegos y Sorteos (DGJS), a department in the Ministry of the Interior that supervises the country’s betting and online gaming sectors.
Bet365 will be collaborating with Ganador Azteca — a local firm and a subsidiary of TV Azteca — on this project. TV Azteca is a colossal media group that possesses stakes in some of the most popular television networks in Mexico. This enterprise got a 25-year license agreement from the Ministry of the Interior in 2018.
Initially, TV Azteca was considering creating its own subsidiary that would work with a lot of different operators. However, the ministry altered the agreement, which means that there can only be one partner on this endeavor and selected Bet365 as this sole operator.
Bet365 has been looking at global expansion for some time now after being established as one of the leaders in online sports betting in Europe. The depth of the company’s offerings is impressive, catering to even the most obscure markets.
By penetrating the American market, Bet365 is looking to follow in the footsteps of a number of other European sports betting operators. The federal ban on sports betting in the United States was put a stop to in May 2018. Since then, a number of states have legalized the activity and dozens more are set to follow suit in the not-so-distant future.
There are a lot of openings for operators in this nascent sector. Bet365 is also collaborating with the Hard Rock Atlantic City Hotel, which opened on June 27, 2018.
As the Mexico economy has been on the rise of late, a lot more people have begun having disposable income. The country has the second largest market for gambling in Latin America. Revenues of about $10bn (£7.9bn) are generated each year by the sector, behind only Argentina in Latin America.
In 1947, legislation was passed that allowed independent facilities to offer gambling, which opened the doors for domestic and international investors. The new casinos were given licenses and pay valuable tax revenues to the state.
However, gambling laws have not been updated to cater to the online gambling sector. Foreign online gambling operators are accepted if they link up with local firms. The popularity of online gambling in Mexico is still fairly low, but there is a lot of upward potential going forward.