AffPapa Conference Madrid: Mexico’s iGaming Market Still Has “A Long Way to Go”

Mexico Continues to Grow, but Maturity Remains Distant

One of the main conclusions from the conference panel was that Mexico’s online gaming industry is still far from reaching full maturity, despite its rapid expansion and increasing international interest.

“Mexico is certainly a unique market. It cannot be considered a copy-paste in comparison with other Latin American countries,” said Rosa Ochoa, Founder & Strategic Advisor at Blue Global Gaming. “We have a regulation since 1947, while the market moves much faster than the current structures in Mexico.”

During the conference, Ochoa also highlighted the importance of digital trust and changing consumer behavior. According to her, new generations of players are increasingly entering the online gaming ecosystem through recommendations, fintech familiarity, and digital onboarding processes.

Aviv Sher, Chief Executive Officer at Codere Online, agreed that the Mexican market remains in an expansion phase. “Mexico is still in a growth phase, and we estimate it will continue like that for at least the next five years,” he stated. “Everyone is growing in double digits, which means the market is still in a growth phase and not mature yet.”


 

A Market Defined by Regional Differences

Panelists at the conference emphasized that Mexico should not be treated as a single homogeneous market.

“From north to south, they even play different sports,” explained Lucas Lebleu, Founder at Blue Bull. “Operators have learned their lessons from Mexico down to Brazil, not treating every country as a whole in LatAm.”

Lebleu added that online casino products and new forms of content are driving a second wave of growth in the country, while competition among operators continues to intensify.

Carlos Sánchez, Co-Chief Executive Officer at TipsterChat, noted that the affiliate ecosystem is also evolving toward a more professional environment.

“Operators are now looking more at the quality of traffic instead of volume,” Sánchez said. “Content creators and Tipsters are becoming more professionalized. They learn how to make their own deals with operators and how not to burn relationships.”


 

Regulation and Trust Remain Key Challenges

A major topic during the discussion was Mexico’s outdated regulatory framework, which dates back to 1947.

“There is no regulatory framework like we know in Europe,” Sher explained. “The law itself just talks about phone bets, and from that they concluded that it’s allowed to accept bets online.”

According to Sher, operators currently work under approvals and permissions granted by SEGOB, Mexico’s Ministry of the Interior, while companies attempt to build transparent compliance structures independently.

Lucas Lebleu also argued that the existence of gray-market operations slows the market’s evolution.

“The fact that there’s easy access to operating in gray areas in Mexico probably slows down the maturity of the market,” he said. “Players don’t always know exactly where to gamble or what platforms to trust.”

Meanwhile, Rosa Ochoa drew parallels between fintech and iGaming onboarding systems, particularly regarding KYC procedures and digital payment adoption.

“There are more and more operators concerned about accomplishing those requirements,” she noted. “That creates certainty for players, so they know where they are playing and that they are supported.”

World Cup Expected to Accelerate Competition

With the FIFA World Cup approaching, speakers agreed that the tournament will act as a major catalyst for customer acquisition and market visibility.

Ruben Guillem, Head of Commercial Partnerships at Entourage Sport & Entertainment, stated that operators should focus on creativity rather than simply increasing advertising budgets.

“The biggest spenders aren’t necessarily going to win the race,” Guillem said. “There are more cost-effective opportunities through brand ambassadors, sponsorship activations, and creative campaigns around the matches.”

Carlos Sánchez stressed that retention will become more important than acquisition alone during the tournament cycle.

“The World Cup is a huge opportunity for the acquisition of new users,” Sánchez commented. “But the key question is what happens in August or September with all those users. Operators want quality and retention, not only volume.”

Lucas Lebleu warned that late entrants may struggle to compete against established brands already operating in the country.

“If your survival depends on your World Cup campaign and you’re just ramping it up now, you’ll basically be dead after the World Cup,” he said.

Aviv Sher revealed that Codere Online is avoiding excessive World Cup-specific spending despite rising acquisition costs.

“Prices are 20% to 25% higher during this period,” Sher explained. “We prefer to invest more in retention after the World Cup rather than overspending on short-term acquisition.”

Affiliates and Creators Gain Strategic Importance

The conversation also addressed the growing relevance of influencers, tipsters, and content creators within the Latin American betting ecosystem.

According to Carlos Sánchez, the creator economy in Mexico is becoming increasingly sophisticated and will continue to expand over the coming years.

“I think a few creators will become their own media companies, with the ability to deal directly with operators,” he said. “There will be many more opportunities around that.”

Sánchez also argued that international operators frequently underestimate the complexity of the Mexican market.

“They think Mexico is just another Spanish-speaking market, so they simply copy-paste strategies,” he explained. “But Mexico is different.”

Looking Ahead: More Competition and More Technology

Toward the end of the session, panelists shared their expectations for the Mexican market over the next year.

Rosa Ochoa predicted that technological innovation and enhanced player experiences will continue shaping the industry, while Lucas Lebleu highlighted the increasing role of artificial intelligence in gaming operations and engagement.

For Ruben Guillem, the country will continue attracting new operators searching for sponsorship and partnership opportunities.

“Many more operators will come to Mexico,” Guillem concluded. “But the right strategy will always win.”