Over the last two decades, the growth of the gaming industry has been a phenomenon. No matter where in the world you live – Europe, Asia, the Americas – the online landscape has allowed gaming to explode.
The global gaming industry was worth around $150 billion in 2017, just a year later it reached $175 billion. In 2019, the industry was valued at $200 billion, growing to $245 billion in 2020, and $300 billion in 2021.
2023’s current estimates suggest worldwide gaming revenue is now around $365 billion and likely to exceed $500 billion by 2028. The convenience of playing online is part of the reason for this rise, as is the vast choice of products.
There are:
* arcade games
* strategy games
* sports games
* fantasy games
* war games…
there is a game version of almost everything. In addition to this, there is the compelling world of casino and sports betting where real money can be won.
You can play a game of poker with 888, place sports wagers, and enjoy almost limitless variations of online slots. Trusted new sites are becoming easier to find, so you can play with safety and ease.
If there is a need for a product or service, the gaming industry has found a way to fill it. This entices new players and gives experienced players more to play for.
In the gaming world, some territories such as North America, Japan, Korea, and Western Europe have become well-established. Now, there is also growth in potentially vast emerging markets like Mexico.
Mexico
After a reported 1000% growth between 2009 and 2019, Mexico’s gaming industry was valued at $1.9 billion in 2020. Estimates suggest this is likely to increase a further 33% by 2026, making it the leading market in Latin America.
With a population of over 125 million and an internet penetration rate of 76%, Mexico’s potential for gaming is huge. Japan, whose industry is worth $29 billion, has a similar population size and just a 14% higher internet penetration rate.
It’s easy to see then, why gaming companies of all kinds are excited about the opportunities Mexico presents. It is also fully legal for offshore casino and sportsbook platforms to register Mexican citizens for their products and services.
So, what are the current trends in Mexico and beyond that are shaping the future of gaming in the region?
- Connectivity
High-speed internet and 5G are growing quickly in Mexico granting reliable connections to more people every year. Similarly, the increased ubiquitousness of smartphones and the tendency towards mobile gaming is growing quickly and steadily.
As with much of the world, reliable online gaming is one of the biggest drivers in growing Mexico’s gaming industry. The ability to enjoy our favorite products and platforms anywhere, at any time, is a huge incentive to play.
- Youthful population
In 2020, the average Mexican citizen was just 29 years old, compared to 38 in the U.S.A. While this figure will inevitably rise, it means Mexico currently has a relatively young population.
Younger people are much more eager adopters of online services and gaming in particular. The softening of strict gambling laws over the previous two decades also means young people have more open attitudes.
- Competition
In any industry, a competitive landscape filled with active and motivated players is good for growth. As mentioned earlier, the vast choice of gaming options, products, services, and platforms has become key to its popularity.
With potentially untapped revenue in the tens of billions, this competition in Mexico is only likely to intensify. As the world’s biggest and most innovative platforms race for dominance, many generous incentives will be offered to new players.
- Innovation
Constant and rapid development in gaming technology, for both hardware and software, means the products offered are constantly improving. Virtual reality, augmented reality, artificial intelligence, and the harnessing of data are all driving significant potential for growth and development.
As demonstrated by the recent shift toward mobile play, there will always be new and better ways to enjoy gaming. Similarly, research and development mean the products themselves are constantly becoming more compelling with an increasing appeal to wider audiences.
All this combines to generate more choices, more incentives, and better products for Mexico’s gamers. Mexican citizens are both more able and more motivated to game regularly with a higher quality experience when they do.
So, what can we expect from Mexico’s gaming industry in 2023? All the factors are there to suggest exciting, sustained, and rapid growth in both market size and the products offered.
Expect to see more players join the market, seeking fun and diversion from their daily life.
