The Mexican economy has been a point of worry for many, with the peso recently seeing its largest downturn in 2024. Not the best news for the online gambling market in Mexico. However, the recent reveal of a new cabinet has finally strengthened the peso. Let’s take a look at what the new cabinet announcement means for the peso and online gambling market in Mexico.
Recent Peso History
Those into online gambling in Mexico will know all too well the downturn the peso has had. The latest results show that in just six months (December 2023-June 2024) the Mexican peso to US dollar rate has dropped over 6.37%, a serious downturn.
However, the Mexican peso is on track to make a comeback, with many predicting a surge in foreign investment in Mexico, and that means one thing, a whole new opportunity for those in online Gambling. Mexico is seeing an increase in online gambling popularity, including game variety, with new game types like crash games becoming available to players. Valuewalk’s Michael Graw shares that crash gaming is one of the most popular instant win games in the world, and it’s set to boom in Mexico as well (source: https://www.valuewalk.com/cryptocurrency/best-crash-gambling-sites/).
The need is there, with online gambling in Mexico boasting an $84 million revenue in 2023 alone. Online sports betting even more, reaching $1.09 billion in 2023. So, despite the peso taking a serious knock, it hasn’t prevented online gambling in Mexico. In fact, the market is growing, with crypto gambling being another popular option for hitting the jackpot.
While the peso is on its way to bouncing back, if the online gambling market in Mexico is anything to go off of, it is clear that the need for game variety is there. Let’s see what the new cabinet of Mexico might bring with it.
Mexico’s New Cabinet
Mexico has waited with bated breath to see who the new President-Elect, Claudia Sheinbaum, would name as her cabinet. The wait is finally over, with six members of the cabinet announced on 20 June 2024.
As the main worry has been the downtrend of the Mexican Peso, it is a relief to see Marcelo Ebrard named as the economy minister. There is no doubt that Ebrard is a businessman who truly understands the nature of economies, showing his willingness to propel the Mexican economy to new heights.
The announcement of the new economy minister has brought with it an easing of tension surrounding the Mexican peso. Investors from around the globe are making it clear that this could truly be the start of a new journey for the Mexican economy.
As doubt and worries ease over foreign investments in Mexico, it will be interesting to see what Ebrard brings forward. The peso is making incremental but steady increases. On June 21, 2024, the day of the cabinet announcement, the peso was trading at $18.26. As of June 27, 2024, the peso is trading at $18.30, an increase of more than 0.5% in just five days.
What This Means for Online Gambling in Mexico
The online gambling market in Mexico isn’t going anywhere, with a rising demand for more game variety. The encouraging announcement of a new economy minister in Mexico shows a profound potential for all economic sectors to see drastic growth.
A growing economy makes space for more investments, regulatory developments, increased disposable incomes, and much better consumer confidence, allowing people the assurance to spend their disposable income as they see fit. This opens a whole new customer base for the online gambling market in Mexico.