LVFH Goes For Mexican Online Gambling Market

Published Wednesday, May 04, 2011 - Online-Casinos.com

The Latin American jurisdiction has been beckoning online gambling operators since gaming was introduced to the internet. Mexico represents a large market and has become a challenge for operators to penetrate that one casino back in 2008 managed to accomplish. The first legitimate and fully licensed online casino operating in Mexico, was the Palmascasino.com site is the "online casino division of the Emex Group. The company has gown since then and has recently announced a new agreement formed with the Mexican General Office of Gambling and Lotteries.

EMEX, Producciones and Poker entered into separate previous agreements, resulting in Poker having been granted the sole and exclusive right to operate and conduct online gaming and betting activities, excluding lotteries, in Mexico under the commercial name of Palmasbet. In addition to the Playboy Casino Cancun, EMEX also operates twenty-two bricks and mortar casinos under the Palmas Group of Casinos under the Palmasgroup brand.

A statement regarding the changes in Mexico‚Äôs online gambling read; the Canadian software firm Las Vegas From Home.com Entertainment Inc.  is pleased to announce that it has signed an Asset Purchase and Sale Agreement (the "Asset Agreement") to acquire (the "Transaction") a 99% equity interest in Poker from Home de Mexico, S. de R.L. de C.V. ("Poker"), a private company duly incorporated in accordance with the laws of Mexico, resulting in the Company owning a 99% interest in Poker's sole and exclusive right to exploit a certain federal Mexican permit (the "Federal Mexican Gaming Permit") for the development of, and to operate, conduct and take, certain online bets and online casino gaming activities in Mexico.

The Federal Mexican Gaming Permit was originally issued to EMEX by the Mexican General Office of Games and Drawings/Lotteries, and is valid until May 24, 2030. A report published by Gambling Compliance indicated the scope of the Mexican market, "Potentially, Mexico possesses all the elements to establish itself as a major gaming market; a booming population with a passion for sports; a strong gambling tradition; and an emerging middle class with increasing purchasing power."

 

 

 

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