In theory, the online gambling scene in Mexico is highly regulated, and you can only play on locally licensed brands. In practice though, you can easily access offshore gambling sites, as authorities don’t actively block or prosecute them.
This is a golden opportunity for gamblers, as online crypto casinos in Mexico offer a highly competitive product, are privacy-friendly, and most importantly, you will avoid all taxes on your winnings. Below you will find the current best brands, along with other helpful information on crypto gambling.
Up to Date List of the Best Mexican Crypto Casinos
You needn’t waste your time trying to find ideal crypto casinos in Mexico. Our team got its hands dirty for you. We’ve perused ample cryptocurrency casinos and drawn up a shortlist of sites offering you instant withdrawals, large game libraries, bonuses that triple your deposit, and better anonymity than conventionally licensed Fiat casinos.
Both online gambling and cryptocurrencies are legal in Mexico. Online gambling has been legal since 2004, although Mexico tends to be quite restrictive in terms of which operators are granted licenses. Only sportsbooks and poker rooms are legal, not casinos. However, this isn’t really an issue for you. Nobody has faced issues playing at offshore sites, even if they don’t hold any agreement with a local brand.
Cryptocurrencies themselves are not deemed legal tender, but there is an active Mexican crypto regulation in place. Mexico sees cryptocurrencies as a form of payment and a virtual asset. To protect against money laundering, any sizeable transactions are required to be noted and reported. The Mexican Central Bank has powers to regulate them under the Law to Regulate Financial Technology Companies, which was passed in March 2018.
Betting with cryptos is also legal, as no law prohibits it. In short, Bitcoin gambling in Mexico is safe, and the only viable way to find sites that are not restricted by local legislation. The lack of the requirement that dictates international casinos & sportsbooks to make deals with locally licensed companies allows them to provide higher odds and larger bonuses, due to less taxes. A win-win situation for players and brands.
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Mexican Crypto Gambling Facts
1
Mexico’s licensing authority has only handed out a handful of licenses to gambling operators since internet betting became legal in 2004.
2
Mexican players are free to join any licensed gambling site, even those based offshore. This includes crypto sites.
3
Cryptocurrencies are legal in Mexico, although they don’t appear at Mexican-licensed gambling sites.
4
Bitcoin is legitimised and recognised as a form of payment – therefore, it is taxable.
5
Virtual assets such as cryptocurrencies are subject to anti-money laundering regulations, with transactions over specific amounts required to be reported.
Top-Class Mexican Crypto Betting Sites
We know that Mexican bettors are truly passionate, and they are always after the next new deal. Crypto bookies are a must nowadays for avid punters, as most of the times they offer excellent odds for certain competitive markets. We have filtered all crypto betting sites that accept players from Mexico, and showcase below the ones that combine high odds with instant payouts, and are generous with Free Bets.
To purchase cryptocurrency in Mexico, you’ll need to head over to an exchange. Bitso is deemed the most popular one in the country. It has over a million users, 92% of which come from Mexico. Other notable exchanges include Kraken, Binance, Volabit, Bitex, and Coinmama.
Purchasing cryptocurrency at an exchange is not taxable – it is when you sell it. You won’t be charged for transferring cryptocurrencies between your wallet and any betting site, either. Nor are your cryptos taxable when they sit in your wallet.
If your Mexican licensed sportsbook supports cryptocurrencies, then you can deposit straight away, and the site will hold on to any taxes or winnings you have to pay to the state. However, accepted cryptocurrencies may be limited, and fees could be involved. If you choose to play offshore, though, you’ll find a greater selection of cryptocurrencies to choose from, and the deposit limits, fees and transaction times are often a lot more flexible to boot.
You can process payments using nothing more than your payment provider (wallet) and the key/address of your cryptocurrency casino or sportsbook.
Step-By-Step Process
Step-By-Step Process
1
Start an account at a crypto exchange. Fund it via debit card, bank transfer or any other local option. Acquire the cryptocurrency that you are going to use as a gambling bankroll.
2
If you are not in a hurry, limit orders hold fewer fees than market orders. Sometimes, it is better to acquire the proprietary coin of the exchange first, as trading pairs with them cost less.
3
Transfer the cryptocurrency amount to your private wallet. Never make direct transactions between crypto exchanges & crypto gambling sites. Crypto exchanges may freeze such accounts.
4
Head over to the gambling site’s cashier section. Click on the relevant crypto method. The wallet’s address will appear. Copy the address and paste it into your wallet’s send function. QR code scans are commonly available too.
5
If a brand does not support crypto-only wallets, watch out for the exchange rate. Any spread above 1% of the current market rate is too much.
6
After a few seconds or minutes, your deposit will settle. This depends on the cryptocurrency and the number of block confirmations required by the operator
So far, taxation rules look okay, don’t they? However, there’s more to it than that. Mexico has double taxation rules when it comes to both gambling online and cryptocurrencies. Therefore, we should pay special attention to this before we go any further. We’ll do that below.
Crypto Gambling Taxes in Mexico
There are both gambling taxes and cryptocurrency taxes which you may face if you live in Mexico. Mexican bettors will find a 10% tax attached to anything they win at Mexican-licensed sportsbooks. This is automatically deducted when you win, so you needn’t worry about it. This also makes it unavoidable.
Theoretically, you are supposed to declare that 10% tax when you complete your income tax return, should you win at offshore sites. Naturally, not everyone does, even if we don’t advocate doing things illegally.
Taxes on cryptocurrency are limited to the gains you make selling it. Technically, crypto profit is treated the same as, say, property sales (capital gains/income tax) under MITL on your declaration. Trading one crypto for another is also taxable but difficult to calculate. The tax rate varies from 1.92% to 35%, depending on your profit. For instance, profits of less than MEX$ 90,000 are taxed at 1.92%, while those over MEX$ 4,511,707 are taxed at a hefty 35 %.
If this is too troublesome, you can always defer the payment. The only confirmed legal way to do this is to hold on to your cryptocurrencies – even your winnings. As long as they remain in your wallet, you aren’t making any gains on them and aren’t, therefore, liable for any sort of tax, save for potentially, you know – the gambling tax.
How Other Countries Treat Crypto Gambling
Gambling in South and North America is booming, and no surprise that it is highly regulated. Although this allows for many opportunities, entering the field is rather complex with all the strict verification requirements.
This was one of the reasons USA crypto gambling sites started popping up. The ease of use paired with unlimited games and markets was just too hard to ignore, albeit the regulatory confusion from various states. Crypto gambling sites in Colombia follow the same path. Overall, the neutral stance against digital assets from governments has given citizens enough confidence to use such platforms.
Despite few cons here and there, Mexico is mainly a haven for betting with Bitcoin. Crypto gambling in Mexico is alive and well, and with some locally licensed sportsbooks and a host of licensed offshore crypto sites all legal and above board, you’ve got plenty of options to choose from. We recommend that you start right here on this page, as cryptos will truly widen your gambling horizons, and add significant value to your bankroll.
FAQs
Yes. Mexico has no issues with you using cryptocurrencies as virtual assets or to purchase goods. In fact, cryptocurrencies are somewhat regulated by the Central Bank of Mexico according to Mexican law.
There are one or two Mexican sportsbooks that accept Bitcoin but no casinos. Instead, you’ll need to head to one of our recommended crypto casinos to have fun.
Yes. It isn’t as popular as Bitso, but there doesn’t appear to be any reason why you can’t make use of Crypto.com to purchase (or trade) cryptocurrencies in Mexico.
They should be placed under the MITL section of your declaration. Capital gains and income are taken into consideration and taxed as one and the same in Mexico.
Not officially. Anything you buy with cryptocurrencies is subject to VAT. Therefore, wagers should include VAT. Of course, because of the impracticalities of this and the lack of any clear-cut rules surrounding gambling with Bitcoin, stakes aren’t’ effectively considered eligible for VAT.