Mexico Gaming & Payment Trends Report: Social Connection and Streaming Power a Mobile-First Market

Key Insights

• Mexico leads Latin America’s gaming market

As the region’s second-largest market, Mexico boasts Latin America’s highest gaming penetration rate, with 107 million players out of a population of 130 million in 2024. The market features one dominant leader alongside several strong competitors, while a steady stream of new gaming start-ups continues to attract substantial international investment – a strong signal that the market is still undergoing significant growth with ample room for new entrants.

• 80% of players socialise through games

Gaming has become a vital form of digital entertainment, deeply embedded in the daily lives of people across all age and income groups. Notably, gaming plays an important social role in Mexico: over 80% of players make friends and maintain connections through games, while nearly 60% engage in social interaction via live-stream chats. Additionally, streaming platforms such as TikTok and Netflix have a powerful influence over player behaviour, with games derived from streaming content performing particularly well: for example, three of the top 10 mobile games are inspired by the challenge-and-survival mechanics popularised by hit Netflix series Squid Game.

• Robust monetisation in mobile gaming as live-streaming and advertising fuel the next wave of growth

Driven by its vast player base, mobile gaming has become the most lucrative segment in Mexico’s gaming market. In 2022, average monthly spending per mobile gamer was over 40% higher than in 2020. Game live-streaming and in-game advertising have emerged as the fastest-growing revenue streams, up 99% and 87.9% respectively, while spending on game subscription services also continued to rise, signalling higher acceptance of this model.

• Seamless local payments enhance player experience

For Mexican gamers, a smooth and localised payment process is a key factor in their purchasing decisions. Nearly a quarter (24%) prioritise an easy payment process, while 22% prefer to pay in local currency. Credit cards remain the most commonly used payment method, followed by debit cards.

Mexico: Latin America’s second-largest gaming market with the region’s highest player penetration

Latin America’s second-largest gaming market boasting the highest penetration rate

In 2024, Latin America’s gaming market generated USD 18.6 billion in revenue, representing 4% of the global games market value. In recent years, the region has shown strong growth potential, with a projected compound annual growth rate (CAGR) of 7.25%, underscoring its positive momentum and ample room for growth.

Within the region, Mexico stands as the second-largest gaming market after Brazil, while boasting the region’s highest gaming penetration rate at 78.4% in 2023 – well above Brazil’s 63%. Mexico’s gaming market is expected to grow at a 7.21% CAGR – in line with the regional average – from $4.57 billion in 2025 to $6.04 billion in 2029.

The country’s gaming population reached 107 million in 2024, representing a remarkable share of its total population of 130 million – a strong signal of gaming’s crucial role in Mexico’s digital economy, underpinned by the broad user base and enormous market potential.

Mexico’s robust digital infrastructure further fuels this growth. With 83.2% internet penetration and 125 million smartphone users – covering nearly the entire population – the country provides a solid foundation for online and mobile gaming. High connectivity not only lowers barriers to game access and distribution but also supports the rapid adoption of new content and services.

Local players also demonstrate strong purchasing power. In 2024, per capita gaming expenditure in Mexico stood at $63.28, close to the Latin American average of $74.95. Given the country’s stage of economic development, this indicates high consumer recognition of game content and a strong willingness to pay – a positive signal for publishers considering entry into the market.

Competitive landscape: dominant leader, strong challengers, and room for new entrants

Mexico’s gaming market is dominated by the game’s publisher Garena International I, which posted sales revenue of USD 28.95 million – well ahead of other competitors and underscoring its strong market advantage and leading position. Its flagship title Free Fire remains highly popular among local players and a key driver of revenue growth.

The second tier comprises companies such as Supercell, Roblox Corporation and King, each generating between $9 million and $11 million in sales revenue. These publishers primarily focus on mobile gaming, which aligns well with Mexico’s 83.2% internet penetration rate and large base of mobile device users.

The third tier includes Playrix, Activision Publishing Inc. and Electronic Arts, with annual sales revenue ranging from $5 million to $8 million. Despite their strong global presence, these companies have adopted a relatively cautious approach in Mexico and have yet to establish large-scale local operations.

Chinese publishers are also gaining visibility. miHoYo Games and Tencent (Tencent Tianyou Technology) now rank among Mexico’s top 10 publishers by revenue, highlighting both the international competitiveness of Chinese gaming companies and the accelerating globalisation of Mexico’s gaming market.

Overall, the competitive structure resembles a pyramid, with a dominant leader at the top, a concentrated mid-tier, and a crowded base of smaller players. This configuration highlights a market still in expansion mode – offering significant opportunities for new entrants and clear pathways to scale.

A vibrant start-up ecosystem with extensive opportunities for investment and international co-operation

According to Game On: The Rise of Gaming in Mexico, a recent report by global entrepreneurship organisation, Endeavor, and Santander Bank, Mexico’s gaming industry is expanding rapidly, with start-ups specialising in gaming technology (gametech) multiplying across the country.

Data from the report indicates that, from 2022 to 2023, 67 Mexico-based gametech start-ups secured venture capital funding – a clear signal of investor confidence and growing market appeal. Notably, De Kabeza and Wasabi Videojuegos raised USD 275,000 and USD 160,000 respectively in 2022, further validating the feasibility and growth potential of local gaming ventures.

Research from Santander also highlights a strong monetisation advantage for gaming start-ups in advertising revenue. Driven by high user retention and frequent mobile usage, ad conversion rates on gaming platforms are five times higher than in other app categories, providing start-ups with a reliable path to monetisation.

Meanwhile, international capital and technology partnerships are further accelerating the development of Mexico’s gaming ecosystem. For example, in August 2022, local developer 1 Simple Game secured significant investment from two international investment firms – By Aliens and Global Top Round – boosting its valuation by several million US dollars. By Aliens stated that its goal is to establish the largest game incubation platform in Latin America through a multi-country investment strategy.