Oh boy… so let’s begin. In Mexico it’s often used as a slur equivalent to f**got… But! It can also be used to say coward… Because in the mexican machismo construct being gay=not man enough,
It can also be understand as promiscous or prostitute (male). The same goes for the female version p*ta.
Source: I’m mexican

Oh and before I forget, we (as a country) got in trouble with FIFA on the last World Cup, cuz people tend to chant this when the other team’s goal keeper has to kick the ball. So there’s that. Hope I helped some.

well would you look at that! thanks for the info 😀 neat