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Panama records huge betting revenues despite rollercoaster 2020

October and November were pivotal months for Panama as casinos and betting rooms recorded bets of $143.9million

When comparing year-on-year results, Panama experienced a decreaseof $211 million as figures show that establishments recorded bets amounting to $143.9million for October and November ($355 million in 2019).

The main reason for this decline was certainly due to the pandemic since casinos and betting rooms were forced to close for eight months in 2020.

The Office of the Attorney General had reported that $531 million was wagered between January and last November which is a decrease of 72% when comparing to data for 2019.

Additionally, a total of $2.116 million generated through wagering represented a drop of 4.2% on 2018 figures. The downward year-on-year Panama | SiGMA Newstrend has appeared since 2015 due to the introduction of a 5.5% tax scheme which was implemented to finance the country's retirement pay rise.

The tax is required to be paid by players whether they win or lose a bet and it is estimated that a yearly amount of approximately $53 million is generated.

The continuous decline has seen over 6,000 people be made redundant since betting tables were reduced. Furthermore, the closure of sporting establishments due to COVID-19 has encouraged players to play on sporting events held outside of Panama.

The months of April all the way till November saw $17million played on sporting events held outside of the country.

According to Contraloria, gambling operators recorded gross revenues of $104.7 million between January and November, after paying winnings to punters. This reported revenue is a 70% reduction compared to 2019 for the same period.

Source: Yogonet

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