[bsa_pro_ad_space id=1 link=same] [bsa_pro_ad_space id=2]

Skip to Content

Supplier News

Panama – Panama’s GGR tops US$40m in first half of 2016

By - 25 July 2016

Gaming revenues in Panama during the first half of 2016 reached over US$40m according to the latest report released by the Panamanian Gaming Control Board (JCJ) of the Ministry of Economy and Finance (MEF).

The Executive secretary of the Panamanian Gaming Control Board (JCJ) Eric Ríos told press that gaming tax revenue for the state remained steady.

“Gaming remains at a good pace and it is estimated that on completion of 2016 could reach US$82m – similar to the figure achieved in 2015,” he said.

According to the report, from January to June this year revenue from slot machines classified as Type C in Panama (slot machines which may only pay a maximum of US$200 per machine in prizes)reached US$20,800,000 while revenue generated by slot machines classed as Type A (slot machines which do not have a payout ceiling) reached US$5,933,000. Revenue generated by fully fledged casinos meanwhile stood at just over US$11,000,704. Revenue generated by international sports betting and grey hound racing stood at US270,000, bingo halls generated US$51,000 and online gaming revenue stood at US$20,000.

However, according to estimates released by the Association of Managers of Gaming (ASAJA) in April between January and February betting (not including the sale of lottery games) fell by 13.7 per cent compared to the same period last year. According to ASAJA gaming revenues could fall by as much as U$S30m to U$35m compared to last year when the first decline in gaming revenue was recorded since 2000.

Last year, the JCJ raised US$82.2m – US$13m less than was obtained during 2014 marking the end of a decade of increased revenues for gaming companies. Operators have blamed a new tax which went into effect in 2015 on falling revenues. A 5.5 per cent tax now applies to all cash withdrawals made in casinos, slot parlours, bingo halls and sports betting shops and tracks. The new tax was approved in order to fund US$60m of the US$74.8m needed to increase pensions.

Share via
Copy link