ONLINE BETTING UP ON PANAMA WEBSITES

22 February 2008

Online betting increased a 87.8 percent in Panama


Legal online sportsbooks licenced in Panama registered around US$ 26.3 million in revenues in 2007, a 87.8 percent increase over 2006's US$ 14 million, according to a report from the Junta de Control de Juego (Gambling Control Committee) in Panama published this week by isa-guide.de.

This week Secretary Raúl Cortizo authorised an unidentified company to administrate and operate ten sub-licenses for online casinos and ten sub-licenses for online betting sportsbooks. Six agencies are already operating in Panama City, complying with all the requirements demanded by resolution 65, October 25th 2002, which regulates online gambling activities licensed by the Republic.

Panama licensed entities are required to " show us their credentials, their financial sources, experience and people that are part of them, so they are investigated by the state”, said Cortizo.

Currently licensed online sportsbooks in Panama paid out US$ 19.1 million, 56.9 percent more than in 2006, and reported an income of US$ 7.1 million in 2007, up 18.2 percent on the previous year.

The Panamanian state coffers receive US $20 000 a year for each sub-license for operating this activity, and US$ 10 000 in compensation for goodwill.

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