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Panama Online Sportsbook Revenues up by 88 Percent - 02-27-08 |
February 27 - While the online gambling industry is not always painted in the
best light, it is always great to encounter an online gambling success story,
such as recent news that Panama's online sports betting revenues increased
by 87.8 percent last year.
Online sportsbooks, which are legal in the Central American country, are
regulated by Panama's Gambling Control Committee. The committee recently reported that
total revenues from the six online sportsbooks it has so far licensed to operate in the country, reached $26,3 million in 2007.
This figure represents an impressive 87.8 percent increase over the $14 million
in revenues generated by Panamanian online sports betting sites in 2006. Each of
the six online sportsbooks must comply with Resolution 65, which regulates
licensed online gambling activities in Panama.
Raul Cortizo, executive secretary of the Gambling Control Committee, revealed
that a further 10 sub-licenses for online casinos as well as 10 sub-licenses for
online sportsbooks have been authorized to be operated and administrated in the country.
'We ensure that all prospective online gambling licensees undergo a
stringent investigation by the state in terms of checking their credentials,
financial resources, online gambling experience, and their employees, to
ensure that they are all legitimate,' said Cortizo.
In terms of online gambling 'taxes', each year the Panamanian Government
receives $20,000 from every sub-licensee, together with a $10,000 'goodwill fee'.
Online gambling is on the rise in Panama and the legalization thereof will only
benefit the players in the long run.
Take note US Congress.
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