Panama iGaming: $3bn gross revenue by end of 2025
Panama's gambling market has demonstrated enviable resilience and expansion capabilities during the last fiscal year. According to official data from the National Institute of Statistics and Census (INEC), the sector reached gross revenues of USD 2.938 billion in 2025, representing a solid growth of 15% compared to 2024 results. This increase is not just a matter of volume; it reflects a profound transformation in user preferences, where the online channel has become the main driver of the country's financial takeoff.
If we analyze the verticals by gaming volume, iGaming is, without a doubt, the star of the report. With a volume of USD 587.8 million, the online sector registered a massive year-on-year growth of 82.3%. This qualitative leap consolidates Panama as one of the most dynamic regional hubs for digital gambling. However, the giant of the sector remains land-based gaming through "A" type slot machines, which generated gross revenues of USD 2.147 billion. Although their growth was more moderate (5.2%), these terminals continue to be the revenue pillar of the traditional system, followed by gaming tables, which contributed USD 146.8 million after growing by 15.4%.
The contrast between gross volume and net margin
A revealing aspect of the report, prepared with data from the Ministry of Economy and the Gaming Control Board, is the difference between what is wagered and what ultimately remains in the operators' coffers after prize payouts. The sector's total net revenues stood at USD 375.5 million, a modest increase of 1.6% compared to the previous year. In this section, iGaming also shows its strength with a net profit of USD 33.8 million, representing an increase of 53.6%, contrasting with the slight drop of 2.1% suffered by "A" type slot machines.
The report also reveals some shadows in specific niches of the traditional market. Both racetracks and physical sports betting shops experienced setbacks, with declines of 6% and 11% respectively in their gross revenues. This phenomenon suggests that Panamanian sports bettors are rapidly migrating to digital platforms, seeking the convenience of mobile over visiting a physical location.
In conclusion, Panama closes a historic 2025 where the industry has capitalized on digitalization to offset the stagnation of some land-based verticals. With iGaming growing at a near triple-digit rate, the challenge for 2026 will be to maintain the sustainability of these net margins in an increasingly competitive and supervised environment.
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