SOURCE: iGaming Business

According to Panama’s Gambling Control Committee, legal online sportsbooks licensed in the Central American nation registered around $26.3 million in revenues for last year, a rise of 87.8 percent over 2006's $14 million.

Six companies currently operate in Panama City, complying requirements laid out by Resolution 65, which regulates online gambling activities licensed by the Republic.

In addition, Raul Cortizo, Executive Secretary for the Committee, authorised an unidentified company to administrate and operate ten sub-licenses for online casinos and ten sub-licenses for online betting sportsbooks.

Cortizo said that 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".

The Committee revealed that licensed online sportsbooks in Panama paid out $19.1 million last year, 56.9 percent more than in 2006, and reported an income of $ 7.1 million in 2007, which was up 18.2 percent on the previous year.

The Panamanian State coffers receive $20,000 a year for each sub-license along with $10,000 in compensation for goodwill.