OFF THE CUFF: Nearly $2.5 billion spent on gambling

THE  ENABLERS of Panama’s gambling addiction  took a $20 million  hit in 2015   but still managed  to extract $2.469 billion  from the wallets and purses of those seeking   a short cut to easy living or just the thrill of trying to beat the odds.

The drop  in the volume of bets was the first in  12 years although many more casinos have sprouted. since 2003, according to statistics from the Gaming Control Board.

The vast majority, or 85.3 percent of the total, was made on slot machines.

Table games in casinos handled $276 million in wagers, followed by bets on horse racing ($47.4 million) sporting events ($34.6 million) and bingo ($3.6 million).

Gamblers won just over $2 billion, meaning gambling companies generated $418.9 million in profits, most of which heads to the US ownera of Panama’s casionos.

Antonio Alfaro, president of the Association of Gaming Managers of Panama (Asaja),  tried to put the blame on the reduction in betting  on the 5.5 percent tax on  slots gambling, that was created to finance the pension increase for retirees. The tax, which came into effect half way through last year   is charged when a player cashes in chips or credits on a slot machine.

Gaming Control Board Secretary Eric Rios was more pragmatic said the decline in betting levels may be due to many reasons, such as changes in gambling habits or a change in the number of tourists, although the tax may have changed the “gambling habits of the betting public.”