Episode 12: Italy, Panama and Liechtenstein
Summary
Right to the Source returns with Robin Harrison and Ed Birkin exploring three very different gambling markets: Panama, Liechtenstein and Italy. The episode frames each market with key stats and on-the-ground observations to give listeners a compact, data-led snapshot.
Panama is assessed as a small but potentially strategic online market — regulated GGR per capita sits at just $8, well below regional peers — yet operators see room for growth. Liechtenstein’s land-based sector is reeling after Swiss self-exclusion passporting triggered a far larger revenue hit than expected. And Italy continues to show resilience and consolidation despite advertising restrictions and pandemic pressures, with notably higher GGR per capita.
Listen to the full episode on Apple Podcasts: Right to the Source.
Source
Key Points
- • Panama’s regulated online GGR per capita is very low at $8, compared with $48 in Brazil and $27 in Mexico.
- • Some operators (eg Codere Online) see Panama as a growth opportunity or springboard into larger LATAM markets.
- • Rising taxes in major jurisdictions may push challenger brands to target smaller regulated markets.
- • Liechtenstein casinos were hit hard by Switzerland’s self-exclusion passporting — revenue dived ~85% in two weeks, far exceeding the government’s 30% estimate.
- • The Liechtenstein market faces about a €50m year-on-year decline in gambling tax revenue and at least one permanent casino closure.
- • The passporting arrangement applies with Switzerland but not nearby Germany or Austria, allowing cross-border play and undermining local operators.
- • Italy’s gambling market remains resilient and increasingly consolidated despite an advertising ban and pandemic effects; Lottomatica is strengthening its market position.
- • By contrast to Panama, Italy’s GGR per capita is around $118, illustrating the huge variation in market maturity within the sector.
Why should I read this?
Quick, punchy and full of handy numbers — this summary saves you the podcast runtime. If you want to know where operators might look next, which regulation shocks can wreck a small market, and why Italy still matters, this episode gives the essentials without the fluff.