Episode 12: Italy, Panama and Liechtenstein
Summary
Right to the Source returns with Robin Harrison and Ed Birkin taking a quick tour of three very different markets: Panama’s nascent online scene and its potential as a springboard, Liechtenstein’s casinos reeling from a self-exclusion passport with Switzerland, and Italy’s surprisingly resilient and consolidating gambling market.
Key Points
- • Panama’s regulated online gambling GGR per capita is tiny (about $8), yet operators such as Codere Online see growth potential.
- • Rising taxes in larger markets could make smaller, regulated jurisdictions like Panama attractive for challenger brands seeking footholds.
- • Liechtenstein casinos have been heavily impacted by a Swiss self-exclusion passporting scheme: revenues plunged ~85% in two weeks and the market faces an estimated €50m year-on-year fall in gambling tax income; one Eschen casino has closed.
- • The self-exclusion passporting does not cover nearby German or Austrian casinos, allowing players to cross borders and gamble, undermining the local measures.
- • Italy’s market remains robust despite an advertising ban and pandemic pressures; consolidation is underway with players such as Lottomatica strengthening their positions. Italy’s GGR per capita is around $118 for context.
Content summary
The podcast episode offers a compact, data-led discussion: Panama’s low GGR per capita belies commercial interest from operators looking for regulated growth opportunities. Liechtenstein’s situation is a cautionary tale about cross-border policy effects: a Swiss self-exclusion passport wiped out large shares of local casino revenue almost overnight and highlights enforcement and competitiveness issues when neighbouring markets remain accessible. Italy rounds out the episode as a mature, resilient market that continues to grow and consolidate despite regulatory headwinds.
Context and relevance
This episode is useful for executives, regulators and analysts tracking market-entry strategies and regulatory impacts. It highlights how tax and exclusion policies in one jurisdiction can reshape player flows and operator economics elsewhere, and why smaller regulated markets may look attractive when larger markets become costlier to operate in. The comparisons (Panama $8 vs Italy $118 GGR per capita) help frame opportunity vs scale when planning expansion or compliance strategies.
Why should I read this?
Short version: it’s a tidy briefing that saves you the podcast runtime. If you care about where operators might go next, how cross-border rules bite into local revenues, or why Italy’s market keeps chugging along, this episode gives the headlines and the numbers you need without the fluff.