Although overall market growth was moderate, the figures reflect a structural shift within the industry: rather than traditional expansion, the sector is undergoing a profound transformation, marked by an accelerated migration of players toward digital platforms and interactive experiences.

The digital channel consolidates its leadership

The 53.6% growth in online gaming made this segment the primary driver of the sector's performance during the year. The trend confirms users' preference for accessible, immediate formats tailored to mobile environments, in line with developments seen in international markets.

Beyond digital momentum, other land-based verticals posted positive results. Table games grew by 8.7%, while bingo halls increased by 10.8%, contributing to the sector's overall positive balance.

These figures show that Panama's gaming industry is not only remaining active but is moving toward a more diversified and technologically integrated model.

Decline in traditional formats

In contrast, some land-based segments recorded declines. Type A slot machines fell by 2.1%; the racetrack decreased by 5.6%; sports betting halls dropped by 10.9%; and instant games declined by 51.7%.

The most significant contraction was observed at the Lotería Nacional de Beneficencia, whose sales and net revenues decreased by 24.9%, reflecting a loss of market share to more agile and competitive digital alternatives.

A market in reconfiguration

The performance in 2025 suggests that Panama's gaming industry is not facing structural slowdown, but rather a process of reconfiguration. The overall 1.6% growth coexists with deep internal variations: accelerated expansion in the online environment and adjustment within traditional formats.

From an economic standpoint, the sector is moving toward a hybrid model with digital predominance, creating opportunities for operators that adapt their portfolios to new consumption habits. At the same time, it poses regulatory, fiscal, and technological challenges for authorities in a context where innovation sets the pace of the business.