Despite a revenue decline in the first half of the year, the Panamanian horse racing business has stated optimistic prospects for the near future.
Since its reopening in mid-February, the Hipódromo Presidente Remón racetrack has maintained a consistent operating pattern. However, a financial report from the racing authority, which explains how activities during the first six months of 2021 showed a year-over-year decline, contradicts that viewpoint.
The racecourse made $12 million in wagering revenue between January and June 2021, down $7 million from $19.6 million in the same period last year. Due to the pandemic, the Hipódromo’s doors will remain closed into 2020.
“It should be highlighted that in 2019 there was no pandemic and employment rates were good, unlike 2021 when the situation is completely different,” the Hipódromo told La Estrella de Panamá.
Trading levels showed signs of improvement in June, reaching $2.3 million, or around $500k less than in 2019. Total bets, simultaneous transmission, and local events are all included in this figure.
Furthermore, the Hipódromo stated that internet gambling helped to maintain the business solvent, despite the fact that the number of bettors who choose land-based operations continues to outnumber those who prefer digital.
“This shows that the horse racing activity, despite the entire economic situation of the country and the pandemic, has been able to stay afloat and enjoy a positive trend, which we hope to sustain throughout the next six months. That period will be extremely busy in Panama, [but] we hope we can continue without restrictions,” the Hipódromo concluded.