The Dominican Republic Reports 6.5% Gambling Proceeds Growth in 2023 H1

The Dominican Republic Reports 6.5% Gambling Proceeds Growth in 2023 H1According to the latest reports released by the General Directorate of Internal Taxes (Dirección General de Impuestos Internos) in the Dominican Republic, the proceeds from the gambling sector in the country have increased by 6.5% for the first half of 2023 compared to the same period last year. The actual figures equal DOP2.16 billion (US$37 million) for 2023, as opposed to DOP2.03 billion (US$35 million) for the first six months of 2022. The Caribbean country’s gambling market shows promising signs of bouncing back to its pre-pandemic state, at a slow but steady rate.

The Department of Casinos and Games of Chance (Dirección de Casinos y Juegos de Azar) is the Dominican Republic’s regulatory body in charge of casinos, sports betting establishments, bingo halls, lotteries, and other games of chance. It manages, supervises, and issues licenses to gambling entities and operates under the jurisdiction of the Ministry of Finance.

The upward tendency mentioned above, however, may not be a significant one, given the profound impact of the COVID-19 pandemic on the local and world economies. The Caribbean country’s gaming revenue for 2020 reached a record low of DOP1.86 billion (US$32 million).

Besides the Coronavirus disease, there were several other factors that caused the Dominican Republic’s gambling market to plummet. Going back to 2019, its state was exacerbated by incidents associated with the tourist industry. The Caribbean country’s gambling industry is closely related to the tourist industry, with more than 60 land-based casinos across its territory. More specifically, an avalanche of tourist deaths inevitably caused negative consequences for both the tourist and gambling sectors.

Despite these major frustrations, the Dominican Republic’s gambling industry has shown signs of outstanding adaptability, taking a turn for the better in 2021.

The Dominican Republic’s Gambling Sector Takes Strides Toward New Market Highs

The sports betting segment of the gambling industry in the Dominican Republic can be predominantly given credit for the recorded increase in the proceeds for 2023. Following the shift to regulated betting establishments that commenced in 2021, operators were given an interim period to comply with the new directives and apply for licenses. Those who failed to do so had to cease operations.

According to reports, the sports betting segment produced revenue of DOP1.42 billion (US$24.8 million) for 2022. The 2015 proceeds equaled DOP1.2 billion (US$21 million). If the industry continues to make steady strides toward growth, the estimations by the end of 2023 stand at DOP4.21 billion (US$74 million). Compared to last year’s figures of DOP3.64 billion (US$64 million), the prospective would mark a 21% rise.

Overall, the upward tendency demonstrates the growing impact of the gambling industry on the Dominican Republic’s overall economic climate.