Panama Licensed Casinos
All online Casinos with an Panama Gambling License
Introduction to Panama Licensed Casinos
Panama is the southernmost country in Central America. The tropical nation is popular for its beautiful view of the Panama Canal that cuts through the midsection. Panama is a small licensing jurisdiction when it comes to online gambling. However, there are a few recognizable brands that they call home.
Panama attracts many online gambling channels because of minimal government interference and a banking industry that is gambling-friendly. Moreover, Panama’s infrastructure is modern. It became a licensing jurisdiction in 2002 as that is when the Online Gaming Act of 2002 had been passed.
The first license had been issued in 2003 and Panama was the first business ever since then. The Junta de Control de Juegos is the Gaming Control Board and issues licenses for the operation of all gambling sites.
History of Casinos in Panama
Panama declared itself an independent Central American isthmus in 1821. It was in 1903 that it declared its ultimate independence from Columbia. However, its gambling history isn’t properly recorded. The earlier gambling record in the isthmus was in the 20th century. During that time, it was only the government that offered gambling activities.
In 1997, the tourism industry was starting to include gambling as a division. That is when gambling facilities and activities got proper legalization in Panama. So, business people could invest in its gambling scene. Although the law requires casinos to have an operating space in first-rate hotels that at a minimum of 300 rooms.
During the time, the Panama government came up with a rule for reinforcing its main revenue-generating industry which is tourism. Using the rule, Panama has more than 20 first-rate hotels throughout the country. In 2017, more than 5000 hotels had come up.
In the meantime, the Panama Tourism Authority along with the Panama Chamber of Tourism works with the casinos that are a member of ASAJA for promoting gambling and casinos inside and outside the country. It can be said that Panama prioritizes gambling and generates a good amount of revenue from gambling facilities and activities.
Panamanian residents, natives, and tourists enjoy an extensive range of gambling activities in Panama. As a matter of fact, all forms of are gambling legal in Panama. The nation is full of facilities that provide customers with an agreeable and protected condition with cutting-edge table games and gaming machines.
The Gambling License in Panama 2023
The Panama government provides casino operators, service providers, and software providers in the gambling industry a license. This license lets them conduct business associated with lotto, casino, and other gaming activities. Panama Gambling License is one of the most well-known licenses for online casinos across the world.
The history of gambling in Panama goes back a long way with more than 30 brick-and-mortar operations, including horse racing, lottery, and bingo halls. February 1998’s The Gaming Decree Law makes it so that the State of Panama issues all contracts, authorizations, and gaming licenses to third-party operators of brick-and-mortar casinos, venues with slot machines, and online casinos offering games of chance, and online betting sites.
In 2022, a new law in relation to online gambling regulation was introduced in Panama. Many leading online casinos and sports betting sites are under Panama’s license and regulation. In fact, one of the most popular casinos operating under it is BetOnline.
Panama’s license caters to multiple countries but primarily focuses on the USA players. The site provides the best in poker, casino, and live betting. With Panama’s infrastructure, you can enjoy a wide range of services for online gambling providers and operations such as private cloud services, high-capacity private racks, and dedicated customer services among other options.
Panama is a popular location for online casino operators as the base. But the success has been primarily due to two factors, political stability, first-rate telecommunication facility, and legislative system. Many gambling sites operate out of Panama, including casinos, sports betting, bingo, poker, and more.
Online Gambling Regulation in Panama
In the nation, gambling operations are regulated by Junta de Control de Juegos. It is one of the smallest advanced gaming jurisdictions across the world. Junta de Control de Juegos licenses audits and regulates online casino sites operating in its jurisdiction and services the international community.
The policies that are applicable to the Panama Gambling Companies are National Anti-Money Laundering Regulations, Know Your Customer, Counter-Terrorism Financing Regulations, and Unusual Transactions Act. As a part of its duties Junta de Control de Juegos controls the gaming businesses and services to make sure they are operating as per the regulation and standards of the Panama government. The licensing body conducts audits regularly to make sure that the casinos and other gambling companies are meeting the terms of the license.
Licensees should maintain a complete audit trail for every player depositing with the operator, including individual bets and financial transactions. Gaming systems, such as back-end software logs, have to be made available to all third-party auditors. Gaming rules, payout and game outcome have to be made available to Junta de Control de Juegos for five years. Just the residents of the nation above 18 years of age can engage in online gaming. Bets from Panama residents or people below 18 years are refused by the operator.
Tax exemption opportunities
When you are planning on starting an online gambling business in Panama, you have to check all essential procedures such as license acquisition and company registration. Panama Gambling License offers excellent chances to each licensee for making their business profitable.
Custom duty concessions are offered for imports required to carry on Internet gaming. In Panama, gambling companies with a license can qualify for tax-exempt status. Thus, it means they won’t have to pay any income tax. Also, there is no Sales Tax or VAT in Panama. Offshore companies, like online gaming companies, aren’t subject to foreign exchange control.
Panama has managed to maintain an attractive environment for international online gaming companies. The license it provides is popular all across the world. Hence, you will have a big customer base after you get the license.
Gambling Licensing In Panama
To maintain a gambling license, the decision of approving the application is under the jurisdiction of Junta de Control de Juegos depending on the documents the experts submit. Panama offers an Online Gambling license that covers all gaming operations, network operators, eGaming service providers, affiliates, network operators, eGaming software suppliers, and white-label operators.
The Panama Gambling License allows online gaming companies to operate legally. Every applicant undergoes a thorough assessment, making sure that licenses are provided to applicants who demonstrate such integrity and financial standing to preserve Panama’s international reputation as the online gambling hub.
If something doesn’t correspond to the requirement, Junta de Control de Juegos will offer an improvement checklist. A Panama Gambling License covers every online gambling form, including eSports, Casino, Sports Betting, Horse Racing, Lotto, Bingo, Fantasy Sports, Game of Skill, and Bitcoin Casino without having to need a license for every individual product. Panama Gambling License will let you operate all across the world.
How Can You Get a Gambling License in Panama?
If you have to receive a license from the Junta de Control de Juegos, you will have to follow a few strict guidelines. To apply for the license in Panama, you have to incorporate the company in Panama. Thereafter, the licensing process is going to start. For securing a gambling license in Panama, our specialists work with Panama authorities for complying with Due Diligence and KYC policies.
Apart from the complete identification of the Ultimate Beneficial owner with a transparent and detailed description of games are to be provided. The last step is to get a piece of equipment for the transit server that will transmit all data for the gambling project to the jurisdiction that they are in control of.
You should have hardware in Panama that has a minimum of your client database on the local server for complying with the Permanent Establishment Requirement. Panama provides many established and reliable hosting service providers, primarily geared towards the intricate requirements of the eGaming industry. The Panama Gambling License will reach the formalization level when the services have been registered.
What Are the Requirements to Get a Panama Gambling License?
Servers hosting the site and other data need to be physically present in Panama territory with a minimum requirement that you have to host the client database on the same server.
You have to provide your full name and contact email address when you are filling up the application form for generating the invoice. After you pay the invoice, you will get a notification informing you to submit the following documents;
- Curriculum vitae.
- Notarized passport copy.
- Bank reference letter.
- Notarized utility bill issued in the past 2 months.
In some cases, you might have to submit a few additional documents. The registration and licensing processing time vary from 2-4 months. When the process ends, you are going to get a Panama Gambling License.
So, you have enough time to develop the gambling business only if you start the license clearance process immediately. After you get a gambling license in Panama, you are going to need two banking services- a corporate bank account and a merchant account. But these have to be friendly to the Gambling Companies.
Opening and managing a gambling merchant account along with a company bank account for an Internet gambling service might present a few unique challenges. Banks and financial institutions make the account opening process for a Gambling Company a little complex.
What Is the Cost of a Gambling License in Panama?
To apply for an online gambling license in Panama, you have to go through several procedures along with the local authorities. You have to set up the gambling company, prepare the documents, gather corporate documents, notary services, administration fees, government fees, and an apostille set of corporate documents. Also, you will have to register a local address in the nation. For this, you have to write a license application and create a business plan.
The gambling company registration process and licensing will cost around €90,650. Obtaining the Panama Gambling License cost varies as per the number of founders. Once you have set up the corporate entities, you have to make sure they are in good standing.
There are might be some hidden costs. So, find out exactly what is the total cost prior to starting the application process.
After the first year of application, you will have to pay an annual fee. The Panama Gambling License also requires you to pay a sublicense yearly fee.
What Is the Process to Get a Gambling License in 2023?
The process to obtain an online gambling license varies from one country to the other. Generally, you set up a company in the chosen jurisdiction and then start the process to secure a license for the company. Once you get the license on behalf of the offshore company, the public or government record doesn’t have access to the beneficiaries’ names.
Hence, you can easily maintain anonymity and privacy if you want. The possibility of making wagers rapidly, easily, and securely makes offshore betting popular.
Many companies provide online gambling licenses. These businesses are constantly increasing since more and more countries are learning about their economic advantages and opening their doors to several foreign investors.
The tax varies with the country you are applying it from. So, here is the process to get an online gambling license has been given below-
- The application process to get a license takes 1-2 months after you provide all documents.
- Then the authorities make sure that the applicants don’t have a criminal record and are operating with a suitable license.
- They will designate qualified applicants to operate under the main license.
- Thereafter, they check if software and specific game of chance comply with all stringent gambling regulations of the Panama Internet Gaming License.
- They collect the fees and monitor all game payouts to ascertain they are acceptable global standards.
- The authorities will also check if the complete record of the transactions is available for inspection by the license holder or government at the time.
- You need to make sure that you comply with the national and global money laundering regulations.
Does a Gambling License from Panama Indicate Quality?
Do you have an online casino in mind and find it has a license from Panama? Are you wondering if it means anything? Depending on the past events, it doesn’t. There are good, as well as bad sites with a license from the Panama local authority. It is better to judge the operator depending on their individual track records instead of their licensing status in the nation.
For instance, BetOnline operates outside Panama. But the reason it is popular is it doesn’t have anything to do with having a license from Panama. Players like the site because it takes care of its customers, run an ethical business, and processes withdrawals fast.
But again, UltimateBet.com is a gambling site with an active licensee. In case you aren’t familiar with the site, it is because it collapsed a few years ago after it was a part of a big cheating scandal perpetrated by employees of the gambling site. It too had a license from Panama.
So, it means you have to choose a gambling site and base your operations there. It shows they are allowed by the government to host real money games and have passed the initial licensing process. Beyond that, the license doesn’t offer any guarantee.
Casinos Operating Under Panama Gambling License
There are many casinos operating under Panama Gambling License. Let’s check the top ones;
BetOnline is one of the most popular casinos operating in Panama. You will find a plethora of gambling options on this platform. The casino makes sure that online casinos don’t miss out on the Welcome Bonus when registering on the platform.
Among the wide range of games it offers, you will find slots as the most extensive category. These slots are based on different themes. There are 3-reel slots, 5-reel slots, and progressive jackpot slots. However, slots are not the only games you are going to find on this platform, there are table games, such as blackjack, baccarat, and roulette.
Card game lovers can check out the poker and video poker options on the platform. There is a live casino section that will generate the best gambling experience on the platform.
BetOnline maintains good security across the platform. It encrypts all its pages. So, the details you are sharing with the site don’t land up in the hands of the hackers.
Moreover, it offers reliable and trustworthy banking options for you to fund the online casino wallet. The site also ensures faster withdrawals for the customer’s convenience. The site doesn’t charge any fee on the deposit or withdrawals you make.
BetOnline has been successful in making a name for itself in the industry. Even though it had been established in 2004, it manages to hold a spotless record. So, you can trust it to keep your funds safe and secure. If you have any trouble at the site, you can get in touch with the customer support team. The live chat lines are open 24/7.
● Vegas Casino Online
Vegas Casino Online is going to remind you of Las Vegas. It might not be a large casino but it does offer enough gambling options. The casino is powered by Real Time Gaming. It has been operating since 1999.
Since the casino has games from Real Time Gaming, you can expect to enjoy a great variety. If you love playing video slots, you will find dozens of quality games. These games are developed around different themes, bonus features, and paytables.
Some slots games come with a random jackpot feature, which can help you win thousands of dollars at any time. But if you like to play table games, Vegas Casino Online can be your one-stop destination. A few other online casinos provide different cards, specialities, and table games.
You will find variations of blackjack, poker, roulette, and various other games. Vegas Casino Online has a lot to please anyone. Video poker fans can take advantage of the large game collection. You will find more than just the standard variants. Vegas casino online makes sure that your funds are safe with them.
So, they use 128-bit SSL encryption for each page. Thus, it is impossible for strangers to get access to your data. All the games run on Random Number Generator. Hence, the outcomes are all fair and random. TST, the global testing company verifies if the games are genuine. But the report is not visible to the general public.
Usually, to obtain an online gambling license, you might have to go through a complex process involving due diligence that has to be met. Many online gambling businesses and online casinos operate with some form of a gambling license. Every legal online gambling license has to be registered and needs to be in compliance with a minimum of one jurisdiction.
At present, there are hundreds of online casinos providing their services to Panama players. The casinos provide their services to local and global players. As of today 2023, the operators can apply with Junta de Control de Juegos, the online gambling regulator for an operating license that lets them provide their services from websites based in Panama.
But the laws concerning Panama online casinos are not as strict as those dealing with brick-and-mortar casinos. People from Panama can play at foreign casinos that provide language options and customer service in Spanish. But, players need to be careful and play only in casinos with a proper license.
Panama Licensed Casinos FAQ
The permissible age for online gambling under the Panama Gambling License is 18.
To apply for the license, you will have to pay a fee of €90,650.