Panama Licensed Casinos

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.