Panama is located in Central America and whose country is at the southernmost part of this region. It borders Costa Rica, Columbia and Pacific Ocean.
The mission and focus of the Panama Gaming Control Board is regulate and control operations that are considered Games of Chance and Wagering Activities. The gaming industry is a strong economic influence for the country’s growth. Legal rules and regulations lead the way for gambling jurisdictions. The Panama Gaming industry ensures that all online gambling operations abide by the laws and does not impose a risk to the State, public administrators or operators. A Panama is home to land based Casinos, Bingo and pari-mutuel betting that are open to residents and tourists. The Panama Gaming Control Board was originally established in 1947 and has a long history in the gambler sector.
Expansion began in 2002 in offering online gaming licenses to casino operators. Companies interested in establishing an internet gaming portal must be registered under the Online Gaming Act of 2002. Under this regulation international betting is allowed through internet gaming. One of the benefits of obtaining a license under the Panama jurisdiction is companies are exempt from any taxes providing there is no internet operation within the country. An application for a license can take up to two months or longer after all the appropriate forms and complete documentation has been submitted. A license to operate an online Casino is charged a $40,000 fee that is good for a seven year period. After the initial license has expired an annual fee of $20,000 is required to stay in operation. The official currency is in USD and services areas in North and South American gaming markets. Online gambling companies are required to a foreign currency exchange policy.
All software is regulated ensuring they meet the required standards for all games offered and meet the approval of the jurisdiction of Panama. Anti-money laundering controls are implemented through the government with a signed Tax agreement with the United States. All transactions regarding real money wagering is to have a complete account history and made available to the Panamanian Government upon request. Regulations are enforced and protect players for fair and honest gaming. However, due to the ease of obtaining a license with limited restrictions it opens the virtual door to a wider range of operators that could lead to lower standards than other jurisdictions permit.
Online Casinos in the Jurisdiction of Panama
6 Casinos Found
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