Panama Gambling License for Online Casino Operators

Obviously, any reputable online casino cannot function without having a proper license. All software developers require casinos to have a license issued legally by any jurisdiction. In addition, players seeking online casinos pay great attention to this matter since they want to be reassured a place where they play for real money is trustworthy.

When it comes to obtaining an online casino license, Panama is one of the most popular countries to choose. The Republic of Panama is a country in Central America. It is considered to be one of the biggest financial and merchant centers in Latin America.

Panama Gaming Control Board was established in 1947. This is the organization that controls the gaming industry in Panama. In fact, Panama became a licensing jurisdiction in 2002, alongside issuing the Online Gaming Act of 2002. In 2003 the first license was issued. Since that time, Panama has remained in this business and started offering its service worldwide. The Junta de Control de Juegos (Gaming Control Board) is in charge of issuing licenses, as well as monitoring all operations of licensed gambling sites.

Panama Gambling Licensing Process

The process of applying for a Panama license usually takes around 1-2 months since the time all required documents are provided.

Here are the main steps of this process:

1. Making sure the applicants do not have criminal records.
2. Designating proper applicants for operating under the master license.
3. Making sure the software and games comply with the regulations of designated qualified applicants as to operating under the master license.
4. Collecting fees.
5. Monitoring game payouts and making sure they are done in accordance with worldwide standards.
6. Making sure that there is a complete record of transactions available to be looked through by designated officials of the Government.

Pros of Getting Panama Gambling License

Obtaining a casino license in Panama has many advantages. Among them are:

• No taxes
• Safe and stable legal environment, political and economic situation
• Low crime rate
• The largest banking and offshore jurisdiction
• Cooperation in all languages
• Fee and payments are smaller compared to the ones in European countries
• Avoidance of tracking financial and accounting documentation
• High level of security and confidentiality

Panama Gambling License Price

All foreign companies registered in Panama do not pay taxes. So, the spending costs are the minimal ones.

1. Application and first year: $40,000
2. Yearly fee after the first year: $20,000
3. Sublicense yearly fee: $20,000

There is a requirement also to make annual payments that worth 4% of income. This number is lower than in many other offshore jurisdictions. Panama gambling license helps casino owners to get everything settled at a minimal cost.