Located on the borders of Central America and South America, Panama has a long history of legal casinos and gambling with over 30 land based gambling operations, including lottery, horseracing, and bingo halls, which are already well established in the country. In 2002, new legislation in relation to regulated online gambling was introduced in Panama.
Find below more details about the Panama Gaming Control Board.
- A Brief History
- Core Methods and Practices
- Summary of a Gambling License Process
- Tax Information Agreement
What A Panama Gaming Control Board License Provides
With the introduction of a new act called the ‘Online Gaming Act’, Panama became an official online gambling jurisdiction and received the official mandate to assign and distribute licenses to online gambling, betting, and gaming companies.
The Panama online gaming license allows for regulated international wagering at an online casino or betting site in Canadian Dollars (CAD), making it much easier for players from Canada to enjoy games at an online casino with a license from Panama. Unlike other regions in traditional Latin America, Panama has a very modern infrastructure similar to that of Canada and as such are able to provide all digital services over high speed internet and with the latest levels of data protection and encryption.
Core Methods And Practices Of The Panama Gaming Control Board
Here are some of the core licensing procedures and key points of what the gambling licensor supports and provides for both national business, oversea business, and the public taking part in the activities within their available casinos:
- The Panama gambling license comes with a core taxation of 30%.
- Monitoring games for acceptable operation standards.
- Records of every transaction are kept.
- The license duration lasts 7 years.
- Supplies standard Canadian infrastructure on bandwidth and multiple broadband networks.
- Holds jurisdiction over all gaming operators and companies, ensuring all software meets regulated standards.
- Supports Anti-Laundering with the TIEA
A Short Summary Of How To Be Approved By The Panama Gaming Control Board
For companies looking to start up a gambling platform, this is a brief summary of the gambling license process. This is both for offshore and land based industry operations.
1. Obtaining a license from Panama is done via the governments gaming control board or ‘Junto de Control de Juegos’. The role of this government department is to regulate all games to make sure they operate fairly and by set of well-defined standards.
2. When obtaining a license from the Panama gaming control board you are required to pay a setup fee, then there is a yearly fee on top and both fees are payable in US Dollars.
3. The license itself lasts for 7 years before having to be renewed.
4. All online games of chance must have their RNG’s tested and certified by an accredited outside authority as part of the criteria when applying for a license from them. This ensures players are treated fairly and can play in complete comfort knowing their rights are protected at these regulated online casinos.
How The Taxation From The Regulatory Body Benefits The Country
The Panama gaming commission falls under the remit of Panama’s Ministry of Economy and Finance. A detailed system of records is in place for all gambling transactions, gaming companies are required to keep this data by law and this is regularly audited by the Government to ensure compliance with the regulatory board. They have an aggressive anti-money laundering policy when it comes to online gambling and the Panamanian government have special financial crime units monitoring all transactions made to online gambling sites and online casinos. They have also signed an agreement with Canada to share tax information under the TIEA (Tax Information Exchange Agreement) so all financial transactions and conduct retain transparency and accountability.
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