Information about the Panama online gambling jurisdiction, licensing requirements, player complaints and dispute resolution process, and a sortable list of casinos licensed under this jurisdiction.
The Republic of Panama is an Independent country in Central America. Panama law is based on Spanish Civil Law and the official currency is Balboa, but the US Dollar is also used frequently. Panama does not have an agreement signed with any country for information exchange, meaning that if your country asks for information from the Panamanian government or bank they will not receive a reply.
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Panama has the most advanced fibre-optic system in its region and has one of the biggest banking and off shore jurisdictions in the world. Along with the aforementioned secrecy policy, this makes the country an attractive destination for casino operators that would rather not reveal much about themselves to the public or authorities in their native countries.
All online gaming companies have to be registered under the online gaming act that was introduced in 2002. Under this act the regulations allows international bets to be placed online. To obtain a license an operator has to pay $40,000 for a license that is valid for 7 years upon payment, along with an an annual fee of $20,000. All the investigation costs that need to be done for getting the license have to be paid by the applicant.
Internet gaming companies get complete tax exemption in Panama. For any and all imports that are needed for the operation of an internet gaming business, the business gets customs duty concessions. Neither are any of the online gaming companies located in Panama subject to foreign exchange control. There is a proposed law to make English the second official language, which will mean in the future these businesses will not need to translate official documents as they need to do now.
There is no authority or official process to follow in the case of any disputes with a casino operator licensed in Panama. Panama has some regulations set in place but as it is relatively easy to obtain a license in this jurisdiction, casinos operating from Panama should not be fully trusted without a proven track record. We urge caution for prospective players thinking about depositing their money at a Panama-licensed casino.