Panama is a country in Central America that offers Internet gambling licenses to businesses. Established in 2002, the Panama licensing jurisdiction offers very low fees, nontaxable profits, and limited regulations, making it a popular licensor of choice for small casinos. Because of these lax policies, players should make sure a Panama casino has a good history. See the full list of AskGamblers online casinos licensed in Panama below.
Types of Licenses Available
Panama offers gaming licenses to all types of wagering activities. This includes online casinos, online sportsbooks, and online poker rooms, among others. The procedure for each type of license is basically universal. As such, online gaming sites that feature several different types of wagering options can obtain a license much more easily in Panama than they could in other jurisdictions.
Application Procedure
An online gaming site looking for a Panama gaming license first needs to contact Panama's online gaming jurisdiction. The application process is simple, requiring the applicant only to state their business and provide some basic information about themselves and what they intend to do with the license. If the jurisdiction approves the applicant, he or she must pay the necessary fees for the license. For a seven-year license, this is $40,000. An annual fee of $20,000 is also charged.
Tax-Free Profits
Due to the wording of Panama law, casinos and other gaming sites licensed in Panama are not required to pay taxes on profits. Most other jurisdictions require businesses to pay significantly larger fees as well as taxes. If you're a player at a casino licensed in Panama, make sure that the casino you have chosen has a history of paying players timely, as a Panama license does not guarantee financial stability.
Limited Oversight
Panama is known for having very little control over their licensees. If you decide to play at a casino licensed in Panama, you should be aware that the Panama gaming jurisdiction does not regularly audit its licensees. As long as the casino, poker room, or sportsbook continues to pay the annual fee, the licensing committee will only investigate them in the event of suspected money laundering activity. A Panama license does not guarantee fair software or reasonable payout times.
Few Player Resources
In the event of a dispute between you and a Panama-licensed casino, you will not be able to use the Panama licensing jurisdiction as a resource. Thankfully, most disputes with online casinos are resolved simply by contacting the casino or using third-party affiliates to assist in communication. However, if these methods do not help you reach a reasonable outcome, you will need to find resources other than the Panama licensing jurisdiction to assist you.
Contact information
Address: Junta de Control de Juegos
Avenida Peru, Calle North 35 Este
Edificio de Finanzas
Piso 2 y 7
Panama City, Panama
Phone: +507 507 7903
E-mail: [email protected]
Website: http://www.mef.gob.pa/
