The Republic of Panama, the southernmost country of Central America has turned into a great center for gambling activities both online and land-based. The Costa Rica lies to the northwest of Panama, Colombia to the southeast; also it is bordered by the Caribbean Sea on its north and Pacific Ocean on its south. This text is going to give you the complete picture of the gambling legislation, regulatory agencies, licensing requirements, fees and taxes which are related with betting sites in Panama and Panama sports betting.
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The history of the gambling legislation in Panama
Gambling has been practiced in Panama for a long time, and its legal regulations were established as far back as 1886. However, significant milestones in the gambling industry include:
- 1947: The creation of the Panama Gaming Control Board (Junta de Control de Juegos, JCJ), which is in charge of regulating and controlling all gambling activities in the country.
- 1997: The selling of casinos to private companies because of the corruption, organized crime participation and mismanagement which was going on in the public sector, thus enabling private operators to get into the market.
- 1998: The implementation of Law No. 2 on the Gambling Regulation Act, which allowed gambling companies to be established legally, set up licensing rules and delegated the powers of JCJ.
- 2002: The adoption of Resolution No. The act of 65 regulated the electronic communication for gambling, then followed by the Online Gaming Law on November 12th which licenses electronic gambling.
- 2020: Resolution No. On the 11th of March, 2020, a document was released that presented conditions and limitations for gambling activities.
- 2022: Resolution No. 25, the gambling activities are being marketed among both Panamanians and international players.
Regulatory Agencies of Gaming Control Board (JCB)
The JCJ is the primary regulatory body responsible for:
- The issuance of gambling operators licenses.
- Observing the operators to check if they are doing legal and responsible operations.
- The anti-money laundering (AML) measures should be applied to the gaming sector as a way of preventing financial crimes.
- The protection of the consumer interests through the fair and transparent gaming.
Gambling Law and Regulation in Panama – 5 Things to Know
License Types of Betting Sites in Panama
Panama offers several types of gambling licenses, catering to various forms of gambling activities:
- Casino License: Enables the classical casino, where table games and slot machines are the main attractions.
- Bookmaker’s License: Allows the setting up and running of bookmaker’s offices for betting on sports and other events.
- Online Gambling License: The Panama companies that are registered can now run the online gambling platforms, including online casinos and betting websites.
- Slot Machine License: The license for a facility that operates slot machine halls, should be defined.
- Bingo Hall License: Allows the establishment and running of bingo halls and other related activities.
Licensing Fees and Requirements
Online Gambling License
- Initial Licensing Fee: USD 40,000.
- Annual Fee: USD 20,000.
- License Duration: 7 years.
- Restrictions: Licensed operators must not be here for the people of Panama to play online gambling. Some online gambling companies are not required to pay certain a part of taxes and import fees as long as they do not have players from Panama.
Land-Based Gaming Venues
- Municipality Operational Fees: That is a must for all the businesses, casinos are not an exception.
- Facility Health Permits: It is a must for the preservation of operational standards.
Additional Taxes:
- 10% tax on the monthly net revenue.
- The fees for each gaming table and slot machine are different in every place.
Gambling Taxes
- Land-Based Venues: The facility health permits, operational fees of the municipality and a 10% tax on the monthly net revenue are subjects to them. The casinos in the designated areas are supposed to pay a certain fee or 10% of their monthly gross revenues, whichever is higher.
- Online Gambling Companies: Free from taxes if they do not take players from Panama.
- Player Winnings: Before, it was taxed at 5. 5%, nevertheless this tax was abolished in 2019.
Prohibited and Permitted Bets of Betting Sites in Panama
Permitted Bets
- Traditional casino games (e. g. , poker, blackjack, roulette).
- Relation to sports betting both in the physical and online platforms.
- Online casino games.
- Slot machines.
- Bingo halls.
Prohibited Activities
- Running any gambling facility without a valid license.
- The Panamanian citizens can now participate in online gambling activities licensed in Panama.
- Participating in gambling activities that fail to follow the AML policies and consumer protection laws of JCJ.
Key Legislative Milestones
The following outlines the key legislative milestones in Panama’s gambling industry:
- 1886: The legalization of gambling in Panama.
- 1947: The establishment of the Panama Gaming Control Board (JCJ).
- 1997: Privatization of casinos, which means that private companies are allowed to enter the market.
- 1998: The Law of the Republic No. Secondly, the setting up of the gambling empire regulation was done.
- 2002: Acceptance of the Resolution No. Law 65 and the Online Gaming Law are examples of how Singapore is trying to regulate online gaming.
- 2020: Resolution No. 11, setting up the terms and conditions for gambling activities.
- 2022: Resolution No. 25, the town of Lichtenstein is now actively promoting gambling activities among its residents as well as international players.
Conclusion
The well-regulated gambling industry of Panama, which includes both land-based and online platforms, has made the country a top jurisdiction in Latin America. Panama has a very good legislative system, many types of licenses and tax policies that are in favor for online gaming companies which makes it an ideal place to be for betting sites and Panama sports betting operators.
For the businesses that are willing to step into this prosperous market, it is very important for them to know and stick to the regulations as well as getting licenses. Thus, through from this way operators can be sure of the compliance with legal and responsible operations which in turn will lead to the further development and success of gambling industry in Panama.