Gambling is perfectly legal and strictly regulated in Panama by the Panama Gambling Regulator. Licenses and gambling permits issued by the Panama Gambling Regulatory Body are valid for several years. Read on to learn more about the Panama Regulatory Body.
In the Republic of Panama, there is a number of land-based casinos and all of these types of gambling facilities are monitored by the Panama Gambling Regulator. Land-based casinos have been legal in the country since 1998 while the country introduced a new regulatory framework in 2002 to legalize online gambling activities. According to the Online Gaming Act enforced in 2002, online gambling operators licensed by the Panama Gambling Regulator can offer their services and products to local residents.
The Panama Gambling Regulator is in fact the country’s Ministry of Finance that deals with many other financial aspects in the country. In other words, the gambling regulatory body is also in charge of enforcing new financial regulations, fiscal policies, and everything else related to finances. The Republic of Panama is an advanced country when it comes to gambling activities as the Panama Gambling Regulator has been issuing remote gambling licenses to local and foreign operators for many years.
In order to be granted a license by the Panama Gambling Regulatory, a gambling operator needs to be registered as a company or enterprise. In addition, all gambling operators that apply for licensing need to provide the Panama Gambling Regulatory with documents concerning their source of funds, and information on their bank accounts.
The identities of all individuals directly or indirectly involved in work (staff, owners, and legal agents) as well as information about the company's location, types of gambling businesses, and employees must be included in each licensing application. It is also necessary to offer information on financial reporting, financial reporting, and tax reporting. If any of these documents are missing, the regulatory body will dismiss the licensing application.
The gambling rules and regulations in Panama provide the issuance of master gambling licenses with a maximum seven-year validity upon payment of a license fee of US$40,000. The licensing process is usually completed within six weeks, provided that all of the licensing costs and fees have been taken care of. Only gambling operators that comply with local gambling laws and regulations can be issued master gambling licenses.
Excellent reputation since its setup.
Huge jackpots including Mega Moolah and Megaways.
Quick and effective customer support, including live chat.
Quick payout – often in under 24 hours.
Bitcoin is supported by this brand.
130% Match Bonus up to €100 + 25 Free Spins
Make sure that your next gaming session is the most unforgettable gambling experience ever by joining the safest and most secure online casinos in the business. Use this guide to discover the ins and outs of casino safety, protected deposits, secure withdrawals, game safety, and RNG audits. Become a master at spotting the safest and securest casinos around, or simply pick one of our expert recommendations.
Dive into the exciting world of online casino tournaments and competitions with the ultimate guide to daily, weekly, and monthly casino events. Discover exciting casino tournament variants, pros, cons, and what it takes to partake in them.
Join the best online PWA casinos that tick the boxes of our in-house experts. Discover the ins and outs of PWAs and how they can help you take your casino fun to the next level. See why they are a breakthrough in convenience, accessibility, and technology. All this and more in this fantastic guide.
OnlineCasinoReports is a leading independent online gambling sites reviews provider, delivering trusted online casino reviews, news, guides and gambling information since 1997.
Subscribe to our Newsletter
Get news about exclusive bonuses and promotions.