Panama Casinos

Panama allows all types of businesses that look after wagering activities to apply for licenses. This includes poker sites, online casinos and sportsbooks. The procedure for obtaining and maintaining eligibility for each type of license is basically the same under the Panama licensing jurisdiction and this means that sites offering a number of services can easily obtain licenses in this area compared to others.

Gaming sites such as online casinos that are hoping to obtain a license need to contact the Panama licensing jurisdiction before they’re able to apply. The process of applying is much simpler than for other areas and involves the applicant describing their business and providing some simple details about how they plan to use the licence. Once they application has been approved, the applicant must pay the fees in order to obtain the licence. There’s a fee of $40,000 for a seven year license, plus an annual fee of $20,000.

Because of the wording used in Panama laws, gaming sites such as online casinos that are licensed in Panama don’t have to pay any tax on their profits. The majority of other jurisdictions make gaming businesses pay much larger fees for their licenses and they’re also required to pay taxes on the profits that they make from their business activities, so their application process may take into account a gaming organisation’s ability to pay. Unlike many other licenses, a Panama license doesn’t mean that the casino is financially stable and therefore players should make sure that the Panama casino they choose has a track record of paying players quickly.

Be aware

Another thing to bear in mind is that this licensing jurisdiction doesn’t have very much control over its licensees. For this reason it’s important to note that that licensees aren’t regularly audited and they’ll only be investigated if they’re suspected of money laundering as long as they keep paying the annual fee for their license. Panama licenses aren’t a guarantee that the gaming software of the online casino or poker site will be fair to players, nor that the site will pay out regularly to players.

In addition to the above, you should be aware that you won’t be able to go to the Panama licensing jurisdiction for help if you have a dispute or complaint about a gaming site with a Panama license. This means you’ll need to find someone else to help with resolving the dispute, but the majority of problems can be solved by getting in contact with the casino directly or by using a third party service to act on your side.