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Gaming Control Board of Panama
Gaming Control Board of Panama
Casinos listed:
Country: Panama
Website: www.mef.gob.pa
Landia Rating: 92
Our Top 10 Favorite Panamanian Casinos
Currently, we didn't list any brands with Panama License. But get ready for our curated top 10 favorite casinos tailored just for Panamanian players!
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Top 10 best casinos
$titl$ is RESTRICTED IN China. Our Current Top Picks for China are below:
All Casinos with Panama License
These casinos adhere to stringent regulatory standards set forth by the Panama Gaming Control Board, ensuring fair play and player protection. With a Panama license, online casinos can offer a wide range of games, including slots, table games, live dealer options, and more, providing players with a comprehensive and exciting gaming experience. Additionally, these casinos often boast attractive bonuses and promotions, further enhancing the gaming journey for players seeking top-tier entertainment in a trusted and regulated environment.
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Introduction to Casinos with Panama License
Aside from being one of the smallest gambling jurisdictions around the globe, the Panama Gaming Control Board poses controls and regulations on all online casino brands operating in the territory of Panama. The history of the Panama Gaming Control Board dates back to 1947 when the regulatory body was officially established but it had its initial successful license issued 16 years later in 2003. For this long period of time, the Panama GCB has specialized in issuing licenses and certificates to online casinos that are proven to provide lawful services and their following monitoring and regulation. This gambling jurisdiction has a great reputation all over the world since it is known for a fact that Panama-licensed casinos don’t compromise safety, security, and protection.
The Best Casinos With Active Panama License Explained
Key Quality Metrics
Tsars Casino offers over 3000 slot games and over 75 live dealer casino games. The welcome bonus offer is 100%/€2,000 + 200 Free Spins with wagering requirements of 25x on the amount of Deposit & Bonus. The venue supports 17 popular payment methods and is available in 14 languages. The minimum deposit is €20, and the minimum withdrawal is €20. The casino has a VIP program for loyal players. For non-VIP players, the withdrawal limit is €30,000 per Month. Crypto payments are accepted, with over 4 popular cryptos. There are regular casino tournaments to compete at. The website is fully compatible with all popular devices.
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The game portfolio of Tsars Casino consists of more than 3000 slots and over 75 live dealer games. In total there are, 60 software providers such as 1X2gaming, Amatic Industries, Amusnet, Apparat Gaming, Authentic Gaming, AvatarUX Studios, Barbara Bang and others.
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Key Quality Metrics
Casiny Casino offers over 8000 slot games and over 1000 live dealer casino games. The welcome bonus offer is 450%/€875 with wagering requirements of 40x on the amount of Deposit Only. The venue supports 25 popular payment methods and is available in 2 languages. The minimum deposit is $20, and the minimum withdrawal is $20. The casino has a VIP program for loyal players. For non-VIP players, the withdrawal limit is $15,000 per Month. Crypto payments are accepted, with over 4 popular cryptos. There are regular casino tournaments to compete at. The website is fully compatible with all popular devices.
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The History of the GAMING CONTROL BOARD OF PANAMA
The Panama Gaming Control Board (PGCB), also known as Junta de Control de Juegos, stands as the guardian of fair and responsible gambling within Panama's borders. Established in 1998 under the Ministry of Economy and Finance, this regulatory body ensures the integrity and transparency of both land-based and online gambling ventures. With the implementation of the Online Gaming Act in 2002, Panama has emerged as a magnet for online casinos, thanks to its robust regulatory framework overseen by the PGCB.
Here's a breakdown of the PGCB's pivotal role and core functions:
-
Licensing and Regulation: The PGCB oversees the licensing process for both land-based and online gambling establishments, ensuring compliance with strict regulatory standards.
- Monitoring and Enforcement: Rigorous monitoring mechanisms are in place to uphold fair play and prevent illicit activities within the gambling industry.
- Promotion of Responsible Gambling: The PGCB is dedicated to fostering a culture of responsible gambling, promoting awareness and offering support to those in need.
- Economic Growth Catalyst: By regulating the gaming sector, the PGCB aims to stimulate economic growth and create opportunities for investment and employment.
- Identification of Games of Chance: Through thorough assessment, the PGCB determines which games fall under its jurisdiction as games of luck and chance.
To achieve these objectives, the PGCB operates under a comprehensive set of laws and regulations. Key aspects of its regulatory framework include:
- Taxation: Gambling operators are subject to a 30% taxation rate, contributing to national revenue streams.
- Monitoring and Compliance: Stringent monitoring ensures that gaming operations adhere to prescribed standards, with records of all transactions meticulously maintained.
- Infrastructure Support: The PGCB provides essential infrastructure, including robust broadband networks, to facilitate smooth gaming experiences.
- Jurisdictional Oversight: All gaming operators and companies fall under the jurisdiction of the PGCB, ensuring compliance with regulatory standards and safeguarding consumer interests.
- Anti-Money Laundering Measures: The PGCB collaborates with international partners and implements measures such as the Tax Information Exchange Agreement (TIEA) to combat money laundering and uphold financial integrity.
Through its proactive approach and unwavering commitment to excellence, the PGCB plays a pivotal role in shaping Panama's gambling landscape, fostering trust and confidence among operators and players alike.
Different Class of Panama Licenses
In Panama, both land-based and online casinos operate under the oversight of the Panama Gaming Control Board (PGCB). While Panama may not be as prominent as some other global gambling regulators, obtaining a license from the PGCB entails a meticulous process involving detailed paperwork and thorough due diligence.
To obtain a PGCB casino license, applicants must navigate several requirements and procedures:
- Company Formation: Applicants must establish a company within Panama's jurisdiction or register as a foreign company in the Public Registry of Panama.
- Compliance Declaration: A declaration of intent to comply with all gambling laws and regulations must be submitted, accompanied by the appointment of a legal representative in Panama.
- Business Plan and Feasibility Study: An extensive business plan, including a feasibility study conducted by an independent consulting firm, is required as part of the application process.
- Experience and Integrity: Applicants must demonstrate prior experience and knowledge in operating casino businesses. Additionally, their history, integrity, and prior business operations undergo thorough investigation.
- Fairness and Transparency: The applicant must establish that their casino systems operate fairly and transparently, ensuring a level playing field for all players.
- Anti-Money Laundering Measures: Measures to identify the source of funds deposited by players and prevent money laundering must be implemented and demonstrated.
- Financial Capacity: Evidence of financial capacity to sustain casino operations and pay out player winnings in full is essential for approval.
By adhering to these stringent requirements and demonstrating commitment to regulatory compliance and player protection, applicants can secure a PGCB casino license, ensuring a safe and transparent gambling environment for players in Panama.
Regulation on Panama Licensed Casinos
In Panama, the Junta de Control de Juegos regulates both land-based and online gambling establishments, ensuring compliance with stringent licensing and regulatory standards. Despite its small size, Panama is recognized as a reputable licensing jurisdiction, with its Gaming Decree-Law No. 2 of February 1998 empowering the state to issue licenses for brick-and-mortar casinos, online betting sites, and other gaming venues. The introduction of legislation in 2002 further bolstered Panama's position as a leader in regulated online gambling, attracting several prominent sports betting and online casino operators. Panama's regulatory framework encompasses anti-money laundering regulations, counter-terrorism financing measures, and rigorous know-your-customer policies, underscoring its commitment to combatting illicit activities within the industry. The Junta de Control de Juegos conducts regular compliance audits to ensure adherence to licensing terms, with licensees mandated to maintain comprehensive audit trails and provide access to gaming systems for third-party auditors. Transparency and accountability are emphasized, with gaming rules, results, and payout information required to be retained and made available for inspection for a period of five years, solidifying Panama's reputation as a trusted and transparent gambling jurisdiction.
Pros and Cons of Panama License
Pros of Panama License
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Reputable Jurisdiction: Panama is recognized as a reputable licensing jurisdiction in the gambling industry, providing credibility and legitimacy to licensed operators.- Flexible Licensing Options: The regulatory framework in Panama offers flexible licensing options for both land-based and online gambling establishments, accommodating various business models and types of gaming operations.
- International Recognition: Panama's licensing regime enjoys international recognition, attracting operators from around the world seeking a regulated and compliant gaming environment.
- Strong Regulatory Oversight: The Junta de Control de Juegos enforces stringent regulatory standards, ensuring fair play, player protection, and compliance with anti-money laundering measures.
- Taxation Benefits: With a taxation rate of 30%, Panama offers competitive tax rates for licensed gambling operators, allowing for favorable financial incentives.
- Access to Banking Services: Licensed operators in Panama have access to reliable banking services, facilitating secure transactions and financial operations.
- Strategic Location: Panama's strategic geographical location provides access to a diverse and international player base, enhancing market potential for licensed operators.
Reputable Jurisdiction: Panama is recognized as a reputable licensing jurisdiction in the gambling industry, providing credibility and legitimacy to licensed operators.Cons of Panama License
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Complex Licensing Process: The process of obtaining a Panama license can be complex and time-consuming, requiring extensive paperwork, due diligence, and financial resources.- Limited Market Reach: While Panama offers access to an international player base, the market size may be relatively small compared to other jurisdictions, limiting growth opportunities for operators.
- Regulatory Compliance Burden: Licensed operators must adhere to strict regulatory requirements and compliance standards set by the Junta de Control de Juegos, which may impose administrative burdens and operational costs.
- Competitive Landscape: Panama faces competition from other established gambling jurisdictions, potentially impacting the market competitiveness and attractiveness for operators.
- Language and Cultural Barriers: Operating in Panama may present challenges related to language and cultural differences, particularly for foreign operators unfamiliar with local customs and business practices.
- Risk of Regulatory Changes: Changes in regulatory policies or legal frameworks could pose risks to licensed operators, necessitating adaptability and ongoing compliance efforts.
- Perception Challenges: Despite its regulatory framework, Panama may still face perception challenges regarding its licensing regime, particularly in comparison to more well-known gambling jurisdictions.
Complex Licensing Process: The process of obtaining a Panama license can be complex and time-consuming, requiring extensive paperwork, due diligence, and financial resources.How to Obtain a Panama Casino License?
Step01
Prepare Documentation
Gather all necessary documents to support your application for a Panama gambling license. This includes:
- Company registration papers from Panama or proof of foreign entity registration in Panama's Public Registry.
- Financial statements demonstrating your company's stability and viability.
- Compliance records outlining your commitment to regulatory standards and responsible gambling practices.
Ensure that all documents are up-to-date and accurately reflect your company's operations and financial standing.
Step02
Submit Application
Present a comprehensive application package to the Junta de Control de Juegos. This should include:
- Detailed information about your company's background, ownership structure, and management team.
- Proposed gaming operations, including the types of games offered and target markets.
- Plans for ensuring compliance with regulatory requirements, such as anti-money laundering measures and player protection protocols.
Clearly outline your commitment to operating within the bounds of Panamanian law and upholding the integrity of the gambling industry.
Step03
Undergo Assessment
Your application will undergo a thorough assessment by regulatory authorities. This process may involve:
- Background checks on key stakeholders involved in the business.
- Financial audits to assess the stability and viability of your company.
- Interviews with key personnel to evaluate your proposed gaming operations and compliance measures.
Be prepared to provide additional information or clarification as requested by regulatory authorities during the assessment process.
Step04
Address Feedback
If feedback or additional requirements are provided by the Junta de Control de Juegos:
- Review and carefully consider the feedback provided.
- Make any necessary adjustments or revisions to your application to address the concerns raised.
- Demonstrate your commitment to regulatory compliance and willingness to work collaboratively with regulatory authorities.
Step05
Finalize Compliance
Ensure full compliance with all regulatory requirements before proceeding:
- Implement robust anti-money laundering measures to prevent financial crimes.
- Establish policies and procedures for responsible gambling and player protection.
- Demonstrate transparency and integrity in all aspects of your gaming operations.
Work closely with regulatory authorities to address any outstanding compliance issues and ensure your operations meet the highest standards of integrity and accountability.
Step06
Receive Approval
Upon successful completion of the assessment process and fulfillment of all regulatory requirements:
- Receive official approval from the Junta de Control de Juegos, granting you a Panama gambling license.
- Celebrate this significant milestone, knowing that your company has met the rigorous standards set forth by Panamanian regulators.
- Prepare to launch your licensed gambling operations with confidence, knowing that you are operating within the bounds of the law and contributing to a safe and responsible gambling environment.
Reputation of Casino Licensing From Panama
The reputation of casino licensing from Panama holds significant weight in the global gambling industry. While Panama may not be as widely recognized as some other gambling jurisdictions, its licensing framework is respected and trusted by operators worldwide. The Panama Gaming Control Board, also known as Junta de Control de Juegos, is responsible for auditing, licensing, and regulating online casino websites operating within its jurisdiction, ensuring compliance with stringent regulatory standards. Despite being one of the smaller advanced gaming jurisdictions, Panama offers a transparent and reliable licensing process, attracting operators seeking a regulated and compliant environment. With a Panama gambling license, operators benefit from favorable tax exemptions, customs duty concessions, and political stability. Additionally, Panama's recognition by many countries around the world further enhances the appeal of its licensing regime, providing operators with access to a large potential customer base. Overall, the reputation of casino licensing from Panama is bolstered by its commitment to regulatory excellence, transparency, and integrity, making it a preferred choice for operators looking to establish a reputable and compliant online gambling business.
Benefits of Using Panama License
The benefits of utilizing a Panama license for online gambling operations are manifold and extend beyond mere regulatory compliance. Here are some key advantages:
- Tax Benefits: One of the most notable advantages is the favorable tax environment offered by Panama. Licensed operators enjoy complete tax exemptions, including income tax, VAT, and other sales taxes, making it an attractive proposition for maximizing profits.
- Customs Duty Concessions: Panama extends customs duty concessions for imports necessary to conduct online gambling activities, reducing operational costs and enhancing profitability for licensed operators.
- Political Stability and Infrastructure: Panama boasts political stability, robust telecommunications facilities, and a well-established financial services industry. These factors provide a conducive environment for international online gaming companies to thrive and expand their operations.
- International Recognition: A Panama gambling license is recognized by many countries worldwide, facilitating access to a broad customer base and expanding market reach for licensed operators.
- Regulatory Reputation: While not as widely known as some other jurisdictions, Panama's regulatory framework is respected and trusted within the gambling industry. The Panama Gaming Control Board ensures stringent oversight and compliance with regulatory standards, instilling confidence in operators and players alike.
- Operational Flexibility: Panama offers flexible licensing options that accommodate various types of gaming operations, including casino games, sports betting, poker, and more. This flexibility allows operators to tailor their offerings to meet the diverse needs and preferences of their target audience.
- Global Expansion Opportunities: With a Panama license, online gaming companies can legally operate and expand their business operations worldwide. This enables operators to tap into new markets and capitalize on growth opportunities in the rapidly evolving online gambling industry.
Safety and Security in Panama Licensed Casinos
Safety and security are paramount considerations for players and operators alike in Panama licensed casinos. The Panama Gaming Control Board (Junta de Control de Juegos) maintains stringent regulations and oversight to ensure a secure and fair gaming environment. Licensed casinos are required to adhere to strict standards regarding player protection, responsible gambling measures, and anti-money laundering protocols. Robust security measures, including encryption technology and firewall protection, safeguard players' personal and financial information from unauthorized access or misuse. Additionally, regular audits and inspections by regulatory authorities ensure the integrity and fairness of casino operations, providing players with confidence in the reliability and trustworthiness of licensed casinos. With a focus on transparency and accountability, Panama licensed casinos prioritize the safety and security of their players, offering peace of mind and a seamless gaming experience.
Discover Panama – A Vibrant Destination
Nestled between the Pacific Ocean and the Caribbean Sea, Panama is a vibrant and diverse destination waiting to be explored. Known for its iconic Panama Canal, which connects the Atlantic and Pacific oceans, Panama boasts a rich history, diverse culture, and stunning natural beauty. Visitors can immerse themselves in the colonial charm of Panama City's Casco Viejo, explore lush rainforests teeming with exotic wildlife, or unwind on pristine beaches fringed by turquoise waters. With a warm tropical climate and welcoming locals, Panama offers something for every traveler, from thrilling adventures to relaxing getaways. Whether you're marveling at the engineering marvel of the Panama Canal or soaking in the breathtaking beauty of its landscapes, Panama promises an unforgettable experience for all who visit.
PANAMA GAMING CONTROL BOARD (PGCB) CONTACT INFORMATION
- Website: https://www.mef.gob.pa/
- Phone: 0816-02886
- E-mail: [email protected]
- Jurisdiction: Ministry of Finances
- Type: Local
- Founded: 2002
- Address: Avenida Perú, Calidonia y Calle 37, corregimiento de Bella Vista – Provincia de Panamá
OTHER MAJOR CASINO LICENSING JURISDICTIONS
We have reviewed every major online casino licensing jurisdiction on our site. Below you can find the complete listing of our license reviews.
Philippine Amusement and Gaming Corporation
Estonian Tax and Customs Board
United Kingdom Gambling Commission
Ministry of Economy, Industry, and Commerce of Costa Rica
Swedish Gambling Authority (Spelinspektionen)
Alcohol and Gaming Commission of Ontario
Anjouan Offshore Financial Authority (AOFA)
CasinoLandia's Conclusion on Panama Licensed Casinos
]CasinoLandia recognizes Panama licensed casinos as a reputable and reliable choice for both players and operators in the online gambling industry. With robust regulatory oversight from the Panama Gaming Control Board, licensed casinos in Panama adhere to stringent standards of fairness, security, and player protection. The favorable tax environment, political stability, and international recognition further enhance the appeal of Panama as a licensing jurisdiction for operators seeking a compliant and profitable gaming environment. Safety and security are paramount in Panama licensed casinos, ensuring a trustworthy and enjoyable gaming experience for players. Overall, CasinoLandia recommends Panama licensed casinos as a top choice for operators looking to establish a reputable online gambling business and for players seeking a safe and exciting gaming destination.