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The life of humanity has changed on October 29, 1969, although many did not know about it at that time. It was the day of the first testing of the concept of a worldwide network. Lately, in 1994, Microgaming developed the first platform for online gambling. It was the beginning of the Internet casino epoch.

A given name “casino” received with the Italian literally meaning “house”, that is, a building where people gathered in the XIX century to have fun. Although the origins of gambling can be found even in the traditions and culture of Ancient Rome and Ancient China. And only in 2002 in Panama opened the first official regulated casino. That such a long and sometimes thorny path was gambling from its inception to Panama. So let’s take a look, which of the gambling entertainments are offered by this small country at the junction of the two Americas.

Prospects For The Development of Gambling In Panama

The history of legal gambling in Panama beginning in 2002 after signing by Panama’s Ministry of Economy & Finance’s Gambling Control Board the Resolution 65. This Resolution is aimed to regulate Online Gambling operations from Panama and abroad. Since then, Panama casino has come out of the shadows.

At the moment, those gambling establishments that operate on the territory of the country (both on land and on water), deduct taxes in the treasury of the state. It is planned that online business in the near future will also pay taxes to Panama. But this is not a reality yet.

At the moment, in Panama, is conducting the process of legalization of casinos from other countries. Residents are forbidden to play in local virtual clubs. But in connection with a very simple system of registration, not all clubs getting a license in the state are honest. A large number of fraudulent institutions are registered in Panama. Therefore, despite the presence of legal online casinos, players need to be extremely careful not to get to the website to scammers.

Laws Governing Online And Terrestrial Casinos

Licensed jurisdiction of Panama casino was established in 2002. Despite the fact that this regulatory body should maintain some sort of order there are still too much fraudulent virtual clubs. In regard to online and offline gambling, the laws relating to these are so lax that it’s easy to legalize even scam websites.

The main aspects of Panama Casino activities:

  • adopting Resolution No. 65. gave Gaming Control Board and legal future for all casinos in the country;
  • locals cannot play and bet in casino licensed in Panama (only international online clubs with licenses issued in other states);
  • Panama issues the license to conduct online gambling activities for 7 years;
  • for getting the license company should pay $ 40 thousand of the fee and $ 20 thousand of annual license fee;
  • companies licensed in Panama are exempted from local taxes.

Why is Panama so popular for the casino opening? The licensing authority of Panama has a number of advantages:

  • it is the largest offshore and banking jurisdiction in the world;
  • the absence of taxes for online casinos which promise not to accept bets from the locals;
  • relatively stable political situation and low crime rate;
  • a sound legal environment: the law on commercial secrets, disclosure of corporate information is punishable by law;
  • a stable currency, also U.S. Dollar is widely used;
  • a stable economic situation in the country;
  • developed banking system (in Panama operates over 300 of the world’s largest banks of the first category);
  • a developed infrastructure of telecommunications;
  • English-speaking population.

Best Resorts And Hotels With Casinos In Panama

It so happened that the biggest and the most popular gambling halls are usually referred to hotels. There gamblers are able to rest for free and to gain strength before the new stage of the game. Panama is not an exception. At its small territory operate a significant number of casinos:

  • Casino Ocean;
  • Sun Casino Casino;
  • Veneto Sortis Casino;
  • Bingo 90 Casino;
  • Crown El Panama Casino;
  • Royal Casino;
  • Fantastic Casino.

All of them are different in design, but in general, they offer the same assortment of slots and table games.

Online Gambling Halls In Panama

After adopting Resolution No. 65. Panama got its own Gaming Control Board and the possibility to issued the licenses for the gambling business. An online casino can be licensed In Panama in the order it is registered in the form of an enterprise. The owner should provide some documents, pay 40 thousand dollars and wait a couple of months. And all, the license for the casino is ready.

Due to the fact that most of the paying population of Panama speaks English, and for the local purposes the dollar is equally widely used, like the Panamanian Balboa, they are frequent clients of the world’s virtual casinos. According to this and some other facts, it is very beneficial to work with gamblers in Panama’s treasure land. But this is not possible for companies obtained a Panamanian license. So before you decide whether to work with a Panamanian licensed or not, we suggest you deal with gamblings features for local residents:

  • for the replenishment and withdrawal of funds from online casinos U.S. Dollar is widely used;
  • Panamanians use a large number of payment systems (bank transfers, cards, electron wallets);
  • the country of your jurisdiction will never receive information about the progress of casino operations in Panama;
  • despite a small country directory, in Panama there are quite a lot of people interested in gambling, online slots and virtual Poker.

And another bonus is that Panamanian speak English. And we have not seen any casino, where English-speaking employees did not work in the support service.

How To Open Online Gambling Business In Panama?

From the moment the application to Gaming Control Board is submitted, the decision about issuing a license is making within 1-2 months. The company for getting the current legislation must conduct the following things:

  1. Must be given information about the personal activities of the applicant, his proxies and employees, indicating their commercial activities, financial condition and the absence of previous convictions for the last ten years prior to the day of application.
  2. Done management of the online institution in whole by a specially appointed manager with high qualification. Preferably from Panama.
  3. The company should provide documentation confirming compliance of used software with the requirements of this license. Here is included information on suppliers and providers, a copy of agreements or contracts signed with them;
  4. All necessary payments have to be done in time.
  5. The company is able to give all information connected with transactions in documented form if Government of Panama requires.
  6. Comply with all norms of national and international legislation relating to money laundering.

On this basis becomes clear that for companies it is easier to legalize casinos in Panama and advertise it to people from other countries than to compete for a place under the sun among the other numerous casino with foreign legalization.

Conclusion

Panama is a well-known and developed jurisdiction that provides licenses for doing business in the sphere of gambling. Despite the fact that receiving bets from residents of this country is forbidden, there are many advantages to registering gambling companies here. Online Panama casino exempt from taxation, it can use modern networks and communication systems and practically do not report to the state on its actions. Unfortunately, this increases not only the number of registered institutions but also the number of scammers among these casinos.

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