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.
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.
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:
Why is Panama so popular for the casino opening? The licensing authority of Panama has a number of advantages:
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:
All of them are different in design, but in general, they offer the same assortment of slots and table games.
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:
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.
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:
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.
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.