Pardini & Asociados Image Pardini & Asociados Image

Panama Online Gambling

Regulations and Opportunities

We're excited to bring you the latest updates and opportunities in Panama's dynamic online gambling world.

Regulatory Updates: The Resolution No. 11 of March 6, 2020, marked a important moment for online gambling in Panama, with its enactment on March 20, 2020. This resolution announced significant changes, particularly focusing on online gambling operations.

These changes reflect the regional trend of mandating online operators to obtain licenses in each jurisdiction. The aim is to enhance oversight and generate new revenue streams for governments.

Key Highlights: Here are some essential highlights from the updated regulations:

Evaluation Criteria:

  • Applicants must demonstrate a minimum of 5 years of experience in the gambling industry for major shareholders and/or presidents.
  • No criminal convictions for shareholders or officers/directors are permitted.
  • A reputable source of business financing is required.

Application Process:

  • Applications must be made through a local subsidiary or branch.
  • Thorough background checks will be conducted on all members of the entity.
  • Submission of a comprehensive business plan is mandatory.

Financial Obligations:

  • Various payments including a turnkey payment, compliance bond, prize bond, and revenue share are stipulated.
  • Additional fees may be required by the Gambling Authority for each license granted.

Contract & Licenses:

  • The Panama Gambling Board oversees the granting of Administrator/Operator Contracts.
  • Operators can obtain up to 1 or 2 online licenses, subject to evaluation.
  • Licenses are granted for sports events and casino games, while unauthorized events such as horse racing or lotteries are prohibited.

Personnel Licensing:

  • All corporate members, trusted employees, and shareholders must obtain a gambling board personal license.
  • Work credentials approved by the Gambling Board are mandatory for all employees.

Business Operation:

  • Compliance with various operational requirements including having a physical presence in Panama, appropriate server locations, and payment methods.
  • Adherence to internal procedures and Gaming Board rules is essential.

Scope of Services: Our office offers comprehensive services to facilitate the entry and operation in the Panama online gambling market, including legal support, licensing assistance, and coordination with regulatory authorities.

Please note that clients are responsible for providing complete documentation as required by authorities.

For further inquiries or assistance, please do not hesitate to contact us.

Ready to do Business in Panama?

Pardini & Asociados offers you the Guide to Doing Business in Panama 2023 completely FREE! Download here!

Get it now

Pardini & Asociados Image