Panama is a one of the largest banking centers in the whole world. Not only that, but it’s also one of the more common destinations for licensing gaming and gambling activities. This includes all sports betting and betting on other events. Its laws are based on the Spanish Civil Law; however, being an independent sovereign nation allows it to bring to force its own laws. The current governing system alongside all legislations is made by the officials of Panama. It became licensing jurisdiction back in 2002 with the Online Gambling Act of 2002, with the first license being issues in 2003. The regulator responsible for overseeing all activities and operations is called the Junta De Control de Juegos (Gaming Control Board). Their geographical location puts them in a position without many options to choose from in terms of selecting in which industry to focus. Banking, gaming, tourism is all they can do. So far they have managed to establish and further develop all of the above named industries. They have proven themselves as an off-shore haven for many online businesses.
Upon applications for a license the Gaming Control Board will do a background check for any criminal record of the main applicant. Once that is settled they require a thorough business process analysis to establish if the entity is viable for a license, in simple terms can the business succeed. The software the licensee will sue is also a subject of an audit. There is no room for errors or harming some of the player’s interest. Even once the license is granted the business must be open for regular checks 24/7. This model has proven itself as the most efficient and effective way to protect the well-being of the licensee’s customers. The Gaming Control Board offers two types licenses including: • Master’s License – Enables the holder to issues sublicenses to other willing applicants and operate under the jurisdiction of Panama. • Sublicense – Regular license which enables the entity to operate under the jurisdiction of Panama. The fee for registration and the first year amount to $40,000. After that they are a subject to $20,000 a year for any subsequent year they hold on to the license. Both the sublicense and master’s license have the same fees.
Panama – The off-shore Haven for Online Betting
Their flexible law system along with what they have to offer in terms of licensing are the key reasons for their success. They exist to safeguard the interest of anyone who will ever use the services of some of their licensees. The officials at the Gaming Control Board cannot allow themselves to fail. There’s much at line and the licensees know that. The regular checkups and audits are there to ensure maximum error-free performance. If the bookmaker of your choice is licensed in Panama be assured they have passed all of the rigorous testing.