The Junta de Control de Juegos (Panamanian Gaming Control Board)
Certain forms of legal gambling have existed in Panama since 1947. At that time, the Panamanian Gambling Control Board was established to monitor and enforce any gaming laws that sat on the books.
With the increase in popularity of online gambling in the late 1990s, the Panamanian Government decided to expand the scope of its gaming laws. In 2002, passage of the Online Gaming Act of 2002 created a viable iGaming jurisdiction for prospective online gaming site owners and operators throughout the world.
Under the regulations provided by this new legislation, the Gaming Control Board became responsible for all monitoring and licensing of all Panamanian licensed online gambling operations originating both within the country's boundaries and in other countries.
The Application Process
As is the norm, prospective online casino owners are required to submit an application in order to be awarded an iGaming license. Given that most offshore online casino operations are tax exempt, the only revenues generated by the industry are application fees and annual licensing fees, which start at $20,000 each.
Along with the submission of a formal application, applicants must also agree to:
1. Disclose a list of all principles and managers who will be involved with the entity named in the master license.
2. Provide certification of no criminal record on the part of the entity's principles and managers.
3. Issue a guarantee related to the reliability of the entity's computer operations and that everything will be maintained as per industry standards.
4. Issue a guarantee that any financing obtained for the purpose of creating the entity and its online operations are from legal sources.
5. Provide proof of financial stability.
6. Provide Articles of incorporation if the applicant is a corporation.
7. Provide proof of having the ability to monitor all major wins and payouts based on industry standards.
8. Maintain complete financial records for periodic reviews by authorized parties on behalf of the Gambling Control Board.
9. Compliance with industry standards related to international money laundering regulations.
10. Pay all licensing fees on a timely basis.
As a further condition of application approval, the applicant must agree and pay in advance for any investigative fees incurred during the application processing period. Failure to do so will result in a "no decision" on the application.
Ideal for servicing the North and South American gaming markets, in Panama it’s the Gaming Control Board that is responsible for all monitoring and licensing of all Panamanian licensed online gambling operations. All registrants are subject to the rules laid out in the Online Gaming Act of 2002.
Click to visit Gaming Contol Board website.
Posted by CCJ Team