Panama Gaming Control Board · Overview
The Panama Gaming Control Board start was way back in 1998. Coming out of the Panama’s Ministry of Economy and Finance, as a result of the Gaming Decree Law No.2. At that time the Board was the only governing body in Panama. It was responsible for approval of licenses and control of various land-based gambling activities. However, with the Online Gaming Act (Resolution No.65) in 2002 this was not the case. Consequently. the government of Panama made the Panama Gaming Board main regulatory body for all online gambling as well. Consequently, the first online gambling license was given in 2003. In addition to licensing, the Board oversees all form of gambling(land based and online), as well ensuring absolute fairness and transparency. Companies choose Panama since it has quite low tax rates and quite an easy procedure to acquire a gambling license.
Panama Gaming Control Board · Jurisdiction
Being responsible for all gambling activities in the territory of Panama, this Gaming Commission oversees the following:
- Land Based Casino Operations
- Land Based Betting Operations
- Online Gambling – Casino & Sports Betting
Furthermore, the Panama Gaming Control requires the following fees concerning their licensing:
- Application + First Year: $40,000
- Annual Fee After the First Year: $20,000
- Sub-License Annual Fee: $20,000
We have to say that the Panama Gaming Control Board does not hold the same respect and value as some of the rest gambling regulators. That is even more evident when you take into account that most of the companies gravitate towards Curacao and Malta licensing. This is mostly due to the several high-profile scandals in the past involving UltimateBet. Moreover, there were accusations of illegal-practices, payout issues and cheating. All of this negative connotations are the main reason why this licensing body is not taken as serious. However, must say that in the past years more and more positive reviews emerge, concerning improvements. We leave it to time to see how things will develop with the PGCB.