Panama, the online gaming market
The Constitutional Democratic Republic of Panama is today the most important financial center in Central America, having behind it a long history of banking jurisdiction and international services, which is why it has a very complete regulation regarding online gambling laws.
Panama has been described on many occasions as a “virtual country” which makes it an ideal place for the online gaming industry. In addition, there are no double taxation treaties that can be used for commercial activities and VAT is not levied on goods or services exported from the Republic of Panama.
The gaming jurisdiction of Panama offers the standard infrastructure and resources of the United States and at half cost. Panama also has direct connection to many major cities in the United States and access to multiple high-bandwidth fiber-optic networks, in fact, the best submarine fiber-optic access in the region.
Panama’s literacy level is also very high compared to other countries in the region and it also has a large number of fully bilingual certified engineers. All of this makes Panama a perfect place to run a gambling business.
How to get a gaming license in Panama?
Any gaming company operating or hosted in Panama must be registered under the online gaming law of November 12, 2002. The regulation allows international online gambling.
Panama also has one of the largest banking and offshore jurisdictions in the world. Its official currency is the US dollar.
Internet gaming operating companies that are domiciled in this country also have good tax exemptions, and as long as the income is to jurisdictions outside of Panama, there are no income taxes, withholding taxes, sales taxes or VAT. Offshore companies, such as online gaming companies, are not subject to foreign exchange control.
At TTH Gaming we take care of advising any company in this sector. We are specialists in offering services aimed at project development, acquisition management and consulting, with an extensive experience in Spain and Latin America.
Panama law is very “friendly” to all kinds of games. In 1997 the first private casinos were legalized, today there are dozens scattered throughout the country. In most rooms there are a few arcade machines, but there are also large tourist complexes with their respective rooms.
Gambling in Panama
Panama allows all forms of gambling, and the entire industry is regulated by the government’s gambling commission, the Junta de Control de Juegos. Many companies that offer games in North, Central and South America are hosted in Panama and are licensed to offer games and bets over the Internet. Panama’s gaming commission places very few restrictions on the countries that can be served by licensees.
Panama offers a lot of choice when it comes to choosing where to play, and you can choose sites based in Panama, as well as sites located anywhere else in the world.
In general, the process of obtaining a license is a very complex process that implies a series of requirements that must be met. At TTH Gaming we take care of compiling all this information and advising those companies that wish to open a gaming room. Having worked with many Casinos we have witnessed successful and unsuccessful projects for Casino operations. We use this experience to develop the best possible Casino management solution, customized for the specific location, market and property.