Panama's jurisdiction closely regulates gaming sites and companies with approved licenses and ensure that software...
Since October 2002, Panama has begun providing internet gaming licenses to parties who are interested and wishing to operate under their jurisdictions. Every online gaming company who has registration in Panama must be registered under the Online Gaming Act of 2002.The above regulation permits international wagering to take place on the internet. The official currency for entities in the jurisdiction of Panama is USD and there are no internet gaming companies that are subject to the control of foreign exchange.
The jurisdiction of Panama provides a standard in US Infrastructure with all the required resources at almost half of the cost. Being close to the USA Panama has easy access to several networks of broadband.
The legislation of Panama has been in the making for a very long time. This small Republic has always had an economy that thrived largely because of its close proximity to the USA. With the rest of the world moving toward the digital world in order to boost profits in the later half of 1990 and the early 200, Panama has ever since mostly relied on local goods and tourism.
The hosting of online gambling on the internet was never high on the priority list but casinos have been a part of the culture of Panama for quite some time. The republic hosts gambling that are legal and at present has thirty six gambling houses that are available to the public today. The legal form of gambling in the republic are pari-muteul, casinos and horse racing. There are also some really big business houses. It was just a matter of time before they started to provide online licenses for operating in their jurisdiction.
The jurisdiction of Panama closely regulates gaming sites and companies with approved licenses. They ensure that software is used and those games that function on chance meet the strictest of regulations and standards. All the games require to be fair and the winnings require to be paid to the player.
The authorities of Panama have to monitor all the games in order to make sure they are operating under standards that are acceptable. Panama will maintain a record of all the transactions that are made and all of them are also subject to inspection through designated officials of the Government of Panama or the Government of the license holder.
Panama does not give licenses to just any person or company applying for the license. All the applicants require meeting stringent criteria that is based on the regulations of 2002. The time for the application process may take weeks to months. The required documentation needs to be completed and filled out before they are submitted. The applicants should have many credible references and possess no criminal records.
There is a Master License that is granted to applicants that are successful and it is valid for duration of 7 years. The fee for the license is about $40,000 USD and the yearly fees are $20,000. The holder of the Master License grants sub-licenses that are subject to annual fees and all the research and investigative costs need to be paid by the applicant.