Best 10 Online Casinos in Panama 2022 🇵🇦

Online casinos in Panama

Numerous online casinos are licensed in Panama, both local and international-based platforms. The friendly gambling laws in the country play a significant role in the increasing number of online casinos licensed here.

Local players have numerous options to consider when looking for an online casino to join. Making the right choice is essential to ensuring the best user experience. Some top considerations to make when choosing an online casino in Panama are highlighted below.

Reliability: Players must ensure the online casinos they choose are nothing less than trustworthy. This offers an assurance that all deposits made end up in the correct accounts, no interference from "other" parties, and winnings are availed to players upon request.

Reputation and reviews can help determine how trustworthy an online casino is.

Security: Punters should not settle for any online casino that does not guarantee maximum security for their funds.

All transactions should be secured irrespective of the payment method used. User information should also be kept private and safe from hackers' reach.

Games: Punters in Panama can also make their choice based on the games offered. Online casinos that offer more games give punters more gambling opportunities and are thus more preferable. Punters keen on specific games can also narrow their options down to the online casinos providing preferred games.

History of gambling in Panama

The history of Panama dates back to around 2500 BC. The country had a rich account of events until 1819, when it gained freedom from Spain. However, there is no recorded history of formal, organized gambling through all that time. The earliest gambling records in the country skip to the 20th century. At that time, only the government provided casinos and gambling activities.

In 1997, the Panama government decided to include gambling in the tourism industry after seeing the potential income from visitors. At that time, tourism was the primary revenue-generating industry in the country. That was when most gambling activities became legal in Panama. The government made laws that allowed and promoted gambling activities within the country. The regulations also permitted non-residents to invest in the gambling industry in Panama.

Historical challenges in Panamas gambling industry

There were several restrictions designed to control gambling activities. For example, casinos had to have their operating space only in top-class hotels with a minimum of 300 rooms. Currently, Panama has over 20 first-rated hotels that came about due to the restrictions, which help boost the tourism industry in the country significantly.

Gambling nowadays in Panama

Casino operators, who form the Association of Gambling Administrators, work with the Panama Chambers of Tourism and Panama Tourism Authority to promote gambling. That shows how much the government prioritizes gambling based on its income potential for the country. The gambling industry in Panama is currently thriving primarily because of online casinos.

There are hundreds of legally operating casinos in the country, some of which have survived for decades. Considering the entire history of gambling in Panama, the country is among the few in the world where gambling has always thrived. The nation is now inundated with gambling facilities and hosts regular gambling activities, all protected by agreeable conditions and facilitated by cutting-edge technology.

Future of online casinos in Panama

The future of online casinos in Panama is easy to predict, judging from its history. The government fully supports gambling, something different from many other countries globally. However, that does not mean that it exposes the citizens to the adverse effects of gambling. On the contrary, the government takes all the relevant and necessary measures to ensure that gambling operations run as per the rules.

Among the most booming industries in Panama is tourism, which hinges partly on the gambling sector. The revenue collected from the gambling industry in Panama is so high that it is doubtful that the country's government will enforce new laws that restrict gambling. However, there are high chances that the regulating laws will become a little more restrictive to ensure the private casino operators do not exploit the residents.

Another contributing factor to the growth of the online casino industry in Panama is technological development. The rate at which the country is technologically developing is relatively high. As a result, more and more people are getting reliable connections to the internet each day.

That increases the accessibility of online casinos. In addition, online casinos are also taking advantage of new technology to offer more enticing games and services that help to increase the popularity of gambling. A good example is live gaming, which many punters accustomed to traditional casinos prefer.

Are casinos legal in Panama?

The government of Panama permits the operation of both land-based and online casinos in the country. However, the gambling providers must obtain a license from the government and agree to the regulations, terms, and conditions. The cost of obtaining a license to operate an online casino in the country is USD40,000, with annual renewal costing upwards of USD20,000.

Foreign entrepreneurs looking to start an online gambling business need to issue power of attorney to a local lawyer and register a company before applying for a license. Other requirements include:

Submitting a business plan
Paying government charges
Providing proof of financial security and paying capacity
Presenting evidence that the gaming software can recognize the location and origin of players and the source of their funds

Panama active gambling act

The Gambling Act used currently in Panama was passed into law in 2002, making the country a licensing jurisdiction. As a result, the Gaming Control Board, known locally as the Junta de Control de Juegos, was made responsible for issuing licenses and monitoring the gambling operations in the country. It issued its first license in 2003.

Top Online Casinos in Panama