The tremendous growth that online betting platforms have had in the last decade is undeniable given their many advantages compared to brick-and-mortar casinos. However, the legal issue has been an intriguing topic surrounding this thriving industry, especially in Latin America. In particular (and fortunately) Panama has adopted a much more liberal attitude towards online gaming, with it being completely legal and regulated.
Regulatory authority and licenses
It is important to note that electricity the legal framework governing online betting in Panama It was established primarily by Law 2 of 1998, known as the “Panama Gaming Supervisory Board Law”. This law gives powers Panama Gaming Control Board regulate and supervise all forms of gambling activities, including online betting. Therefore, the board is responsible for issuing licenses, supervising operators and enforcing established regulations.
In order to legally operate an online betting platform in Panama, operators must obtain a license from the Panamanian Gaming Supervisory Board. The licensing process includes an extensive control of the operator’s financial stability, technical capabilities and compliance with anti-money laundering and player protection measures. It is important to note that authorized operators are subject to constant supervision to ensure compliance with established regulations.
National and international operators
A key aspect of the legal framework in Panama is the distinction between national and international betting operators. National operators are those that offer their services exclusively in the territory of Panama. They must obtain a national license and meet a number of special requirements, such as hosting physical servers in Panama and restricting access to Panamanian residents only.
On the other hand, international operators serve a global audience, including Panamanian actors. These operators can obtain an international license from the Panama Gaming Control Board. The international license allows them to serve clients inside and outside of Panama, as long as they meet the regulatory requirements established by the board.
In fact, as we see in the comparator Casasdepuestas.comthere are a large number of international operators that allow Panamanians to have legal entertainment on their platforms.
Allowed types of bets
Current Panamanian regulations allow all the most popular types of online betting, including sports betting, casino games, poker, bingo and, obviously, lottery games. However, each specific form of online betting requires certain conditions to be met in order for the Gaming Control Board to grant the appropriate license.
For example, in the case of poker, there is practically no requirement for the operator to offer it. For its part, in Bing, the licenses are valid for seven years and the operator must pay the costs of the said license plus all the costs involved in the administrative procedure. In the case of lottery games, there is an obligation for operators and sellers to pay commissions, which would be around 13%.
Player protection and responsible gaming
Current regulations emphasize player protection and responsible gaming practices. Therefore, operators must implement measures such as age verification procedures, self-exclusion options and responsible gambling information.
What is worth pointing out is that games of chance and sports betting are strictly prohibited for persons under 18 years of age. This restriction applies to both online platforms and physical establishments. Another relevant point is that the law also prohibits operators from targeting vulnerable people and imposes severe sanctions on operators who do not comply with the said restrictions.
Legal loopholes
It is worth noting that despite the current legal framework, Panama does not have specific laws directly dealing with online betting as such. Instead, existing legislation applies to all forms of gambling, including physical and online activities. This somewhat general and confusing approach leaves room for interpretation and raises questions about the extent to which online gambling is actually regulated.
It is important to note that although online betting is regulated in Panama, players themselves are not subject to legal sanctions for participating in offshore gaming platforms. Residents of Panama have access to a wide range of international online betting sites, which operate legally in their jurisdictions. However, players should be careful and choose reputable and licensed operators to ensure a safe and fair gaming experience.
Evolution and future perspectives
The legal situation for online betting in Panama has evolved over time to adapt to global trends. Currently, with the advent of new technologies such as artificial intelligence, big data and virtual reality, authorities should monitor the landscape of online betting and thus adapt the legislation and maintain a safe, modern, innovative and fair environment.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
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