The forecast of online casinos in Panama for 2021

Technology has allowed us to lead a very specific sector of the entertainment industry made up of companies that have managed to reinvent themselves and virtually offers a service that was previously only understood in physical establishments.

This is also the case of Panama, which has the legal context for those online bookmakers that want to establish their activity in this Latin American country. Despite having a very liberal regulation, the Panamanian authorities only grant licenses to those who meet a very strict list of requirements, although, to tell the truth, these tend to end up being all those who can pay taxes and do nothing outside of the law.

Regulation of online casinos in Panama
Although games of chance have been legal in the country for several decades, its online versions were not regulated until a year ago. With the resolution of March 2020, the best online casinos must comply with the strictest security standards to receive approval from the Gaming Control Board and operate in Panama. In this way, the JCJ wants to offer Panamanians the safest platform to be able to bet on national pages.

Manuel Sánchez, director of the JCJ of Panama, acknowledged that the regulation was written with the intention of attracting foreign investment to turn the country into a place to do business, but it must be done with caution and being very rigorous. Panamanian citizens can play on international pages, but, following the example of countries like Colombia, the government of the Republic wants them to do so here in order to benefit from part of the income that this type of business generates.

Requirements for online casinos to operate in Panama
In the first place, to grant licenses, the JCJ will analyze that the person behind the company requesting it does not have a record that threatens the public interest and that he has financing from a legal source. In addition, applications can only be made if you have a minimum of five years of experience, if you have a legal representative in the Republic, if you comply with all laws and regulations and, obviously, if you provide all the documentation that is required.

Among others, it is necessary to indicate the licenses to be operated, present a business plan (including the initial investment and economic projections in the short, medium and long term), and provide contracts related to the proposed operation and the procedures that will be carried out. out to award bonuses. In addition, the resolution of the JCJ requires to indicate the balance of the gains and losses of the three fiscal years prior to the application, as well as the last three income statements.

Online casinos on the rise
It has been proven that the legalization and regulation of sectors such as online casinos is responsible for the growth of their popularity, and that should be seen over time in Panama as well. The resolution came just in time last March, as the global numbers of gaming platforms have grown considerably since the pandemic began. But their success also has a lot to do with the range of games they make available to users.

In this sense, and as we mentioned at the beginning, technological advances have an important role and will continue to do so in the future in the country. Artificial intelligence has already served to improve, for example, customer service or to offer more personalized bonuses and promotions. But you can still do much more, and you could achieve goals as diverse as preventing illicit gambling, detecting gambling, or increasing supply.

The resolution of the online game, a first step
About a year ago, the Gaming Control Board of Panama made a defining decision for the future of the online gaming sector in the country. The March 2020 resolution will serve to establish the national industry for this type of game, attract foreign investment and supply the state coffers. But it should also help protect Panamanians and Panamanians who love online gambling to be able to play safely.