Online Gambling in Panama: An undiscovered paradise

By Herbert Young, Panama

Panama has a privileged geographical position. This factor was the reason for which the Panama Canal was built in the country more than 100 years ago, operated efficiently by 100 percent Panamanian labor. The Panama Canal, besides joining the Atlantic and the Pacific oceans, reduces maritime routes and is currently under expansion with an investment of $5 billion (USD).

You can travel to the Pacific Coast and swim into its beaches with their beautiful white sand, and later go to Isla Grande on the Atlantic side, known better as the Caribbean Sea, to do some snorkeling, all in the same day. Recently, Panama has become “The Hub of the Americas” thanks to an initiative of Compañía Panameña de Aviación (COPA) that has established its operations to offer quick connections to passengers that are traveling to and from the rest of America.

Panama is a service country with the highest international standards. Its corporate law was enacted in 1927 and has not suffered any major changes since. Panama is the leader in the creation of offshore corporations and registration of vessels. Currently, more than five fiber optic cable networks pass through the country. Recently, Panama has been recognized by three of the main international agencies of risk who have raised the country rating and categorized Panama as a country with investment grade.

In 1997, the government owned the monopoly of the gaming industry. That year, the gaming law was changed, and the Gaming Control Board of Panama, a multidisciplinary organization conformed by the minister of finance, a member of the Congress and the controller of the Republic of Panama, took control of this activity granting concessions to private parties.

This decision could not have been more assertive. The gaming rooms were submitted to international public bids through a legislation constituted by clear rules for obtaining the concessions, background investigations, minimal requirements of experience and operation standards. The government’s income was multiplied and the development of the gaming industry took place almost immediately, making Panama on of the most important places in the Central American region.

The industry has growing substantially since 1997, and in spite of the fact that taxes were recently increased, it continues to be an attractive area for investors interested in local gaming matters.