Panama is a Central American country that borders Costa Rica and Colombia and sits between the Caribbean and Pacific Oceans. For instance, the legislation in Panama is different in comparison with other similar countries, for more information read: Colombia gambling sites and law.
It is known for its warm climate, lush jungles, and the Panama Canal which is a key waterway that connects the Atlantic and Pacific Oceans.
The country boasts a population of nearly 4 million residents and they enjoy a strong economy that is fuelled by the service sector, trade, and a fast-growing tourism sector.
Gambling in Panama also contributes to the economy and locals and tourists have their choice of visiting any of the 40 casinos that operate here.
There are also several bingo halls, a horse racing track, and a couple of land-based sportsbooks.
These venues are all licensed and regulated by Junta de Control de Juegos which operates under the Ministry of Economy and Finance.
The national lottery, Lotería Nacional de Beneficencia, is a state-run monopoly that was established in 1914.
Online gambling in Panama is also legal, licensed, and regulated although Panamanian gambling licenses are not held in the same high regard as many other jurisdictions.
Panamanian gambling licenses are relatively easy to obtain and oversight is comparatively lax compared to other regions.
Top 10 Gambling Sites for Panama in 28 February 2024 – Updated List
What are the Best Gambling Sites and Promotions for Panama?
Online gambling in Panama, like the Bahamas online gambling, is legal and many gaming sites are licensed and regulated in this gambling jurisdiction. Panamanian online casino players may choose to legally place bets at Panamanian sites as well as foreign sites. This means that Panamanians have access to the most reputable gaming sites on Earth and it also means that Panamanian online casino buffs can cash in on some great bonuses.
$100 casino bonuses are easy to get at Casino Mate, Intertops, and Party while Guts, and 12Bet have up to €100 available. Casino Cruise, 50Stars, and industry giant William Hill are all offering €200 in casino betting bonuses as are at NetBet and Casino 777.
Panamanian online poker players can also get their share of bonuses from the best online poker rooms. TonyBet will generously beef up your chip stack by up to €500 while NordicBet TrioBet, or Betsson will raise the action with up to $1,000 in poker bonuses.
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How Regulated is the Panamanian Gambling Market?
The Panamanian gambling market is fully regulated by the Junta de Control de Juegos who screens applicants, issues licenses and is in charge of regulatory oversight of both land-based and online gambling operations with the exception of the lottery which is run by the state.
Junta de Control de Juegos has been criticized for what is perceived to be a lax approach to regulatory enforcement. Gambling licenses issued in Panama are not as respected as licenses from some other gambling jurisdictions.
Is Gambling Legal in Panama? What is the Legal Age?
Gambling in Panama is legal, licensed, and regulated. There are many casinos, sportsbooks, bingo halls, and other gambling establishments that operate both on land and online. Panamanians can also legally wager at foreign online sites. The legal age to gamble in Panama is 18.
Does Panama Tax Gambling Winnings?
New Panamanian tax laws have recently come into effect but they appear to be quite confusing. Previously, a 7% tax was placed on slot machine winning exceeding $300 but this has been replaced with a 5.5% tax on all casino cash outs.
This technically means that players are charged the tax when they cash in their casino chips regardless of how much they have won or lost. If you buy $100 in chips and cash in $20 after losing $80 at the tables, Panamanian tax laws require you to pay tax on the $20 withdrawal. There is a large outcry to change this obviously unfair tax scheme. Horse tracks are currently exempt from this.
What Currency and Payment Methods do Panamanian Players Generally Use?
The official currency of Panama is the Balboa although the US dollar is widely accepted as well. Those looking to make a deposit or withdrawal from an online gaming site have several options. Major credit cards, eWallets like Skrill and Neteller, debit cards, and prepaid options like EntroPay are the most common methods. Bank wire transfers may also be used at most online sites.