I found this info on a site called gamblinglicenses.com
Aug 14, 2003: New offshore sportsbook BetPanAm.com is the first officially licensed and government regulated sportsbook in Panama.
'Regulatory due diligence is strict and goes over the past history of those applying for a license with a fine tooth comb, so dead beats and other bad elements are screened out before they get very far in the process,' senior management Marty Monroe said.
Panama is a G-7 nation, which means it shares banking regulations with the U.S. It is also an industrialized country in which English is the primary language. Every gaming licensee must post a $500,000 bond with the government to insure payment in any disputed claim that is upheld.
BetPanAm 'has a technology infrastructure with cutting edge accessibility not generally available in the Caribbean region. We're one step off two worldwide central fiber-optic cables,' Monroe explained, adding, 'We have totally redundant communications on both Internet and phone through dual fiber cables from two separate switches on the fiber ring throughout Panama City.'
April 15, 2003: All internet gaming companies within or hosted in Panama have to be registered under the Online Gaming Act of 12 November 2002. The regulation allows for online international wagering.
The telecommunications system is via a fibre-optic system. The official currency is the US dollar.
Internet gaming companies domiciled in Panama enjoy complete tax exemptions. Customs duty concessions are given for imports needed to carry on Internet gaming.
Offshore companies, such as on-line gaming companies are not subject to foreign exchange control.
There is also a new call center incentive and training program that boasts numerous qualified bilingual workers.
There is a proposed law in the legislative assembly to make English the second official language, therefore eliminating the need for translations for official documents and procedures.
The Master Licensor's responsibilities include:
1. The process of the application for the license usually takes from one to two months after providing all required documents.
2. To ensure that all Applicants have no criminal record and suitable references.
3. To designate qualified Applicants as to operating under the supervision of the Master Licensor.
4. To ensure that all software and specific games of chance conform to the strict regulations of Panama Internet Gaming License.
5. To collect all fees.
6. To monitor game payouts and to make certain they are within acceptable worldwide standards.
7. To make certain that a complete record of all transactions are available for inspection by designated officials of the Government or the License holder at any time.
8. Compliance with national and international money laundering regulations.
[Note: This Information courtesy of Dasting, as part of the Panana Regulations. Applications for both Internet Casinos and Sports Books are processed and issued by International Cybergaming Corp, a Master Licensor, with consulting services provided by www.Dasting.com
Oct 28, 2002: Panama has released new regulations to license internet gambling. Rates are US$40,000.00 for a Master contract and $20,000.00 a year for the licence. Master Licensors have the ability to offer numerous licenses.
April 1, 2002: Panama is now offering internet gaming licenses. I-gaming companies will need to apply for and obtain a license. In order to operate an Internet gaming contract a right of key of US$40,000 must be paid to the State. Each Internet gaming license will also be subject to a yearly state tax of US$20,000.
Aug 14, 2003: New offshore sportsbook BetPanAm.com is the first officially licensed and government regulated sportsbook in Panama.
'Regulatory due diligence is strict and goes over the past history of those applying for a license with a fine tooth comb, so dead beats and other bad elements are screened out before they get very far in the process,' senior management Marty Monroe said.
Panama is a G-7 nation, which means it shares banking regulations with the U.S. It is also an industrialized country in which English is the primary language. Every gaming licensee must post a $500,000 bond with the government to insure payment in any disputed claim that is upheld.
BetPanAm 'has a technology infrastructure with cutting edge accessibility not generally available in the Caribbean region. We're one step off two worldwide central fiber-optic cables,' Monroe explained, adding, 'We have totally redundant communications on both Internet and phone through dual fiber cables from two separate switches on the fiber ring throughout Panama City.'
April 15, 2003: All internet gaming companies within or hosted in Panama have to be registered under the Online Gaming Act of 12 November 2002. The regulation allows for online international wagering.
The telecommunications system is via a fibre-optic system. The official currency is the US dollar.
Internet gaming companies domiciled in Panama enjoy complete tax exemptions. Customs duty concessions are given for imports needed to carry on Internet gaming.
Offshore companies, such as on-line gaming companies are not subject to foreign exchange control.
There is also a new call center incentive and training program that boasts numerous qualified bilingual workers.
There is a proposed law in the legislative assembly to make English the second official language, therefore eliminating the need for translations for official documents and procedures.
The Master Licensor's responsibilities include:
1. The process of the application for the license usually takes from one to two months after providing all required documents.
2. To ensure that all Applicants have no criminal record and suitable references.
3. To designate qualified Applicants as to operating under the supervision of the Master Licensor.
4. To ensure that all software and specific games of chance conform to the strict regulations of Panama Internet Gaming License.
5. To collect all fees.
6. To monitor game payouts and to make certain they are within acceptable worldwide standards.
7. To make certain that a complete record of all transactions are available for inspection by designated officials of the Government or the License holder at any time.
8. Compliance with national and international money laundering regulations.
[Note: This Information courtesy of Dasting, as part of the Panana Regulations. Applications for both Internet Casinos and Sports Books are processed and issued by International Cybergaming Corp, a Master Licensor, with consulting services provided by www.Dasting.com
Oct 28, 2002: Panama has released new regulations to license internet gambling. Rates are US$40,000.00 for a Master contract and $20,000.00 a year for the licence. Master Licensors have the ability to offer numerous licenses.
April 1, 2002: Panama is now offering internet gaming licenses. I-gaming companies will need to apply for and obtain a license. In order to operate an Internet gaming contract a right of key of US$40,000 must be paid to the State. Each Internet gaming license will also be subject to a yearly state tax of US$20,000.
