Panama

Description:
A 1998 Decree Law provides the legal basis for the Gambling Control Board (Junta de Control de Juegos) to regulate electronic wagering activities through the Resolution 65 of 25 October 2002. Promoted as the "next Costa Rica", Panama, like other Caribbean gambling jurisdictions, allows a Master Licensor to grant sub-licenses in exchange for a yearly fee. Despite a USD 500,000 bond posted with the Panamian Government, BetPanAm, the first officially licensed and government regulated online sportsbook in Panama, was a total fiasco, costing players their balances and probably Panama its image as a reputable e-gambling jurisdiction. Only the continued efforts of Roberto Castiglioni, the former CEO of Royal Sports turned sportsbook watchdog turned rookie bookie promoter, allowed a large group of stiffed BetPanAm players to recoup part of their funds.

Licensing authority:
Junta de Control de Juegos - Ministerio de Economía y Finanzas

Website:
http://www.mef.gob.pa/Junta%20de%20Control%20de%20Juegos/

Resources:
International Cybergaming Corp (Master licensor)
Resolution No. 65 Panama, 25 October 2002