Panama Junta de Control de Juegos Review

The Panama Junta de Control de Juegos is otherwise known as the Panama Gaming Control Board. It is responsible for regulating both online and land-based gambling within Panama. Up to now, this board has not had the same high reputation as many other licensing bodies around the world. However, they have certainly shown growth over the last few years. In fact, they have now become one of the most trustworthy and respected licensing bodies regarding gambling.

Established by the Ministry of Economic and Finance in 1998, the board became responsible for the gaming decree-law. The sole regulatory body is responsible for contracts, authorizations and gaming licenses to third parties. This includes those aiming to provide gaming in both brick and mortar casinos as well as online sites. All gambling platforms need to hold a license to deliver services to Panama citizens.

The Panamanian government only established the online gaming act in 2002. Therefore, prior to this the board, the focus was on land-based establishments. However, with the act in place, the control board to control and began to regulate online gambling. They issued the first online gambling license in 2003.

Panama Gaming Control Board Responsibilities

The Panama Junta de Control de Juegos is one of the busiest since they combine both online and land-based regulatory services. They also handle more responsibility while also ensuring the highest standards. This includes regulating and overseeing all forms of gambling, including both land-based and online. They also control private enterprises and concessions. This ensures gambling fairness and accurate RTP percentages form part of gaming. This means they need to focus on randomness and ensure the accurate software applies to casinos. It also applies directly to the games they offer.

The board is also responsible for ensuring no Panamanian citizens gain access to online gambling. They are also responsible for carrying out the appropriate processes to either decline or approve licenses for online gambling sites. Furthermore, the board ensures the upkeep and maintenance of the sites operating under their licenses. They investigate any suspicions, criminal activity and of course, breaking the license agreement.

Panama Junta de Control de Juegos Licence Requirements

To apply for a gambling license with the Panama Gaming Control Board, one has to submit a detailed application. This would also include a business plan revolving around the gambling site. Firstly, all the games forming part of the applicant site must operate under a provider that has completed third-party testing. This automatically ensures fairness and responsibility. It also confirms that games offer random results and use the appropriate software in terms of security.

Furthermore, the board will ensure the operator has the funds to establish the business. All the website resources, including hardware and backup servers, must be in Panama for license approval.

Finally, the application comes with a once-off of $10,000. The annual fee of $20,000 forms part of the agreement. The benefits of this are that operators would have the advantage of accepting wages of all forms within the betting activity.