Panama Gaming Control Board
The Panama Gaming Control Board (PGCB) is charged with regulating and supervising all gambling activities in Panama. Also known as Junta de Control de Juegos, the Panama Gaming Control Board is an agency under the Ministry of Economy and Finance. The PGCB was initially empowered in 1998 to have full responsibility for gambling supervision. With the Online Gaming Act enacted in 2002, the country still remains attractive to several online casinos.
Casinos With a Panama Gaming Control Board License
- Panama Gaming Control Board
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The Role of the Panama Gaming Control Board
The Junta de Control de Juegos, as it is formally known, primarily handles the licensing, controlling and regulation of land-based and online gambling. It acts on behalf of the above-mentioned Ministry and collaborates with other stakeholders to maintain internationally acceptable gambling standards.
The following are the functions of this regulator:
- Facilitate and promote safe, responsible gambling at all times.
- To ensure that the activities of operators, consumers and the regulator are transparent, credible and lawful.
- Setting the gaming industry as a link for economic growth.
- Determine which games fit into its jurisdiction as games of luck and chance.
To perform these roles, the PGCB is guided by different laws and regulations. Most of the laws seek to prevent the industry from being used to perpetrate financial crimes.
PGCB Casino Licences
Both land-based and online casinos fall under the remit of the Panama Gaming Control Board. Although Panama is not among best known global gambling regulators, obtaining a licence still requires detailed paperwork and due diligence.
Anyone seeking such a licence must form a company in the country. Alternatively, an offshore applicant must register as a foreign company in the Public Registry of Panama. They must make a declaration to comply with all gambling laws and regulations and also appoint a legal representative in Panama.
The application should include a business plan with a feasibility study done by an independent consulting firm. Furthermore, the applicant must meet the following requirements:
- Prove that it has prior experience and knowledge in running casino operations.
- Allow an investigation of its history, integrity, prior business operations and all other important information.
- Establish that the casino systems are fair and transparent.
- Show evidence that the casino can identify the source of funds deposited by players to avoid money laundering.
The company must also present evidence that it has the financial capacity to undertake the business and pay out player wins in full.
Benefits of Panama Gaming Control Board Licensed Casinos
The Junta de Control de Juegos casino licence is not among the most sought-after licences in the gambling sphere. However, it remains one of the most popular in the Americas.
Several top casinos are adding this jurisdiction to their catalogue and expanding their reach to Panamanian players. The country is something of a tax haven because of its favourable financial laws, especially to offshore companies. For instance, income tax and corporate tax are not levied on foreign casino companies operating outside the country.
For this reason, Panama keeps attracting a growing number of popular and budding casinos. Lastly, the Panama licence, annual and sub-licence annual fees are all affordable compared to those of other top regulators.
Benefits to Players
As previously stated, some top casinos are taking out licenses in the country. One of the requirements for a licence is that the systems must be shown to be fair and transparent. Hence, the random number generator (RNG) must be certified by independent testing agencies, such as iTech Labs and eCOGRA.
The casinos, complying with the Panama Gaming Control Board, all provide responsible gambling software to protect all players. Trusted payment methods are available at these casinos which facilitate easy deposits and withdrawals. Such banking solutions are credit and debit cards, e-wallets, direct and online bank transfer, prepaid cards and cryptocurrencies.
What is Junta de Control de Juegos?
Junta de Control de Juegos is the alternative name for the Panama Gaming Control Board. It is the government body responsible for regulating gambling in Panama.
Are offshore casinos licensed in Panama?
Yes. The Panama Gaming Control Board grants licences to offshore casino operators. Once the requirements for a licence are met, it will be awarded to an operator.
Can I trust casinos licensed by the Panama Gaming Control Board?
Yes. This regulator’s application requirements are heavily centred on trust, integrity, security and transparency of an applicant operator. As a result, all the licensed casinos in the country are safe, fair and transparent.
Which online casinos have a Panama Gaming Control Board license?
Use the list of Panama Gaming Control Board casinos to see all online casinos that are regulated by Panama Gaming Control Board.