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Panamanian Betting Licenses

Online casino gambling and betting activities have risen quite significantly over the past year in Panama according to Panamanian Gambling Control Committee. Panama has a tight control over the companies that are able to operate sportsbetting activities in the country and thoroughly investigates all of the companies prior to granting a gambling license. As such the country has a safe gambling environment and currently has six companies that operate in Panama City.

Licensing in Panama is strict and all online casino and betting gambling licensees must comply with the regulatory measure passed in 2002, Resolution 65. Because of Resolution 65 the Gaming Control Committee is able to force potential internet gambling companies to "show…their credentials, their financial sources, experience and people that are part of them, so they are investigated by the state,” comments Secretary Raúl Cortizo.

In addition, an unidentified company will have a large stake in the country’s gambling industry thanks to the fact that the company has been authorized to both administer and operate 20 new sub-licenses – ten for the online betting industry and ten for the online casinos gambling industry.

And as for profits for 2007, the Gambling Control Committee has released the cumulative statistics for the country’s gambling and betting industry. Basically the online casinos gambling and betting industry saw an 87.8 percent increase in gambling revenue (yearly revenue now at $26.3 million and expected to continue increasing in the coming years). The taxing structure in Panama is different from many other nations and Panama receives an annual sum from licensees rather than a specific share of the profit.