Licensing for online casinos in Panama
This jurisdiction is well known as it offers very simple tax rules. There are many online casinos that have the legal address in this country. Here are the characteristics of the registration in this region:
- Registration takes from six to eight weeks
- The minimum cost of obtaining a license is 40,000 dollars. Each its extension will cost 20 thousand dollars
- The operator must transfer all the authority for applying for a license with a help of the local lawyer
- Taxes go up to 10% of gross income per year or payment of government fees. It all depends on the amount of profit; the operator needs to look for the most acceptable option
- The start capital should be at least $ 100,000
- The software must be able to determine the origin of payments from the players, namely the source of the deposit funds, since payments from the USA cannot be made
- The business plan must be approved by qualified professionals.
As you can see, the requirements to the newcomer are really strict and demanding. Comparing to Costa Rica, for example, the licensing is very expensive and will be suitable for bigger players.Gambling license is not a panacea
A licensed casino is necessary because it opens the doors to the offices of good software vendors, access to new states and local taxation. But this is not a "cure for all diseases" and the operator will need to do a lot to make his business effective and not lose what he has already made. The license does not allow to work in all countries of the world. Each jurisdiction has its own requirements for operators, its own checks and conditions for obtaining permits. To find the perfect option, it is important to clearly understand the target market, the class of license and etcetera.Under what conditions can you lose a gambling license
The operator must register the company in the country that issued the registration. A license only allows you to carry out activities in those countries where gambling is allowed. For example, the Panama license will allow working in all countries from the list. But in other countries, the operator will need to achieve an internal license. All jurisdictions strictly monitor Internet traffic, check the game certificates and the operator’s permission to work. The gambling business brings high revenues, and fines in it are also high. Thereby, working illegally is simply not profitable.Is it possible to launch an online casino without a license?
Actually, this is possible. If the operator for some reason has no desire to get the registration, there are two options:
- Become a partner of a large network and work on a franchise, sub-license or affiliate program
- Work unofficially at your own risk – surely this is not a real option in all civilized and regulated markets since the website will be closed very fast and there will be very serious consequences. This option is extremely dangerous, and not only threatens fines.
The first option can work for beginners in the online playing business. However, for experienced entrepreneurs, this will not be a serious option.Concluding
The registration in this region is not simple since it requires the large capital. However, it opens large markets to a newcomer and helps to get the best options. The software is an important element of casino success. Mainly, it guarantees stable operation without interruptions. To get the official software, the online casino needs a proper license. Panama registration gives the wide range of options here, thereby, this is the additional reason for getting it.