Panama Sports Betting Company
Sports Betting is very popular in Panama with many hotels
providing space for a sports betting business with many TV
showing all types of sports from around the world.
regulates sports betting businesses by requiring a specific
license through the Law 2 of 1998.
The Ministry of Finance & Economics has a special
Gaming Control Board which establishes rules and regulations
for licensing Panama sports betting businesses.
Here are the requirements to obtain a Panama Sports Betting
Execute a Power of Attorney with a Panama lawyer who will file a
license application which must contain the following
1. Name of applicant.
2. Location of the Agency of International Sports Betting.
3. Submit a business plan that indicates the amount of betting
agencies of sporting events that are intended to operate and
their locations, and the types of bets that will be accepted.
4. Names of people directly or indirectly involved in the
proposed transaction and the nature of such interest (such
information includes shareholders, directors, officers, the
legal representative of the company, in case of being a legal
5. Complete information on the personal, criminal, commercial
and financial backgrounds of each director, officer, executive
employee, and each shareholder owning ten percent (10%) or more
of the shares of the applicant's corporation, and any person
that, in the opinion of the Director of Gaming, have a
significant relationship with the proposed transaction; covering
ten (10) years prior to the date of filing of such application.
6. Submit duly authenticated documents proving the establishment
and enforcement of the legal entity or certifying the identity
of the natural person, if applicable.
7. Provide information on the financial structure of the legal
entity, including a list of all outstanding shares in other
8. Submit certificate issued by the secretary of the corporation
stating the names of each shareholder.
9. Submit certification from the secretary of the company in
which list all loans, mortgages, trusts, liens, and outstanding
10. Submit certification signed by the company secretary which
lists the names of people whose benefits, salaries or fees
correspond to the 10 highest payrolls, whether or not directors,
officers or employees of the applicant's company.
11. Indicate the procedures used or to be used to award bonuses
and profit sharing.
12. Copies of contracts and subcontracts relating to the
13. Submit balance sheet income statement, duly certified by a
certified public accountant, covering the three (3) fiscal years
preceding the date of application.
14. Copies of tax returns for the last three (3) years or
estimated income statement.
15. Submit a copy of the Internal Control Procedures Manual.
Every month, the Gaming Control Board receives 0.25% of 1% of
the total bets captured for international sporting events.
Monthly the Gaming Control Board receives 0.50% of 1% of the
total bets captured for international racing of greyhounds, if
approved by the Gaming Control Board.
The Gaming Control Board receives monthly 2% of the aggregate
amount paid in prizes to gamblers.