No More Tax on Gambling Winnings in Panama

Updated by Giuseppe Faraone verified symbol on July 12, 2022

In the past few years, there has been many changes and improvements made to the online gambling industry. One of the key focus areas has been changes and improvements to gambling regulations in various regions.  

A Move to Increase Tourism 

Panama is making a few changes and one of the major changes is to the taxation of betting in the country. One of the small victories for many is that the government officials will be abolishing the unpopular 5.5% Income Tax.  

With the new rules in place, players will be able to cash in on tax-free winnings no matter if they choose to take it as chips or cash. According to sources, the main reason behind this move is to try and save the drastically fading tourism industry in Panama. There is hope that these new lucrative rules regarding betting will lure in more visitors.  

More Changes Announced 

The Panama regulatory body, Junta de Control de Juegos (JCJ), has announced that they would be introducing changes relating to the taxation of betting. As mentioned the 5.5% tax which applies to gambling winnings is among the first to be removed by the Ministry of Economy and Finance.  

The tax was introduced back in 2015 with its main purpose being to raise revenue in an effort to pay for the retirement benefits of Panama Citizens. This was implemented by the previous government and new officials believe that it is negatively affecting the tourist trade.  

It is because of this belief that the income tax will be abolished across the board on all aspects of gambling in Panama. This includes all forms of gambling such as bingo, sports betting and playing at the casino tables.  

A Popular Move 

It seems the move to get rid of the tax on gambling winnings is a popular one as it has already gained the support of many agencies. The head of the tourist body Autoridad de Turismo de Panama has already backed the plan.

According to statistics the tourism industry has collapsed with hotel occupation rates dropping below 45% in the past two years. Another major downfall to the collapsing tourism industry is that there have been approximately 40,000 job losses because of it.  

The move to scrap the tax has been a long time coming as the gambling body in Panama, Asociación de Administradores de Juegos de Azar has been campaigning against it since it was implemented 4 years ago. It is their belief that the implementation of this tax was the reason many local players and international casino gamblers chose to visit neighbouring countries instead.  

A Watchful Eye 

The cut of the Income Tax is a big win for players in Panama but operators might want to be careful. The Panama government also recently announced that they are preparing to introduce a new audit system for operators.  

They will be using an “interconnected electronic system” to ensure operators are paying the right amount of tax. Government Officials will also be stepping up their monitoring activity to identify all taxable revenue.

Latest News View all

Get Ready for the Ride: Stake's Grand Entrance into the 2024 Formula 1 Season

January 01, 2024

Stake, the well-known gambling brand, has taken a step further into the sports world by partnering with a Formula 1 team. This grand entrance will see the team take on Stake’s name for the next two seasons. Find out what the contract entails and learn how the partnership will affect the Stake F1 team’s performance in 2024. 

Read more

Is Mr. Pigg E. Bank One of the Best JFTW Slots?

December 18, 2023

Just for the Win (JFTW) now has more than 60 slot games in its catalogue. If you don’t know already, the developer has released some impressive titles throughout its few years of operation, including Sherlock and Moriarty WowPot!, Neptune’s Riches: Ocean of Wilds, and Book of King Arthur, just to mention three. It’s usual for the company to launch new slot games regularly, and this means that fans of JFTW can look forward to a novel experience every month.

Read more

Oros Gaming is Back with Magnificent Power Zeus Slot!

December 16, 2023

Since its launch, Oros Gaming has been releasing online slot games every so often. If you’re unsure about who this developer is, its titles like Iron County Outlaw and Joker Bonanza Cash Spree have been welcomed and applauded by gaming fans. Now, Oros Gaming is back with another slot release in Magnificent Power Zeus. This isn’t the first game to focus on Greek gods for its base theme. In fact, this serves as one of the most popular options for many brands.

Read more

Most Popular

100 Best Payout Slots 2024

November 23, 2021

It is common for a gamer to want to know about the best slots to play. And this includes the ones that are the best for payouts. Of course, there are various developers operating today, creating entertaining, high-quality slot games with amazing payouts included. Therefore, we have put together a selection of the best payout online slots for you to experience and separated them into their respective developer sections.

Read more

Euro 2020 Final Odds Italy vs England - Who Will Win It?

July 09, 2021

Italy and England will face each other on Sunday at Wembley in what has been an existing European Championship tournament. Hosted a year later due to the pandemic, the Euro 2020 will come to an end on Sunday at 3 pm, with the final taking place at Wembley. Is it coming home? Or is it coming to Rome? Let’s see what the bookmakers say.

Read more

£100 Deposit Bonus UK

February 07, 2021

UK online casinos that offer a £100 deposit bonus are quite common, especially as we see an increase in the number of online casinos, which results in greater competition between them - and better offers for players!

Read more

5 Favourite Slots by European Players

December 01, 2020

Europe is a hotbed for casino gaming activity, and there’s little wonder. With locations like Monte Carlo, London and Malta all playing host to exciting casino escapades, it has quite the popular appeal for players. It is also due to this that many online casino slots have become popular in their own right with players from the continent. So, which ones can be considered the five favourites of European casino players? We’ve got a look at each of these and their inbuilt features below.

Read more

Top 10 Online Casino Names in 2024

November 01, 2020 A name is an identity that should be got right. Just like a child, an online casino should also be treated the same. No one gives his/her child a funny or a name that isn’t special. The same should apply here. Choosing a business name is never an easy task especially with the permanence aspect that comes with it. Remember, this is a name that is going to stick for a long time once you have officially registered. So, as you name an online casino, you need to think of giving it a special and attractive name that will be appealing to your potential customers. The name should speak of the quality you are to give them. Many names have cropped up and you will notice that a certain pattern is followed on some popular casinos. Read more

10 Tips to Improve Your Chances of Winning Scratch Cards

October 27, 2020

Want to gamble easily without having to use much of your bankroll? Then scratch cards might be what you are looking for. Scratch cards are very simple to play since they require little to no experience. Scratch cards are reminiscent of Lottery where it’s a game of chance and luck. While you do not require much expertise in the field to win scratch cards, you can always have tips to improve your chances of winning scratch cards.

Read more

The Atlantic Club

August 05, 2020

The Atlantic Club used to be a people's favorite for a long time and was owned and operated by Colony Capital. Over the years, the club had many different names, including Golden Nugget, Bally’s Grand, The Grand, and Atlantic City Hilton (ACH).

Read more

Getting Started with Fantasy Sports in 2024

July 29, 2020

With sports events returning to the airwaves, it’s the perfect time to get involved in fantasy sports betting. But how’s the best way to leverage this for betting online and at home? We’ve taken a dive into the world of fantasy sports to advise you on how to make the most of it.

Read more

Understanding and Using RTPs to Your Advantage

June 01, 2020

Playing online casino games can be highly entertaining and rewarding if you understand the basics. Every casino game found online comes with a Return to Player (RTP) percentage set by the software provider. Many players will load and play games without fully understanding or knowing how these affect their gameplay.


Read more

How to Find a Safe and Legit Online Casino to Play

June 01, 2020

The online casino industry has changed and expanded exponentially over the past few years. Live casino games have become more and more popular giving players that authentic live casino experience. With the king of live casino, Evolution Gaming, stepping up to the plate and creating a range of classic and unique live casino variants for all to enjoy.

Read more
Giuseppe Faraone
Online Casino Expert Author & Online Gambling Expert Giuseppe Faraone verified symbol
Based in Valencia, Spain, Giuseppe gave up Milan for sunny shores. New licenses, new casinos, new bonuses, new games - there's always something to write about. Being so close to the action in the gambling industry, he's on top of any new developments the minute they come through the door. Aiming to deliver updates and comprehensive information to you, he does his best to test out and rate what he reviews thoroughly. Giuseppe is also a book writer. In October 2022, he published his first book called The Untold Story of Online Gambling, available on Amazon.
Expert On: Gambling Laws Responsible Gambling Players Rights Online Casinos Casino Licences
More articles by Giuseppe Faraone

Reviewed by Julia Attard

Senior Author & Online Casino Expert With experience in content management, Julia is passionate about creating content for the English-speaking gaming markets of CasinoTopsOnline. When she isn’t working, you’ll find Julia reading a book on the beach, watching sports or baking something in the kitchen! Read More