for early access to the latest igaming videos!
and get the latest igaming news first!
Panama has made a major move towards strengthening its gambling regulation system with the approval of Bill 403 in the National Assembly. The bill has been designed to improve measures for preventing problem gambling, particularly in response to the rapid growth of online gambling in the country.
The bill has been proposed by parliamentarians Raúl Pineda and Crispiano Adames and has been designed to create stricter regulations for both physical and digital gambling platforms in the country. The major aim of this legislation is to ensure the safety of vulnerable groups in the country and promote responsible gambling practices in Panama.
Mandatory Contributions to Mental Health Programs
One of the major features of this legislation that has been appreciated by gambling regulatory authorities is the creation of a fund for tackling problem gambling in the country. The new legislation requires gambling establishments in the country to contribute 10% of their profits to the Instituto de Salud Mental (INSAM).
This fund will be utilized for providing treatment for problem gambling and for setting up a specialized center for gambling disorders in the country. This indicates that the government has placed a high value on mental health as a fundamental pillar of its gambling regulation system.
Stronger Controls to Prevent Underage Gambling
The legislation has also been designed to create stricter regulations for preventing minors from engaging in gambling activities in the country. Under the new legislation, minors are prohibited from engaging in gambling activities in the country. The digital gambling platforms in the country are now required to use biometric systems for verifying the identity of users on these platforms.
This indicates that the government has focused on using technology to ensure stricter regulations in the gambling sector in the country.
Advertising Restrictions Across Media and Sports
In a notable change, the regulations impose severe limitations on the advertisement of gambling services. The regulations ban the advertisement of betting services through traditional media channels, social networking sites, and even sports.
The advertisement of gambling services by influencers or public figures is also prohibited. This indicates a tougher stance on the advertisement of such services.
Enhanced Oversight and Enforcement
The regulatory body for overseeing the gaming industry will be the Junta de Control de Juegos (JCJ). The regulatory body will be equipped with the latest technological advancements to monitor the operations of the gaming industry in real-time.
The regulations impose severe penalties for non-compliance with the regulations. These penalties include a fine of up to 10% of the revenues generated by the operators, revocation of the license granted to the operators, and even criminal proceedings against the operators for non-compliance with the regulations. These regulations clearly demonstrate the government’s determination to enforce compliance with the regulations.
Financial Safeguards and Educational Measures
The regulations also impose severe limitations on the modes of payment that the operators can offer to the users of the gaming services. This is aimed at protecting the users from the risk of becoming debt-ridden.
Another notable change introduced by the regulations is the inclusion of educational programs on the risks of gaming in the school curriculum of Panama.
Although the regulations have been approved by the National Assembly, they need to be enacted by the President of the Republic to come into effect. If the regulations come into effect, it would mark a complete change in the approach adopted by Panama towards regulating the gaming industry.
Source: SBC Noticias
