Best Betting Sites in Panama

Sports Betting Regulation in Panama

The great thing about betting on sports in Panama is that it is completely legal, both when you wager in person and online. State-owned betting operators offered legal wagering services in the country until 1997, but that changed in 1998 when Panama opened the market to privately owned gambling companies with Law 2 of 1998. Online sports betting has been legal in Panama since 2002 after the country introduced the Online Gaming Act of 2002.

The Panama Gaming Control Board is in charge of regulating the legal sports betting market in the country, as well as licensing international bookmakers who wish to obtain a Panama gambling license and list Panama as their licensing jurisdiction. Panama is a tax haven and betting operators licensed in the country don't have to pay any taxes. They also benefit from the very liberal Panama gambling laws.

To sum up, bettors in Panama can enjoy a completely legal sports betting experience. Even better, in 2019, the country decided to do away with the 5.5% tax on players' winnings, so if you win your sports bets in Panama, you won't have to pay any taxes.

Welcome Bonuses

Before you join an online bookmaker, always check whether that sportsbook has a welcome promo for new bettors. If it does, you will get bonus funds up to a certain amount when you register a new account and make a qualifying deposit.

For instance, a sports betting site might have a 100% up to $500 welcome bonus. With this welcome promo, the bookmaker will match your deposit up to $500. For example, if you deposit $400, the bookie will give you $400 in bonus credits. It is easy to see how a welcome bonus such as this one can be quite useful for bettors in Panama.

Free Bets

A Panamanian bettor favourite, free bets are always in high demand. You probably need no special introduction, but with free bet promos, the bookmaker gives you $10, $20, or more in free bet credits that you can use to place wagers without using your own money. Unlike bonus funds, you usually must use free bets in their entirety, meaning if the bookie gives you $50 in free bet credits, you must use that $50 in full as the stake of your free bet.

The great thing about free bets is that they allow you to wager on sports and markets you don't normally bet on. For instance, if you are someone who likes betting on soccer, you can use your free bet to place baseball or basketball wagers. Similarly, if you regularly place match winner bets, you can use your free bet to wager on other markets, such as Over/Under or handicap bet types.

Risk-Free Bet Offers

With risk-free bets, you get the free bet credits after you have placed a qualifying bet, but only if the outcome of that bet is a losing one. If your bet wins, you collect your winnings and don't activate the risk-free bet bonus. Let's explain how this works.

Let's say a sports betting site in Panama has a $20 risk-free bet promo. To trigger it, you need to bet on minimum odds of 2.00 and must place a bet worth $20 or more. Let's now imagine that bet loses. Normally, you would lose your bet stake together with your bet.

However, with risk-free bet bonuses, the bookmaker will give you your $20 bet stake back in the form of free bet credits. You can use these to place a new wager, meaning your previous bet was, in essence, a risk-free bet.

Reload Bonuses

Similar to first deposit bonuses, with reload bonus promos, the sportsbook matches your deposit up to a predetermined amount. However, unlike first deposit bonus offers, you can only trigger reload bonuses as an existing player, hence the name reload.

Another important thing you should remember is that reload bonuses can only be activated during promotional periods. These promotional periods can be weekends, holidays, festive seasons, big tournaments, competition finals, and so on. If you make a qualifying deposit during these periods, you will activate the reload promo.

For instance, if an online sports betting site in Panama has a 50% up to $500 reload deposit bonus, this is what you need to do to claim it. First, make a qualifying deposit. That means to meet the minimum deposit amount and use an accepted payment method. For example, if the minimum deposit is $20, you can deposit $60 and use a debit card (always a safe choice for triggering bonuses). The bookmaker will then give you $30 in reload bonus funds. Pretty easy, right?

Accumulator Insurance

Bettors in Panama love to compile accumulator wagers. However, because accumulator bets consist of more selections, the chances of losing are somewhat higher compared to single bets. That's where accumulator insurance promos come in handy.

With an accumulator insurance bonus, you get your bet stake back if your combo bet loses. However, your stake will be returned only if one selection lets you down and if you have met minimum odds conditions.

Let's say a sports betting site in Panama will return your bet stake if you have a losing combo bet where only one selection lets you down, and the total odds of the picks you have predicted correctly is 25.00. If your acca bet ticks both those boxes, you will get your bet stake back.

Loyalty Programs

Bettors in Panama who deposit and wager regularly should find top sports betting sites with generous loyalty programs. When you join a loyalty scheme, you collect points when you place sports bets or play casino games. The more you wager, the higher you climb in the loyalty system. And the higher you are on the loyalty ladder, the better your sportsbook benefits.

There are various loyalty program perks, such as daily free bets, better cashback percentages, and regular reload deposit bonuses. Top-level bettors will even get personal account managers to help them with tailor-made sports betting offers or assist them with invaluable information about a tricky wagering requirement or other bonus T&Cs.

Popular Payment Methods for Panamanian Betting Sites

The best betting sites in Panama will let you deposit and withdraw using a myriad of payment methods. These include popular banking systems like credit/debit cards, instant bank transfers, e-wallets, prepaid cards, cryptocurrencies, pay-by-phone options, etc. Let's look at some of the most frequently accepted payment methods in Panama.

Visa

Arguably the most convenient payment system for bettors in Panama, Visa credit and debit cards allow you to deposit in your betting account in the same way you shop online. Visa sportsbook deposits are instant, and the limits are usually perfect for bettors on tighter budgets. On the downside, Visa withdrawals are not as expedient as you want them to be and may take up to three days to complete.

Mastercard

There is little difference between Visa and Mastercard when it comes to Panama sports betting transactions. Deposits are always instant, while payouts may take up to 2 or 3 business days. Mastercard is as convenient to use as Visa. However, as with Visa, before you deposit you will need to share some sensitive banking info, such as card numbers and CVV codes.

PayPal

Bettors in Panama looking for fast and secure betting site transactions will love PayPal. The e-wallet facilitates instant deposits and relatively fast payouts. The minimum and maximum transaction limits are usually okay for both big-money bettors and punters on a budget. However, please note that PayPal customer support is not always up to the task, and you may have to wait for hours to get in touch with the company's customer service.

Neteller

Neteller is a great option for people who want to enjoy super-fast withdrawals in addition to instant deposits. Most Neteller sports betting sites in Panama listed at Betpack facilitate same-day withdrawals, meaning you will get your payouts within 24 hours of making a withdrawal request. Neteller deposit and withdrawal limits are quite bettor-friendly too. One drawback of the Neteller e-wallet is that sometimes sportsbooks won't accept Neteller deposits for sports betting bonuses such as welcome offers.

Skrill

One of the best payment methods for punters worldwide, Skrill is also a top choice with bettors in Panama. When you deposit and withdraw using Skrill, you don't share any banking info, making the e-wallet more secure than most other payment systems. Deposit and withdrawal speeds are also reasonable, while Skrill always has punters in mind when it comes to transaction limits. Unfortunately, as with Neteller, you won't be able to claim all welcome bonuses with Skrill, as the payment method is often in the list of excluded banking options for welcome bonuses.

Paysafecard

If you want to make anonymous deposits at the best online sportsbooks in Panama, Paysafecard is your best bet. With the prepaid card, you don't share any financial info when making deposits. You only need to type in the 16-digit PIN the card comes with. However, as you might imagine, because Paysafecard is a prepaid/voucher-type payment method, you cannot get withdrawals with it.

Cryptocurrencies

Crypto payment methods like Bitcoin, Litecoin, Ethereum, Solana, Dogecoin, USDT, and others are accepted by many of the best sports betting sites in Panama. Please note that your transaction speeds and limits will vary depending on the cryptocurrency you use, as some crypto payment methods are faster and more bettor-friendly than others. So, it is worth checking this information before you join crypto gambling sites in Panama.

Our list of recommended betting sites in Panama has been carefully selected to ensure that it is reliable and well-regarded. Look at these bookmakers who put your pleasure and safety first. With our specialists' hand-selected, trustworthy betting sites, you may join with confidence.

Conclusion

The best sports betting sites in Panama have all the markets, bonuses and features you need for a top-notch wagering experience. The trick is to find them. Unfortunately, if you search for top online sportsbooks alone, you are not guaranteed to locate the best bookmakers with the most enticing sports betting options. Even worse, you might end up with fraudulent bookies that do more damage than good.

That's where Betpack comes in. We analyze reliable Panama betting sites and test them inside out. Our experts check all the important aspects of online betting sites, paying special attention to sportsbook elements crucial for our readers. That means you get top-notch Panamanian sportsbooks without having to spend days searching for them. All you need to do is pick the one that works for you and start betting on your favourite sports.