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Best Betting Sites in Panama

Best Betting Sites in Panama

Author: Steven D. Thompson

Updated: 20/12/2024 11:20 AM

Sports betting in Panama is legal, but not all Panamanian betting sites are worth your time and money. That's where we come in. At Betpack, we analyze reliable betting sites in Panama and find the bookmakers with the best sports markets, bonuses and free bets. Read on to learn more about legal online betting in Panama and find the sportsbooks with all the betting options you need.

Ad Disclosure: Betpack is an affiliate website. We may earn commission if you register to a bookmaker via links on our platform. Learn more information and please gamble responsibly

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Wide range of bonuses for existing customers.
Many pre-match betting markets to choose from.

Cons

You can make only one withdrawal request in seven days.
No mobile betting app.
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Odds Margin: 93%

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Cons

Small withdrawal fee.
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There could be more betting markets.

Odds Margin: 95%

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Instant deposits and withdrawals with cryptocurrencies
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Payment method restrictions
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Table of Contents

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.

Key Facts & Stats About Betting in Panama

How to Pick the Best Panamanian Bookmaker

If you want to experience sports betting in Panama in all its glory, you need to join top Panamanian sportsbooks. However, finding the best betting sites in Panama is tricky. To locate top Panama bookmakers, you need expert guidance on the key factors you need to analyze which is exactly what we will do here. Keep reading to learn how to find top sportsbooks in Panama.

Step 1

Analyze Sports Betting License

Reputable sports betting sites in Panama all have gambling licenses. So, the first thing you should check is whether the sportsbook has a wagering concession from a trustworthy regulator. This is important because licensed sports betting sites have to adhere to the book of law. They have to comply with strict regulations to get a license and have to operate legally to keep it. So, they will never risk losing their gambling concession by tricking or defrauding you.

Step 2

Examine Betting Markets

Next, determine whether the sportsbook has all the sports betting markets you need. Start by looking at your favourite sports, as most of your bets will be on these. Check both pre-match and live betting options. If you place outright bets, analyze futures betting markets too. Then continue with sports you don't normally bet on and see what bet types they come with. After all, you never know when you will want to start wagering on different competitions and events from those you usually bet on.

Step 3

Look at Bonus Offers

Now inspect the bonuses and promos of each sportsbook you are analyzing. You can instantly see all bonuses the bookie offers by going to the Promotions sections and searching for the sports promos. You want to join a bookmaker that has an enticing welcome bonus for new customers but also offers a wide range of reload bonuses and free bets for existing bettors. If the sports betting site also has accumulator boosts, cashback offers and VIP perks, that is even better and is indicative of a top-quality bookmaker.

Step 4

Check Payment Methods

Lastly, go through the list of banking options the sports betting site works with. Ideally, you should pick a sportsbook that supports payments made via credit/debit cards, digital wallets, cryptocurrencies, prepaid cards, bank transfers, and other payment systems bettors frequently use. While you are checking banking methods, don't forget to see if they come with reasonable deposit and withdrawal limits. There should be at least one payment option that has limits that you are okay with.

Free Bets & Betting Offers in Panama

When gambling in Panama, you can claim a wide range of promotions. There are bonuses for new customers, but there are also various promos for existing bettors. Stay with Betpack to learn more about the most enticing sports betting offers in Panama and how you can claim them.

Betting Sites	Free Bets / Betting Offers
BetBeast	20% risk free bet up to €100
OhMyZino	100% up to €200
Crypto Bet Sports	100% up to €300
Freshbet	100% up to £500

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.

How We Compare and Rank Betting Sites in Panama

The sports betting sites listed at Betpack are your best bet when looking for a first-class wagering experience in Panama. Our experts spend weeks analyzing each sportsbook we feature and examine all the crucial elements in detail. That is not something you or any other bettor has the time for, so why not use this chance to pick a top-rated betting site that ticks all the boxes without spending days examining it? Keep reading to learn how we analyze and compare top sportsbooks in Panama.

License / Security

We start all Panamanian sportsbook assessments by examining the online gambling license. It should be issued by a world-renowned regulatory body, and it must be valid at the time we are analyzing the bookmaker. We also inspect the security credentials of each sports betting site we feature. Sportsbooks listed at Betpack must have the latest security certificates and have to encrypt all information you exchange with the website.

Welcome Offer

A generous welcome bonus can make your sports betting experience much more enjoyable. So, the next thing we check is whether Panama sportsbooks have first deposit bonus offers. Then we start analyzing the terms and conditions of those welcome bonuses to see if they will be worthwhile for our readers. Lastly, we trigger each promo to inspect all bonus features first-hand. If we like a welcome bonus, the sportsbook remains on our shortlist to be further analyzed and tested.

Promotions & Free Bets

The best Panamanian sportsbooks have a lucrative first deposit bonus for new customers and tons of enticing bonuses for existing players. The more free bets, reload bonuses, cashback offers, and acca promos a bookie has, the better. But quantity is not the only thing we check. We also read the small print of bonus terms to locate sportsbooks with promos that are easy to claim, allowing bettors to instantly feel the perks of triggering them.

Odds & Value

Most Panama bettors want to join sports betting sites that give them good value. And good value means only one thing, competitive odds. So, at Betpack, we separate the wheat from the chaff and provide you with sportsbooks that have great odds. To find them, we calculate the profit margin of each bookmaker and only list sports betting sites that work with reasonable house edges. Signing up with these bookmakers is your best bet if you want to get the best betting odds in Panama.

Top Panamanian Betting Sites by Category

Highlight of the Sites	Betting Sites
Best Betting Site in Panama Overall	Weltbet
Best Betting Site for Baseball Betting	10bet
Best Sports Betting Site for Soccer	Mystake
Best Betting Site for Futures Bets	21Lucky Bet

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.

Best Panamanian Betting Sites for Sports

Betting Sites	Sports
Best Betting Site for Baseball	N1Bet
Best Betting Site for Soccer	Roobet
Best Betting Site for Horse Racing	Slots Palace

Most Trusted Betting Sites in Panama by Betpack

Betting Sites	Licence
Betiton	MGA and UKGC
Powbet	Curacao
BC.Game	Curacao
Gamdom	Curacao
Sportsbet	Curacao

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.

Frequently Asked Questions

How to Claim a Free Bet in Panama?

If you want to claim free bets in Panama, you first need to join a sports betting site that has free bet bonuses. You can easily find these free bet sportsbooks at Betpack. After creating a betting account with the sportsbook you picked, read the terms of the free bet promo and opt in for it. Lastly, you will probably need to make a qualifying deposit and place a qualifying bet to get the free bet credits.

What are the Most Popular Sports to Bet on in Panama?

Baseball is the most popular sport to bet on in Panama, but it is not the only sport bettors in the country want to wager on. Panama punters also place bets on soccer, horse racing, boxing, tennis, athletics, cycling, etc.

Is Online Betting Legal in Panama?

Yes, it is. Online betting has been legal in Panama since 2002. You can bet on all sports bookmakers offer and can place both pre-match and in-play bets without any restrictions.

Is There a Tax on Sports Betting Winnings in Panama?

There used to be a 5.5% tax on sports betting winnings in Panama, but it was abolished in 2019, meaning you won't need to pay any taxes for your online gambling winnings in the country.

Are There Any Betting Restrictions in Panama Betting Sites?

There are no restrictions when you join online sports betting sites in Panama. Unlike other countries that might not allow live betting or wagering on college sports, no such restrictions apply to bettors in Panama.