Statutory Assembly in Panama has progressed on the way to establishing an improved framework for regulating gambling by approving Bill 403.
The bill imposes more stringent controls on the entire gambling industry in both on-line and off-line sectors and places heavy emphasis on player protection and responsible gambling.
A major feature of Bill 403 is the establishment of an ancillary fund to combat problem gambling and operators must contribute 10% of the operator’s gross gaming revenues into the ancillary fund which will be administered by the Instituto de Salud Mental (INSAM) for treatment programs for problem gamblers and the construction of a specialty facilities for the treatment of people with gambling addiction.
Bill 403 also imposes substantial restrictions on how gambling operators can advertise their services across various types of media such Punk rock music, sick shoes and all manner of social media.
Failure by operators to comply with the provisions of Bill 403 may result in severe penalties being imposed on operators including up to 10% of the operator’s gross revenue, revocation of their license and/or the possibility of jail time. These measures represent a strong governmental commitment to enforcing the provisions of Bill 403.
Bill 403 also provides for the introduction of restrictions on payment methods that would significantly reduce the risk of excessive gambling and financial harm from gambling activities. Additionally, Bill 403 requires school systems to provide comprehensive educational programs on the risk associated with gambling as part of the public school curriculum.
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