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Comparison with Panama and the Caribbean
Costa Rica has traditionally served as an operational haven for online gambling, with companies registering as "data processing" and operating in foreign markets without a local online license. Neighboring Panama has a full-fledged regulatory model with licenses, and the Caribbean (primarily Curaçao, as well as Antigua and Barbuda) have historically acted as licensing jurisdictions for international operators. Below is a compact, practical comparison.
1) Basic logic of jurisdictions
Costa Rica - quick launch of the operations center (offices, support, risk/AML, DevOps, BI) without a B2C license. Officially targeting residents of the country is not expected.
Panama is a national online license: the top level of legitimacy in the region, but above the requirement and cost of entry.
Caribbean Islands
Curacao is a popular international license, in recent years - a course to strengthen the requirements of compliance and responsible play.
Antigua and Barbuda is one of the oldest iGaming jurisdictions: regulation with technical inspection, but less "mass" than Curaçao.
2) Licensing: What exactly you get
3) Payments and finance
Costa Rica. Without an online license proper, card acquiring and top PSPs often require a license from another jurisdiction. Distributed hybrid: CR-operating system + license/payment rails in Curacao/Panama/EU. High proportion of cryptocurrencies and alternatives (A2A, vouchers).
Panama. It is easier for licensed operators to build a cashier (cards/wallets), although there are many compliance issues; transaction costs are lower, predictability is higher.
Caribbean. Access to the PSP is better than the "unlicensed" model, but conditions depend on the license provider, your history, and the RG/AML level.
4) Compliance and RG (Responsible Gambling)
Costa Rica: there is no single online framework → voluntary standards: limits, self-exclusion, external content auditors, ADR partners for disputes - to meet the expectations of payment partners.
Panama: mandatory requirements for KYC/AML, reporting, game integrity, advertising and RG tools.
Caribbean: Mandatory KYC/AML and RG requirements, growing focus on payment transparency and RNG/content certification.
5) Taxes and costs
Costa Rica: general corporate taxes; for service centers - Free Trade Zone (FTZ) benefits when performing KPI (employment, investment). Low CAPEX/OPEX for running the operating kernel.
Panama: corporate taxes and licensed operator fees; costs are higher, but offset by payment simplification and PR legitimacy.
Caribbean: license and compliance costs vary; in total, it is often cheaper than Panama, but more expensive than the "unlicensed" CR model.
6) Speed and scaling
MVP start: fastest in Costa Rica (operating system) or Curacao (with finished documentation).
Scale-up: Panama and the Caribbean provide understandable payment corridors for growth; CR is ideal as a back office, but B2C law is better endured.
PR and partnerships: Panama/Curacao licenses simplify negotiations with game providers, PSPs and affiliates.
7) Reputation and Marketing
Costa Rica: Market sees quality operating base, but not "license stamp"; brands often add a Caribbean/European license for PR and payments.
Panama: the image of a "regulated" LATAM jurisdiction is a plus for B2B/B2C partners.
Caribbean: Curaçao/Antigua remain recognizable international licenses; the higher your own RG/AML/payout standard, the stronger your reputation.
8) How to choose: practical scenarios
Scenario A - "Lean-start" (startup/content studio)
Goal: Quickly test unit economics and mechanics.
Choice: Costa Rica as operating base (HR, risk, BI) + Curaçao license for B2C and payments.
Pros: speed, low OPEX, flexibility. Cons: Two compliance perimeters.
Scenario B - LATAM Showcase (Regional Marketing Focus)
Purpose: legitimacy for banks, affiliates and suppliers.
Pick: Panama as a license + team in San Jose (CR) for 24/7 operations.
Pros: payment predictability, high power of attorney. Cons: Higher check for entry and license maintenance.
Scenario C - "Multi-GEO International"
Target: Rapid expansion into multiple markets.
Selection: Curacao as a basis + CR-operating system for scalable support/risk; with growth - adding a point license in another jurisdiction.
Pros: Multi-launch speed. Cons: you will have to build a strict internal standard RG/AML and SLA for payments.
9) Risks and how to reduce them
Payment "drawdowns." All three vectors have delay/failure windows. Solution: multi-cash desk (cards + crypto + A2A), backup PSP, auto-failover.
Compliance pressure. Strengthening requirements is a trend everywhere. Solution: unified KYC/AML core, chain analytics, regular audits.
Reputation. Payout scandals hit the brand regardless of license. Solution: public conclusion SLAs, ADR partner, transparent bonus rules, independent RNG/content certification.
10) Summary summary
Costa Rica is the best operating base: fast, inexpensive, convenient for HR/risk/DevOps/BI, but B2C payments and PR usually require an external license.
Panama is the regulated flagship of LATAM: more expensive and longer at the start, but strong legitimacy and payments.
The Caribbean (especially Curaçao) is an international license with a good launch speed and growing compliance standards; often works in conjunction with CR as a back office.
If you're a start-up - start with CR + Curaçao. If you are building a "showcase" for banks and large partners, look towards Panama (while maintaining the operational leverage in San Jose). In all cases, those who invest in Responsible Gambling, KYC/AML benefit, transparent payments and cybersecurity are a universal currency of trust, more important than any geography.