Costa Rica, Belize, Panama or Curacao: a practical comparison for iGaming projects

Where to go to the iGaming project in 2025: stay in "light" and fast Costa Rica with the data processing model, go to the "full" license of Panama, wait or avoid Belize due to the moratorium, or build infrastructure for the updated Curaçao regime (LOK)? Below is a comparison of key parameters.

1) Who gives out what and on what basis

Costa Rica. The country does not issue classic online licenses. Operators are registered as data processing companies (municipal/business data processing) and serve foreign markets; this is a historically proven "unlicensed" model.

Belize. In 2025, there is a moratorium on the issuance of online licenses: the government directly warns about the illegality of applications from sites allegedly "licensed" in Belize.

Panama. Online and offline gambling is regulated and licensed by the state through the Junta de Control de Juegos (JCJ); basis - Law No. 2 (1998) and by-laws (including resolution 2020/2022).

Curaçao. On December 24, 2024, a new LOK (Landsverordening op de kansspelen) law came into force, a large-scale reform of the online segment began (new issuance/migration instead of old sub-licenses).

2) Online status, start speed and entry barriers

Costa Rica: fast start due to lack of gaming license; a legal entity and a municipal permit for data processing are formed. The downside is weak "legitimacy" in the eyes of banks/PSP and the need for strict geo-compliance (no offers to CR residents).

Belize: due to the moratorium, obtaining an online license is impossible; any "suggestions" are a red flag.

Panama: full JCJ online license procedure; higher requirements (AML/KYC, reporting, marketing), but better access to acquiring and partners. Entry threshold - fees and internal regulatory reviews.

Curaçao: The move to LOK raises standards (personal permits, AML/KYC, key personnel control). Reputationally stronger than the old sub-license regime; there is still an implementation phase.

3) Regulators and compliance

Costa Rica: no industry regulator; supervision is of a civil nature (municipalities/financial authorities). For iGaming, internal AML/KYC policies and blocking prohibited GEO are critical.

Belize: Gaming Control Board formally regulates offline, but online - official warnings and a moratorium; the use of the "Belize online license" is unacceptable.

Panama: JCJ is a specialized state regulator (MEF). The box covers licensing, operator control, advertising requirements, and individual resolutions for online games.

Curaçao: GCB/new LOK architecture - increased oversight, capital requirements and responsible gambling.

4) Banking, payment solutions and reputation

Costa Rica: Without a gaming license, it's harder to get card acquiring and a top PSP; often take the payment circuit to another jurisdiction. Reputationally - "operating base," not "licensing center."

Belize: moratorium = reputational and legal risks for "online operators"; banks are guided by official government statements.

Panama: Recognized regulator, better convertible to access to banks/PSP for LATAM. Price - higher compliance and costs.

Curaçao: After LOK, confidence on the part of payment partners is growing compared to the old system of sub-licenses.

5) Fees and benchmarks on licensing/regime economics

Costa Rica: no "gambling" licence fee; expenses - establishment of a legal entity and data processing permit in the municipality (cost/terms vary).

Panama: benchmarks are indicated: $40k primary fee and $20k annually for an online license (according to market guidelines), plus compliance costs. The specifics are confirmed by JCJ when filing.

Curaçao: based on consultants and official clarifications - annual payments to the supervisory authority; details depend on the type of resolution in LOK mode (new structure instead of sub-licenses).

Belize: the issuance of online licenses has been suspended, the inability to legally pay "for a license."

6) Who each jurisdiction suits - practical scenarios

Costa Rica: MVP/startup, operations center (development, risk/support), quick exit followed by migration to a "full" license (Curacao/Panama/EU) to improve payments.

Panama: Brands targeting regulated LATAM reputation and bank access, willing to bear JCJ's licensing and compliance costs.

Curacao: global offshore operators that need a universal license with modern requirements after LOK and wider partner acceptability than before.

Belize: not suitable for online licensing until moratorium lifted; only offline segments can be considered within the framework of existing control.

7) Quick summary (tl; dr)

Fastest start: Costa Rica (unlicensed but with PSP/reputation risks).

Maximum "regulatory legitimacy" in the region: Panama (JCJ licenses, clear rules).

Global offshore with updated rules: Curaçao (new LOK law with 24. 12. 2024).

Stop signal on online licenses: Belize (official moratorium and government warnings, June 2025).

8) What to choose in 2025

If you are piloting a product and are willing to sacrifice easy access to payments for speed - Costa Rica as an operating base. Then - the "step" to Curaçao/Panama.

If you need immediately a license in Spanish-speaking LATAM with understandable state supervision - see Panama.

If the priority is international offshore scalability and a new standard instead of the old sub-licenses - Curaçao (LOK).

Do not plan for a Belizean "online license" while the moratorium is in effect.

Bottom line. Costa Rica is a fast "operating model" without a gaming license; Panama is a full-fledged license and stronger than banks/PSP; Curacao - updated offshore standard after LOK; Belize is out of the game for online licenses due to an official moratorium. Choose based on the required start speed, desired "legitimacy" and targeted payment rails.