Panama vs Costa Rica & Belize

Comparison with Costa Rica and Belize (for country: Panama)

Summary in one paragraph

Panama is a regulated and predictable model with a full license for online games and a strong offline ecosystem (hotel casinos, MICE, cruises). Costa Rica - historically gray B2C offshore, relying on "data processing licenses" instead of a specialized gambling license; good for starting B2B/podov, but weak in banking reputation. Belize is a small, more offshore jurisdiction with a formal opportunity to obtain a gambling license, but limited weight from the PSP and a modest offline scene. If you need a balance of "legality + payments + tourism," Panama is more practical; if maximum flexibility and low entry threshold - look to Costa Rica/Belize, taking reputational risks.

Difference map (short table)

Criterion	Panama	Costa Rica	Belize
Online license	Yes, profile (JCJ), remote games regulations	There is no profile B2C license; usually "data processing "/commercial permissions	There is licensing, but niche and variable in practice
Offline casino	Developed (hotels 4-5, VIP, bingo)	Limited, without a single strong metropolitan cluster	There is, but more modest in scale
Supervision/Reporting	Clear, regular, with KYC/AML and RG	Less formalized for iGaming; control - through general norms	There are formal requirements, practice depends on the provider
Reputation with banks/PSP	Above "offshore," below EU regulators	Weaker: more often "hold" for merchants, bypass circuits are needed	Similar to offshore: compliance evidence base required
iGaming Taxes/Fees	Fixed fees with GGR (online), participation in offline GGR	Tax flexibility, but no iGaming profile mode	Flexible, but tied to offshore practice
Tourism/MICE	Strong driver (Panama City, Colon, cruises)	Tourism natural/eco, no emphasis on casino	Tourism is small, gambling role secondary
Launch speed	Fast with finished package	Very fast for structures without a B2C license	Fast/medium, provider specific
Risks	Cost of compliance, reporting requirements	Reputation, payment acceptance, geo-risk	Reputation, restricted PSP/banking instruments

What this means for three types of commands

1) B2C operator with LatAm ambitions

Panama: the optimal balance - a real license, clear rules, USD payments, the possibility of an omnichannel with hotel casinos.

Costa Rica: fast start, but weak showcase for banks/payments and "white" advertising.

Belize: you can "formally license," but you have to prove the quality of compliance to each partner.

2) B2B platform/provider

Costa Rica: convenient as an R & D/infrastructure hub (processing, support), without an aggressive B2C showcase.

Panama: excellent "front office" for regional sales + compatibility with licensing partners.

Belize: niche cases if partners accept such an address.

3) Offline casino going online

Panama: the best scenario is a bundle of loyalty card ↔ online wallet, general status, tournaments, quick payments.

Costa Rica/Belize: No natural reliance on offline cluster and urban night economy.

Deep Comparison: Key Blocks

Regulation and licences

Panama: single JCJ regulator, profile license for distance games, clear reporting, KYC/AML and Responsible Gaming.

Costa Rica: missing classic iGaming license; many projects work "de facto" through business permits, which complicates work with banks and legal advertising.

Belize: it is formally possible to obtain licensing, but the practical "weight" of such a license is lower than Panamanian.

Taxes and fiscal deductions

Panama: share with GGR for online/offline + royalties; corporate load depends on the territorial principle.

Costa Rica/Belize: low cost threshold, but hidden cost risks - high PSP fees, manual checks, payment downtime.

Payments and fintech

Panama: USD cards (3DS/tokenization), e-wallet (Skrill/Neteller/AstroPay/Jeton), banks, row - stablecoins; higher confidence in KYC/AML.

Costa Rica/Belize: more often need multi-routes with spare merchants; crypto and alternatives are critical for survival.

Reputation and Marketing

Panama: "regulated offshore" → easier to build PR and brand/media partnerships.

Costa Rica/Belize: Useful for the "back office," but a public storefront can raise questions.

Tourism and offline ecosystem

Panama: 4-5s casino hotels, VIP lounges, shows, MICE, cruises - strong evening product.

Costa Rica: nature/eco-tourism (surf, volcanoes, reserves), but without a developed "casino-lifestyle."

Belize: beaches, diving, small city scene.

When to choose what - scenarios

We take Panama if:

1. you need a legal online license with clear rules and reporting;

2. reputation with banks/PSP and quick conclusions are critical;

3. planned omnichannel with offline casinos or active work in Spanish-language traffic.

We take Costa Rica if:

1. the project is in the MVP/B2B platform stage and is not publicly released by B2C;

2. You need a fast infrastructure startup and a flexible R&D environment.

3. the team is ready to live with crypto share and manual merchant management.

We take Belize if:

1. requires low-cost, formally licensed jurisdiction;

2. partners agree with the offshore address and there are ready-made PSP channels;

3. volumes are moderate, without public campaigns in strict countries.

Operator's checklist for selecting jurisdiction

Model: B2C vs B2B, offline bundle needed/not.

Finance: required PSPs/banks, currencies, crypto policy.

Right: KYC/AML/RG scope, readiness for API reporting and audits.

Marketing: where and how we buy traffic, the admissibility of advertising.

Reputation: do you need a "clean showcase" for partners and media.

Time/budget: start speed vs long-term costs.

Risks and how to reduce them

Payment blocks → multi-PSP, failover routing, e-wallet/stablecoins.

Regulatory claims → transparent T&C, limits/self-exclusion, log storage, certified content.

PR/reputation → publish license number, RG reporting, fast TtW and support 24/7 (es-PA).

Legal connection → role posting (IP/operator/payment agent), contracts with providers and affiliates.

Panama is a regulated regional hub: real online license, USD payments, offline ecosystem and a notable tourist showcase. Costa Rica is a technical platform and accelerator for backend/platforms, but with limited suitability for public B2C. Belize is a compromise offshore for small/niche projects with a willingness to bear reputational and payment risks. The choice depends on what is more important to you: legality and PSP quality (Panama), speed and flexibility (Costa Rica) or a low threshold and formal licensing (Belize).