Maltese citizens were estimated to have spent around €125 million in gaming services during 2015, which is around 2. pa, the launch of which coincides with the approval of a new operating license received from the Panama Gaming Control Board. It started offering licenses for online casinos in Panama in October 2002. Panamanians can also legally wager at foreign online sites. 30 Aug. Three types of licenses may be issued: 1. Insurance Company License . Since 2003, they have been licensed by the Panama Gaming Commission. Licenses cost USD 50,000, but the value of the Panama license is ambiguous. The act legalised all forms of remote gambling, and the favourable tax laws in Gibraltar gave operators a perfect opportunity. Low costs. The most reputable gambling authorities in this list we’ll be marked as “Star Authorities”. Curacao, on the other hand, has cheaper options and only needs one license to cover all types of gaming, which is why startups like it so much. 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