You can find the list of Bitcoin Betting and Bitcoin Casino sites with Panama iGaming license at this page.
Panama adopted regulations governing the licensing of electronic games of chance and wagering activities in late 2002. The regulations allow master licenses to be granted that are valid for up to seven years upon payment of a license fee of $40,000. There is also an annual license fee of $20,000.
Panama master license holders may grant sub-licenses, which are subject to the annual fee. Applicants must pay all investigation costs incurred in the processing of the application. Panamanian tax policies allow Internet gaming companies to operate essentially tax-free when accepting foreign wagers.