Online gambling is a lucrative and highly profitable endeavor, but it is not easy for entrepreneurs, especially when trying to get a gambling license.
A gambling license is a crucial component for any gambling business. Getting a proper license to launch your online casino should be on top of your priorities. Many online casinos work without a proper license, and while they get by pretty well, it’s not a good way to start a business, especially if you want to last and succeed in the gambling space.
Why Do You Need an Online Gambling License?
If you want to operate a gambling business, online or otherwise, you need a gambling license. Nothing good will happen to your business without it. After all, a license will make your business legit, makes marketing more effective, and can help increase your customer loyalty. You will also need a license for other transactions you’re going to make with your gambling business, like opening bank and merchant accounts or working with electronic payment service providers.
Getting a gambling license also means that you conduct business activities in your gambling site legally, including:
- Online casino
- Online poker
- Sports betting
- Online bingo
- Online lotto
- Live casino games
- Fantasy games
- Lottery games
- And many other different games of chance
When you get a gambling license, you also have a guarantee for your business. You won’t have to worry about your business getting shut down or you getting arrested, prosecuted, or getting fined for illegally operating a gambling site.
How Much Does a Gambling License Cost?
Some countries have immensely strict gambling laws, and it can be difficult to get a gambling license from them. In such cases, other gambling businesses consider offshoring or getting a gambling license abroad.
Still, each offshore jurisdiction has its unique rules and regulations, and the cost of getting a license from them also varies. It can cost up to hundreds of thousands of dollars.
Where Can You Get a Gambling License?
You can get a gambling license from your country’s regulatory commission, but if you want to offshore your gambling business, here’s a list of the popular choices you have.
Many online casinos and gambling sites, especially the new and smaller ones, have a gaming license from Curacao’s jurisdiction. It’s because it is the cheapest and fastest solution for a gambling business owner. Getting a Curacao gambling license usually takes six weeks, and you can apply for a master license, which covers all software providers, product operators, and game types.
It is another popular option for those who want to open an online gambling business without shedding a fortune for a license. It’s a reputable jurisdiction in the gambling space that offers affordable licensing solutions, although the licensing process can take some time.
- Isle of Man
The Isle of Man offers a stable environment for many gambling businesses, and it offers three different gambling licenses with varying fees. However, among its licensing requirements is that you should host the casino servers on the island. Still, the Isle of Man offers a remarkable 0% corporation tax rate, making it an attractive option for entrepreneurs.
Gibraltar also offers a great option if you want to get a gambling license and start an online casino. The licensing cost depends on your company structure and gambling type, but all licenses get issued for five years. Licensing cost in Gibraltar is significantly higher than in other jurisdictions, but it has an advantage of a low 1% gambling business tax.
Another jurisdiction where you can get a gambling license in Panama with its extremely attractive all-tax exemption for all incomes made outside of Panama. Getting a license here means you don’t need to pay taxes, including sales tax, income tax, and VAT.
Steps to Do Before Applying for a Gambling License
Although it takes time and effort to get a gambling license, it shouldn’t be much of a hassle if you play by the rules. If you’re looking to get your casino license today, here are some steps you have to do before applying for one.
- Do your research on specific gambling jurisdictions or in countries that you want to operate in. Check out the requirements you need to comply with, the licensing costs, taxation policies, and even the average processing time. You can do it by yourself or speed up the process by hiring a lawyer.
- Start preparing the requirements and personal documents you need in advance. You need to present basic papers to get a license for your business, including your passport, a criminal background check, proof of address, and papers from your bank.
- Ensure that the casino software you’re using for your gambling business meets the requirements of the jurisdiction where you’re applying for a license. For this, you might need to prepare lists of a detailed description of the software, including its functionality and games provided and the agreement you have with the software provider.
- Make sure that your online casino site has the necessary information requires as per the gambling jurisdiction. It usually includes your casino site’s terms and conditions, information on responsible gambling, withdrawal policy, and self-exclusion policy, among others.
It’s worth noting that different rules and requirements depend on the country where your business will operate. Some countries have extremely strict guidelines for gambling, while others are more lenient and have cheaper fees.
The Easier Way — Hassle-Free Online Casino Builder — Regulations Covered
The gambling industry is a highly regulated world to ensure security and safety to both operators and players against fraud, money laundering, and other crimes. It’s why it’s critical to get a gambling license if you want to launch an online gambling business. However, it can be a lengthy and complex process to get a gambling license.
While it’s doable for any entrepreneur, there’s a much easier solution, like the one that EthRoll’s casino builder platform offers. Getting a license by yourself can take so much time and money. Meanwhile, when launching your online casino with EthRoll, your site automatically gets covered by EthRoll’s gaming license. It means you don’t have to spend a lot of time waiting to get your gambling license, and you can set up your casino sites in minutes.
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