How to get gaming license for gambling business
Gaming License: How to Get Your Gambling Business Started
There have been a massive surge in online gambling players. The gambling industry is also growing from day to day. With the help of technology, people can now see many new players and bigger returns for casinos. These growth will exponentially happen in the near future.
Especially during a pandemic, a casino is still able to thrive and find new opportunities. There are providers such as iGaming that is able to have many clients all around the globe. More casinos also means that there is an increase in licensing. Today we will be providing you all the information that you need about online gambling license.
Online casinos in general is a very profitable business. This business is able to give huge return of investment to almost anyone with good planning. It is popular in all demographics and all parts of the world. This industry has always shown great progress with no intention of stopping any soon. This is exactly when you want to enter the market and turn your money to build an online gambling empire.
“According to research, the gambling market is growing each year with a rate of 6%. The total worth of the gambling industry is going to reach $565.4 billion by the year 2022”. – ResearchandMarkets.com
This is a huge sign for investors to actually start putting their money to build a gambling business. These online business does not require much, besides money for servers and to buy license. License is important so that your website is given the legal authorization to operate. It is a requirement for businesses to seek for an offshore license. A type of license that can be applied to foreign countries is the key to achieve your gambling business. The best part is that anyone can apply for this.
Anyone with an online gambling license can provide services. These services also include the activities down below such as:
- Building and owning an online casino
- Provide sportsbook services
- E-sports betting
- Live casino and card games
- Lottery based games
- Live betting
- Fantasy and arcade games
- Any game related to probability and chances
- Slot games
On top of that, these licenses will also allow software companies to operate freely. There are some companies such as iGaming who provide services. These so called providers will be able to provide new games, develop new slot machines for example, and so much more. To gain more information, you can contact many service providers. One of the providers are companies such as Fast Ofsshore. They will be able to help you apply for the correct licensing for your online casino.
Applying for your first online gambling license is a complicated process. It takes a lot of time and process to enter a regulated online casino market. That is why some online casinos strays away and chooses to be an illegal gambling website. But do not worry because this can easily be solved. There are licenses that are much easier to apply, with lesser requirement and cheaper budget. You can gain these licenses by taking professional advice. And then get a business service provider to have a smooth process.
Keep in mind that all online gaming platform have to have their own license. Without this license, then there is a huge risk that your company will be disbanded. Your online casino will most likely also be banned and cannot be accessed by the players. Hence you actually lose money in your investment. The minimum amount of license must at least come from 1 or more jurisdiction.
Why do I need an Online Gambling License?
Online gambling license gives the ability for owners to legally own their business. If youare considering to own your personal gambling business of any kind, then you need an offshore gambling license. These offshore gambling license is important because it will comply with the rules coming from one country.
There are several reasons why an online gambling license is important to have. Some of which are listed down below:
- To provide legal games according to international jurisdictions
- Provide gambling games in a legal and secure way
- No taxes and low rates for online casinos
- Easy access and relationships to payment providers with huge reputations
- Gain benefit from affordable marketing and sponsors
- Easier to open an account within a region or jurisdiction
- Better networking with some of the best hardware and software providers
- Gain access to the best gambling game providers
- Able to list your app on Play stores and iStores
- Website is protected and given authenticity. Hence players are more likely to play in your website knowing that it is very secure.
- No risk of being banned, shut down, convicted, and fined. Every process is legal so you can operate free from fear.
The world of gambling should be and have been operating in a regulated manner. This is important because the transaction that happens in these companies happen at a very large scale. The amount of money that moves from one place to another happens in huge quantities such as millions of dollars everyday. That is why to prevent any crimes, clients and operators need to have license. The truth is that no one likes to be regulated because it hinders development of an online casino. But these types of regulation and supervision is very important.
It is a great thing that many jurisdictions offers an easy regulation. These regulation is applied to actually protect many different stake holders. Hence making it a safer space for businesses to operate.
Keep in mind that all types of online casino business must apply to at least one license. There is a huge risk of being illegal if this is not complied. Some of those risks are listed down below.
- No license means that you’re gambling arena is illegal and immoral.
- There will be much problems and difficulties when you want to open the company’s account. On top of that payment providers will also be limited.
- Harder to find sponsors and advertisements from other companies
- A huge potential to be shut down and then blacklisted from many companies and countries. Players will be unable to reach your website.
- There are legal risk in which you can be convicted from your crimes.
Recommend Offshore Licenses for Your Online Casino
Every gambling business will need at least one license. This is very important and there are some companies that will help you get this license. So you actually don’t have to apply it by yourself. One of the most popular company that we have researched upon is called as iGaming. This company claims to have more than 23 years of experience in the online casino sector.
They are able to give you fast and legal actions when it comes to getting licenses from these jurisdictions. There gambling expertise is able to provide you with some of the most necessary process. Such as the application process up to even any types of assistance that you need when registering. You will be given help from the beginning to the end in which you will already have at least one jurisdiction license.
First things first is that you need to know what you want and what do you want to achieve as an online casino. Currently there are so many factors that can affect the growth of one online casino. These factors are such as cash flow, taxes, depositing and transaction providers, software providers, and etc. Which will cost you a bit of money. But overall, the investment will be worth it because their provider helps client to gain a legal status. You will also be almost free of tax while offering a quick process to get a gambling license.
Curacao Gambling License
Curacao is one of the biggest name and the most popular gambling license that there is. This is because their process is quick, cheap, and does not have any political complications. They allow 0% tax rate so that any company can get 100% of the profit. This is the highly suggested gaming license that you can try for first time businesses.
The Curacao gaming license is also known as one of the first and oldest gambling jurisdictions. They are working with many foreign governments to provide license for companies. So even small companies can go live and launch their online casino. The cheap pricing makes it ideal for everyone to get their own companies.
On top of that, Curacao is a trusted licensing jurisdiction. They are already well known which gives them high credibility, responsibility, safe, and legal. Many countries rely on their jurisdiction as a standard. The Curacao license is applicable to most country’s regulations. Hence you can have many networks and connections in the gambling industry.
Learn more about Curacao Gambling License
Kahanwake Gambling License
Kahnawake Mohawn Territory is a gambling license that originally comes from Canada. They considered as a First Nations Reserve that specializes in online gambling. Hence the perfect license for any business owner who wants to start their business online.
The gambling license and jurisdiction itself have started at 1999 and up to this date serves more than 250 brands. These brands include many genres of games such as live poker, live blackjack, lottery games, slot games, sports book betting, and so much more. They are popular because of providing ethical gambling games with good standards to online casino.
Applying for a Kahnawake license can mean many things but it mostly means that you are legal. The companies that have this license offers fair plays without any cheat or scam at all. Hence anyone who owns a Kahnawake license is always free of inspections.
The Kahnawake Gaming Comission makes sure that no one is able to cheat the system. They ensure that all player gets the same high quality protection. This also increases confidence to all stake holder to keep providing gambling services. Such as faster markets, more sponsors, and etc.
Getting a license from Kahnawake Gaming Commission gives you the same benefit which are 0 taxes. The company can keep on getting profit up to 100%. The cost is also low and it takes a much quicker time to do so.
Learn more about Kahnawake Gambling License
Malta Gambling License
Malta is known to be one of the standards in online gambling. This small country holds a huge portion of the jurisdiction. There are many licensing companies such as iGaming who holds a partnership with Malta. Malta Gaming Authority has been in the licensing business since 2000s and now offers their services for European countries. The tax for this license may be a bit more in comparison to the previous two. The island of Malta has a tax system of 5% annually. On top of that, they also give easy access to banking accounts, transaction process, and etc.
The benefits above comes at quite the price. The island of Malta is popular for a reason and it is because the license is expensive. The license is the most expensive and it takes a lot of time to acquire one. We suggest that you try the start up licenses such as Kahnawake or Curacao at first. After that, you can apply for other licenses such as the Malta license.
Malta offers two kinds of license. The first license is called as B2B and the other one is called B2C. B2C license is purely for the online casinos. Whereas B2B is for offline casinos that want to operate in an area.
Learn more about Malta Gambling License
Isle of Man Gambling License
Isle of Man is a gambling license that originated in Europe. Their standards are high because they adhere to UK’s gambling laws. This license first started at 2001 and now holds a very high reputation.
The Isle of Man gambling license does not have a fixed tax rate. The bigger your company is means that the lower your taxes are. The taxes can reach up to 0% low. There are beginning taxes that is around 1.5% and 0.1%.
Isle of Man is still considered as one of the most expensive licenses but not as expensive as Malta. Unlike Malta, this license is much quicker. You can get one license for all your kinds of needs. Such as the software provider, digital marketing, and other types of games. There are no high regulations that will restrict you from operating your casino. The best part is that Isle of Man jurisdiction is a member of the World Trade Organization. Hence increasing your networking abilities.
Learn more about Isle of Man Gambling License
Costa Rica Gambling License
Costa Rica is another region with high quality jurisdiction. This gives the permission for all gambling company to operate in many countries. Companies are allowed to operate without any government framework or regulations. Even small companies can work without having to ask permission every time they want to do something. One thing to note is that there are no gambling license in Costa Rica.
Even though there are no gambling license, there are alternatives for all companies. Small companies are able to experiment their games and online casino on the market. One of the benefits from Costa Rica is that they will help small companies with the transaction. These transaction may vary in deposits, withdrawal and even cryptocurrency transactions. But things such as permit and authorization outside of Costa Rica is still a huge problem. So try getting a gambling license from other places instead for start up companies.
There is a long process to go through when you are building your online casino in Costa Rica. Costa Rica only provides a jurisdiction for anyone to operate on. To do this, you need to pay a sum amount of money. The fee itself is not that much and cheaper than licenses. The process will take around 5 to 7 days in order for your jurisdiction application to complete. The benefits later on is that you are free from taxes and all types of fees.
One of the biggest company to offer you consultation is iGaming. You can choose a jurisdiction based off of your game genre. Sometimes there are specified licenses to go with poker, online casinos, and live betting. Feel free to reach out their website if you need some kind of planning. They usually also assist with the business idea and any types of assistance needed.
Learn more about Costa Rica Gambling License
Things to Keep in Mind When Picking an Offshore Jurisdiction
Choosing the right offshore jurisdiction is a challenge for any company. If you are really going to pick one, then do so with cautious. There are some factors to keep in mind when choosing the right jurisdiction. You need to identify the advantage and the disadvantage of these jurisdictions. Let’s look for the things to consider when you are looking for a jurisdiction.
We will help you find the right option for offshore jurisdiction. Picking the right jurisdiction is very crucial. To do this, look for the key things that you can keep in mind when choosing the right service provider.
Cost and Pricing
Cost is one of the biggest factor that many casino owners have to look out for. An expensive license may not be effective but then it could take out a huge chunk of your budget. You need to look at how much it will cost for you to open up and get a license. This budget should only be a small portion of your overall budget. Keep in mind that license also takes up other budgeting such as maintenance and development. Find one of the licenses above that is most appropriate for your budget. There will always be the right jurisdiction for everyone without breaking the budget.
Political and Economical Stability
A jurisdiction have their own political and economical stability. For example, you want to look for a country with good economical stability so that their tax rates does not change. Choosing a jurisdiction from a bad country will have no credibility. You should also look at the gambling laws and regulations. This is important to make sure that there is no law that will disrupt these licenses. A place with stability will ensure your casino’s safety as well as budgeting.
Tax is also a huge problem if the jurisdiction keeps on changing the laws. There are things such as double tax treaties in which you have to negotiate with the countries. Do not pay for the double tax and pay taxes on two different countries. You only need to pay tax once and only to a single country jurisdiction. There are benefits of having an offshore company and one of those benefits is that you do not have to pay any tax. Check again the contract and agreement to make sure that this part is clear. You could even try to consult an offshore company such as the one we have mentioned before. This will allow for faster process.
There are different jurisdictions with different terms and conditions. You want to find a jurisdiction that keeps your privacy without sharing any data to anyone. Confidentiality is important because there will be personal details. You can pick the right jurisdiction with the right level of privacy.
Each jurisdiction have have its own benefits and speciality. You cannot just have a jurisdiction dealing with all kinds of business because not all jurisdiction is capable to do so. There are some gambling licenses that focuses more on profit while other focuses on partnership. You want to find a license that can cater to all needs. We highly recommend that you do a risk assessment on things such as requirements, terms, obligations, audits, tax rate, and etc. These are the considerations that you need to keep in mind. Even though it may seem like a lot, you can choose a corporate serviec provider to give you advise.
Online Gambling Black Markets
Jurisdictions may not always be legal. There are some jurisdictions that actually does not allow gambling at all whether it is online or offline. This is why you need to get a gambling license that is already cleared by the FATF. Some of these countries to avoid are such as Syria and North Korea.
Many Muslim based countries will ban any types of gambling whether it is online or offline. The main reason is because it is against their moral values and religious values. There are a long list of countries. Some of which are such as Albania, Qatar, Jordan, Lebanon, Somalia, UAE, Kuwaiti, and so much more. That is why you need to look deeper into these countries. Sometimes they will provide a regional license for a certain area in that country.
What markets does the Gambling License prohibit?
Not all markets can be tapped even with the most expensive gambling license. Whether or not you are licensed, countries will blacklist online casinos in general. These areas of jurisdiction will usually be off limits and marked as a respective jurisdiction. Which means that there may be potential for change. So you need to understand the needs of your clients before selling games these citizens.
Can I get a Gambling License in the US?
Gambling licenses will have to be adapted to different areas. Specifically in the US, companies such as Fast Offshore is unable to provide any assistance. Most companies other than Fast Offshore is also unable to set up a license within the United States. Getting a license in the United States is so hard because they have their own regulations. Instead of jurisdictions, there are gambling commissions. These gambling commissions heavily regulates the gambling especially for the newer online casinos. The US gambling market have its own state with its own rules. Making it extremely hard to find the right license. You might need assistance from iGaming that already have their own jurisdiction.
It is so much easier for local US citizens to build their own online casino. If you are looking to do so, then you can contact companies such as Fast Offshore to get the quickest assistance. These assistance is important but is only accessible to local citizens. The requirement is that you have to be clean from any crimes and pass all of the proper documents.
Cost of Gambling Licenses
Gambling license is not as cheap as everyone thinks. Especially in the United States where it will be much more expensive. The industry itself relies heavily on money and profit. Which means that there will always be a circulation of money. Each license has its own application fee and has to be renewed every couple of years. After that, things such as maintenance and sponsors will also take a small amount of fee. This is the only way for a casino to run properly.
Some differences can be found within each license from different jurisdictions. For starters, licenses such as Malta and Curacao are different. Curacao will always be cheaper in comparison to Malta. You can find different benefits that are specified to a certain fee. Try using consultant providers to get more info on this.
Costs are also associated with some external factors. These factors also includes accounting, license fees, application fees, legal fees, renewal fees, marketing fees. All of this will support your casino in the future. Without any of this, then you might want to consider other types of options.
Jurisdictions that have been discussed in this article can be accessed through Fast Offshore. Which is a provider company specialized in this field. They usually offer full transparency regarding the service that they are providing. The pricing will also be packaged into one. So you do not have to keep spending money for different kinds of expenses.
Services to Look for in Gaming Business
There are many providers and we have mentioned of them before. These providers will give many analysis towards what kinds of license that you need. But it is usually more than the jurisdiction in itself. These companies have more than 20 years in the gambling industry. Hence seeking the right help is very important. Some of the benefits that you can get include experience, relationships and partners.
- Business planning
- Consultation for online casinos
- Business plan assistance
- Provision from many levels and stakeholder
- Compliance and Licenses
- Liaison with IT hosters and servers
- Compiling all licensing application
- Ongoing Services
- Maintenance of online casinos
- Provide customer service when needed
- Accounting and budget planning
- Employing staff
Picking the Right Corporate License Provider
Online casinos will grow into a huge company. This is usually the trend within the gambling industry. Sooner or later you are going to have to face big decisions. This is where corporate services provider is very important. Each of these companies will have different things to offer. Find one that is most affordable yet is also already reputable. So you will have exponential growth.
Predictions of the Online Casino Industry
Online casino will keep on growing and reach up to hundreds of billions of dollars by 2030. The number may differ from time to time because more people try this games every day. The gambling industry is set to keep on growing in the upcoming years. All of this is of course with the consideration that you have successfully went through all the steps.
There may be a bit of lag here and there due to the current world events. As of now, people are still reluctant to visit a real offline casino. That is why they look for alternatives instead. These alternatives are in the form of online virtual casino. You can enjoy these online casino industry and get huge return of investment in the long run. Feel free to use this article as a guide so you can start building your own gambling empire today.