Gambling License: Learn How to Get Your Own Online Casino
What is a gambling license and how to get your own online casino business? That is the essence of this article. And you will get complete information, stages and what is needed to get it.
Online casinos are skyrocketing every single day and everyone wants a piece of this business. In the current times, casinos are innovating and competing to get the most players. Currently it is set to keep growing exponentially and it seems that the boundaries are endless.
Online casinos are a potential $565 Billion business by 2022, according to Dolphins e-Gaming. And will continue to grow all the time.
Because this industry is only growing day by day. When the whole world is struggling due to COVID, small businesses and huge gambling corporations are thriving. They are able to gain new players and clients all over the world. Today we are going to learn everything about online gaming license.
Online gambling is popular in all sorts of places. Not only due to its popularity, but this business model is quite structured. People can build their own online casino and choose the apps for it. There are no signs that this business will slow down any sooner because of the player base that keeps on growing. Let us learn all about how to build your own online gambling casino.
“According to sources, there is a strong estimate that the gambling industry is always growing. Next year, it may reach up to 7% or even 8% with the current player base. In total, the online casino industry is worth up to $600 billion.”
There is no such thing as perfect timing when investing in this line of business. Of course anyone who started early must have been making lots of money. But there is still plenty of time for you to make money right now. Currently, the online business requires one type of permit known as a license.
This license will give you the full authority to release games and provide casino games. If you wish to join this industry, then you will need a license too. There are many ways to apply and get yourself an offshore gaming license.
Owning your own license may be a long process. But it is all worth it because after that, you can conduct the following types of games:
- Online casinos
- Sports book provider
- Live casino
- Slot games
- Arcade games
- Live poker
- Live blackjack
- Live Bingo
- Any other types of gambling games
License is needed because games needs to be supervised. An unsupervised game may be harmful to the gambling community. There are some big names in the gambling industry such as iGaming that is one of the biggest software providers.
Business owners often consult with third party providers to make the process much smoother. Doing this may save you even a bit of money. The application process is complicated and it does come with time restraints as well as costs. The gambling industry is regulated and cannot be accessed by everyone.
There will always be thorough checking for all the companies that shows up. Each license is built different for different types of needs. Maybe you are an online casino, or a sports book website. Then two of these different businesses need a different jurisdiction.
“Keep in mind that all types of online casinos must apply to one jurisdiction. This is important in order to operate in different regions and countries. If you try to open a business without jurisdiction then this might result in a ban or conviction. The countries that you serve your game to will also censor your website. Hence the business is not profitable in the long run”
A regulated industry is much better and may take more time to get into. However, once the business is set up legally then there is no going back. You can turn a small company into a multi million dollar company.
Why is an Online Gambling License Important?
Are you thinking of getting your own gambling license? Then we will help you to do so. Online gambling business is very diverse and that there are so many kinds of it. All in all, you need to get what is known as an offshore gamblign license.
These gambling license is usually attached to a specific region or jurisdiction. Some of which that you may know are such as Malta, Isle of Man, Curacao, Costa Rica, and so much more. Each country will have its own regulations.
An online gambling license is very important, when you are thinking about starting a gambling business today.
Main reasons why you should get an online gambling license:
- Can operate in different jurisdictions and get players to play legally
- Provide products that are much more accessible to everyone across the globe
- Many benefits given to players such as low taxes, zero corporate tax, and so much more
- Able to negotiate sponsorships and partnerships with different companies
- Get help with opening corporate account
- Many advertising deals to promote your business
Each online casino must have their own jurisdiction and this must be sure to registered legally. If you comply with at least one jurisdiction then your online casino is able to still be presented to many companies. The jurisdiction that we’re going to talk about today is already classified as legal. So you’ll have a healthy regulation to keep your website and check.
If you don’t have a jurisdiction then you’re going to be in big trouble. Down below are some of the things that might happen if you do not own a jurisdiction and still have an online gambling business. It’s very risky and you can even be caught.
- No gambling license means all games are illegal
- Difficiulties in managing funds that goes in and out
- Hard to negotiate and strike a business deal
- Risk of being shut down in a couple of months
- Fines and criminal proceedings may happen.
- Risk of losing all the profits and the casino as a whole.
Recommended Offshore Jurisdictions for Your Online Casino
Each business owner must know how important a license is. One jurisdiction may be more suitable than the other to a specific type of business model. For example if you go to South then their business model is most suitable for startup companies.
There are many providers that is ready to help you and these provider have so many experience. Take for example the iGaming gambling industry. They know how to get an approval from a jurisdiction within a couple of months.
On top of that provider or third party services is able to give you the necessary skills and order to finish the application process. Each process will take around 3 to 10 weeks depending on where you apply to. Some places may take a much longer time and sometimes it’s even faster.
Down below are five of our best recommendations out there. Of course there are other types of jurisdictions that you can try but this does not guarantee any safety at all. You need to keep in mind and do your own research regarding what is suitable for you.
Of course if you use a third party provider service then they are going to be able to help you with this part. there are so many factors that you need to consider when choosing your own jurisdiction and licensing provider. Some of which are such as the tax regulations, accounting, deposit and withdrawal provider, corporate account, and etc.
You also need to find a jurisdiction that is able to increase the amount of players that comes to your website. Because every time a player comes to your website they’re going to look at what jurisdiction and what licenses you have. If the license is trusted then people are going to be excited to play in your website.
Using a provider you’re able to get legal access to a shortcut. Application process will be much more efficient and quicker. Let’s look at some of the best jurisdictions that you can get in the current market.
Curacao License Provider
Curacao is one of the most popular jurisdictions out there. They offer a very quick and efficient service. Which means that your application process will only take a couple of months, much cheaper in costs, and less bureaucracy.
Almost anyone can apply to this jurisdiction and get their own gambling license. This jurisdiction is cheap because clients do not have to pay taxes at all and the VAT rate is on 0%.
You can reinvest all of the profits that your company has just made annually. And then keep building your online casino. This jurisdiction is typically more compatible for newer companies.
On top of that, Curacao is also a very old jurisdiction. They have been around for more than 30 years. That is why players are already familiar with the name of this license. There are plenty of staff and authority ready to process all kinds of request from clients. You can get a quick license without throwing away money from this provider.
On top of that, Curacao is already trusted by many different government bodies. Their license and jurisdiction is recognized as a valid license. So you can still apply to many regions when you want to provide your game. For example places such as America, Europe, and so many other regions. Doing this will quickly expand the amount of players you have.
Learnmore: Curacao Gambling Jurisdiction: Optimum Solution for New Startups
Kahnawake Gambling License
Kahnawake is another region that is popular. This region or jurisdiction has a similar characteristics to what Curacao can offer. Kahnawake is situated in Quebec, Canada and specifically in the Mohawk Territory.
Although the land is owned by native, it has little to do with Canada at all. Because since 1999, it is able to give out regulations locally and provide many casinos with license. Back then they give licenses to offline casinos.
Now, Kahnawake is home to over 300 big software companies, online casinos, and provider. It is very ideal and quick to get a license from this region. They accept all types of businesses such as poker, blackjack, live casino games, sports book, lottery, and etc. All of these are classified as one so you only need one license. The standards is quite high when it comes to Kahnawake.
Owning one of this license means that you support gambling or legal gambling to the fullest extent. That is why this jurisdiction is popular for always providing player protection and anti fraud. Any company who holds this license can hold it with confidence.
Kahnawake has its own gambling commission that will regulate all types of games. Each business will constantly be under a supervision because this jurisdiction wants to protect all of its players. Doing this will give you more sponsors and even opportunities in the future.
This jurisdiction also has 0% tax. So you can put more money into your own business. But there are other types of costs such as setup costs, and then there are application fees. All of this will make sure that you can get your license just in time.
Learnmore: Kahnawake License Provider: Ideal Option for New Startups
Malta Gambling Jurisdiction
Malta is another popular licensed provider. But unlike other types of license provider this one is actually high class and it costs so much more. You may want to apply in this jurisdiction if you already have a big enough online casino. Malta has its own gambling commission also known as The Malta gaming authority.
They have been actively regulating all types of clients and providers from all around the world. Their jurisdiction started giving out licenses in the early 2000s.
There are so many types of benefits that comes with this jurisdiction even though it costs a lot. First of all you of course will be able to operate in the European Union jurisdiction.
This is because Malta itself is situated in europe. But keep in mind that you also have to pay a tax of around 5%. The price of tax me seem a little bit high but you can get many benefit. Things such as payment provider or corporate accounts will be much easier to be set up in Malta.
Of course all of the facilities and advantages that you will get will come with a price. The price is much more expensive. You have to pay a significantly higher application fee and comparison to other types of jurisdictions. On top of that the application process actually takes up to 3 to 5 months.
Malta works efficiently but their process still takes time. They provide two different types of licenses. The first license is known as b2b. These types of license is given to plain cuz he knows only. There are other types of licenses such as the b2c.
This type of license is provided to online casino owners. Currently there are many b2c owners and holders around europe. If you already have a big casino then you can transition into this jurisdiction instead.
Learnmore: Malta Gaming License: Highest Standard in The Gambling Industry
Isle of Man Gaming License
Isle of Man also counts as one of the high class licenses. This jurisdiction holds a region in Europe. The cost is not as expensive as Malta. But it is also nota s cheap as Curacao. They have been operating since the year of 2001 and respected all around the world. Isle of Man is also regarded as a jurisdiction with high quality.
This is something that may be worth pursuing if your business is is already big enough. But if you are still growing your business or known as a startup then we advise you to use other types of businesses instead.
In Isle of Man, you will be able to access their license at a low tax rate, even lower than Malta. Of course the tax is not always 0%. Sometimes your company may get a tax as low as 0,1% or 1%.
Isle of Man may come to you as a bit more expensive. Overall, the application is much quicker than applying to Malta. You also only need one type of license and you can operate almost immediately. They specialize in providing licenses for software companies. One additional thing about Isle of Man is also the fact that they are registered as a member of World Trade Organization.
Learnmore: Isle of Man Gaming License Provider: Mid Tiered Option for New Casinos
Costa Rica Gaming License
This next one is also a famously known jurisdiction. However Costa Rica only allows companies to operate within their jurisdiction. After this day there are no forms of check and balance because there is no authority to regulate gambling in there region.
You can only give games and provide software if you build your company under the jurisdiction of Costa Rica. To make it clear for you there are no online gambling license that you can get in Costa rica. This is only a way for providers to sell you a license under the name of Costa rica.
Even though there is no license you can still build your own company under the region. Costa Rica is popular for many things and they’re flexible regulation is one of those. Up to this date there are no strict regulations on cryptocurrency online casinos.
Many online gambling companies use this region as their jurisdiction to offer cryptocurrency related games. You can build your own casino from cryptocurrency itself. In terms of cost Costa Rica is very cheap and you can start providing games in a matter of weeks.
This jurisdiction is very different to other types of jurisdiction above. Mainly because there is no regulations that will govern the games that you provide.
To start applying in Costa Rica you only need a business entity or a company. The company must be integrated into Costa Rica and you will have to pay small amount of taxes and application fees. Overall the fees are very cheap and the taxes are a very low. That is why people choose Costa Rica as region of choice.
We know that choosing a specific jurisdiction may be hard to do. Each website is unique in its own way. You can have an online casino, bingo games, or even poker games. No gambling business is similar to the other. But that is okay because jurisdictions are also built to be suitable to different types of businesses. You can consult with a trusted provider to get a better idea.
Learnmore: Costa Rica Gambling License: Is it Real?
Things to Keep in Mind When Picking the Right Jurisdiction
Jurisdiction comes with a lot of price, application costs, taxes, and so much more. In order to pick the right one, then you need to keep in mind of these several things. All regions have its pros and cons. So try to find the one that fits the best with what you are looking for.
Down below are some of the key things that you need to keep in mind when looking for an offshore jurisdiction. Keep in mind that all of these factors are just as important as the other. You can pick the right one if you are playing in an online casino.
Cost and Fees
All casinos have their fees. You are obligated to pay a high sum of money before you can get a license. All of the cost and money will go towards the jurisdiction’s development. First of all, you need to always remember what your budget is and how much you are willing to put out.
There are so many fees which also includes the setup fees, corporate structuring, maintenance fees, casino fees, and so much more. You can pick cheaper jurisdictions if you are still new to this.
Regions have their own political jurisdictions and this can be hard. Take for example Isle of Man when Brexit happened. This creates instability to all of the gambling regulations that has been set. Picking a low cost jurisdiction can be harmful. Especially if the country of your choice is unstable. If they are economically unstable then the costs or taxes may also be driven up. Choose a place that has been stable for the past 10 years. Hence you do not need to worry about fees, taxes, exchange rates, and etc.
Tax treaties is known as a tax heaven. If you are able to get this deal then you basically do not have to pay taxes at all. This is important to consider especially if you are in the gambling business. A double tax treaty is when you do not have to pay double taxes at all, so you only pay one time tax in a region.
To do this, you need to do a negotiation forum with the country of your choice. This benefits all types of companies because you do not have to worry about paying taxes. Everything is already cheap enough and you can keep growing your company. This is one of the things you can get if you hire a provider.
Picking the right jurisdiction also requires you to provide information. You want your information to be kept confidential because this can really affect the owners. Not only owners, but all types of shareholders are also required to do so. Look into the terms and conditions of each jurisdiction. From there on you can pick what level of confidentiality you want.
Jurisdictions are built and they are meant to last for a long time. Many jurisdictions can last more than 10 or 20 years only if they are able to be sustainable. Many jurisdictions have their terms and conditions updated. Take for example Costa Rica that now allows cryptocurrency gambling as a form of payment.
Not all jurisdiction is suitable to do business like that one. So before making the ultimate decision you may want to look at these key things again. And then look at the requirements, such as obligations, tax exemptions, policies and etc.
Do more research before you apply to one of the jurisdictions that have been provided. This decision is something to be considered and will affect the course of your business. You can find a third party consultant to help you with this decision making. There are companies such as Fast Offshore that is ready to help with over 23 years of experience.
Gambling Black Market
Many jurisdiction offers legal protection to their players. But even legal jurisdictions are still completely banned in several countries. One thing to keep in mind is that even online betting license does not allow your company to offer services to some countries. These countries are such as religious countries that bans gambling like North Korea, Syria, UAE, and etc.
According to the Division of Gaming Enforcement, “Black markets are something known as when a government authorities are actively against gambling. They classify those activities as being unethical and that it is not within the jurisdiction to allow gambling at all”.
There are several other countries that still prohibits gambling games or any types of gambling activities. You may want to refrain from providing your games to countries such as Albania, Brunei, Indonesia, Sudan, Egypt, UAE, and so much more. Some countries such as Malaysia still allows gambling but you need a local license.
What Market Does The Gambling License Prohibit?
Not all markets can be accessed even when you already own a gambling license. There are some areas and region that highly prohibits gambling. Some of which are such as United States. There are also Muslim based countries that highly prohibit gambling at all cost. You want to avoid these markets because it can be potentially harmful to the business.
United States usually makes it illegal for any types of jurisdiction to enter their region. Third party providers highly advise all clients to never offer product to these types of countries.
The main reason why United States is always off the limits is because they have their own gambling commission. You can only get access to their website only if you register directly to them. If you have any further confusion you can also do a deeper research on this topic.
How Can I get a Gambling License for the US?
Providers such as Fast Offshore or any third party providers currently do not provide this service. The United States is a much harder market to enter and there are tougher regulations.There are no exceptions to this rule because the US state only allows certain countries in.
The gambling market is very complex to the point where each state have its own laws and regulations. So one company may only agree to one region and not all of the regions.
Business owners who choose to operate outside of the US will need a license. This is where you can pick one of the 5 licenses we have talked about today. All you need is to comply with some of the following rules. Such as you need to have a clean criminal record and provide some documents to support your identity. Upon doing this, then your application process may continue.
Cost to Get a Gambling License
Gambling license does not come cheap at all. The gambling industry is huge and most of the time companies will make tons of profit within just a couple of months. The nature o the industry itself needs to be regulated, that is why costs are needed.
There are two types of costs which is the application fee and there is the renewal fee. The license costs Is needed to cover the supervision, regulation making, and administration. All of this is important to provide safety for all of your players. This also means that the license will check you financially before you can apply.
There are major differences when you want to apply to a certain type of jurisdiction. Jurisdiction may be much cheaper to apply to if you choose Curacao and Kahnawake. They are much cheaper because they specialize in start up companies.
You can get a discounted price when applying to these jurisdictions. Compare them to Malta and Isle of Man where prices can be double if not triple from the ones before.
This is because Malta and Isle of Man is situated in the EU. Which means that you will operate under EU and get EU based customers easily. There are many options to keep in mind.
Another key thing to remember is that there are additional costs and fees. You will see additional costs from things such as renewals, corporate structuring, corporate taxes, maintenance, and etc. All of these expenses may not be as cheap as you think.
It is important to have and audit and try to predict your expense as a company. Doing this will make it much organized towards your company.
We highly advise all business owners to find a provider and then request for a full breakdown. Through this you can find the real cost of things before you pay the money later on.
This service is very useful because you can actually find out the true costs. So there will be no surprise fees or payments later one. Hidden fees may cost you a lot and even put businesses out of the market.
The jurisdiction above has many packages and fees that you can pick. Hiring a third party provider can give you access to things such as Turnkey Packages. These packages are more cheaper because you can get licenses at a discounted price.
Companies such as Fast Offshore is one of the best in the world to provide affordable licenses. They are able to incorporate your company with almost any jurisdiction in the world. You can get detailed information with all of the pricing so that no hidden fees will be discovered.
How to Pick Your Corporate Service Provider
Picking your corporate service provider can be tricky. This is also a huge decision because any problem will be consulted through them. To do this, you can pick the right firm by looking at your budget.
You also need to look at the reputation and experience that this service provider can provide. Companies with other 20 years of experience may be more qualified than a company with 1 year of experience. We have also provided some other key things below that could help you.
Comparison of The Top License Jurisdiction
Jurisdictions will have its pros and cons. But we will weigh this out and compare the efficiency, costs, and taxes. All in all, we recommend 3 jurisdiction that you can choose. Of course the efficiency goes to Kahnawake for being quick in providing their licenses.
However, costs wise you might want to look into Curacao. Curacao is very cheap and affordable for any new business owners. You can get a great deal and cheap license from this jurisdiction.
Last but not least, also look at Malta for their high quality service. Their service is expensive but it can be worth every penny if you are already big enough.
Crypto gambling is a new industry within the gambling industry. You can look into crypto gambling if you want to make additional profits. This industry can only be accessed through Costa Rica jurisdiction.
So choose the right jurisdiction for your online casino needs before you make one. This industry is booming because the future of the market seems promising.