For any player, it’s crucial to find a reliable online casino with a suitable games collection, comfortable payment options, and other features. One of the most important things for Internet users is security, and gamblers aren’t an exception. An online gambling license is proof of the trustworthiness and reliability of a platform. Today we’ll speak about various types of licenses and their meaning.
How to Get License For Online Casinos?
Every secure casino has to have an official license given by one of the possible jurisdictions. The information about the license should be presented on the website of an online gaming club. It’s a kind of operating allowance, which makes the business led by a definite online casino legal.
To obtain any license, an online gambling house should meet certain conditions to prove its reliability. Any reputable platform should have a license in order to enter the online gambling industry and be competitive. In addition, the operating allowance is required for the creation of a bank account, work with diverse payment systems, and purchase of quality casino software. It means that the normal operation of any gaming venue is impossible without a license.
If an operator plays by the rules, it won’t be difficult to obtain an online casino license. Before getting it, do the following:
- Define, which countries are preferable for you in accordance with your needs and possibilities. Study the conditions in various jurisdictions: requirements, prices, taxes, processing time, etc. To do everything faster, it’s advisable to consult a lawyer.
- Prepare all the documents beforehand. In most cases, you will need a copy of your passport, proof of your address, a criminal background check, and a reference from the bank.
- When the jurisdiction is selected, make certain that your casino meets all the requirements. Prepare a detailed description of the used software (including games and functionality), agreements with software developers, and the RNG certificate.
- Carefully observe your website to make sure it contains all the information required by the selected jurisdiction. The majority of them demand to add the following sections and the corresponding data: terms and conditions, responsible gambling, self-exclusion, and withdrawal policy.
Remember that all the jurisdictions are different. Conditions and costs of online casino gambling licenses might depend on laws applicable in a definite country. For example, when it concerns the UK, it might be difficult and expensive to obtain a license. Besides, there’re many restrictions for online casinos. That’s why it’s recommended to look at the list of other jurisdictions, which can give an operating allowance. Note that their requirements and costs might differ greatly, so observe all of them carefully before making a choice.
It might be just one or several licenses for online casino from a few different jurisdictions.
Why Do You Need a Gaming License?
People sometimes think that saving money on an operating allowance is a good idea. However, it’s not. In fact, with such a license, you can get a big profit in the long run, while the absence of an operating allowance may finally lead to bankruptcy. There’re a few reasons, why every casino should have a good online gambling license:
- The possibility to work legally in the majority of countries
- The provision of services legally
- An opportunity to enjoy various fiscal benefits in some jurisdictions (lower tax or even zero tax rates)
- Solid relations with well-known payment providers and merchants
- Beneficial advertising deals (earn on ads & advertise your platform)
- The possibility to cooperate with the best hardware providers
- Access to the best casino software created by world-known providers
- An opportunity to offer your app on Google Play and iStore
- More effective attraction of users (with a license, people will be more likely desiring to choose your platform)
- Absence of risks (no need to worry about blockage, arrest, prosecution, or fines for the absence of a license).
In addition, the gambling world is very competitive. To become prominent, it isn’t enough to offer just games and attractive bounties. It’s required to make players trust you, and an operating allowance is a “must-have” in this case.
Best Countries for Your Online Gaming License
Now we’ll observe the most popular and secure online gaming casino licenses, which any online casino can obtain:
- Curacao. It’s one of the most famous types of operating allowances. Besides, it’s the fastest to obtain (the process takes six weeks). The cost of such a license is quite low compared to alternatives. Depending on your opportunities and needs, you can get a Master license or a sublicense. The first one covers all types of games, providers of software, and operators. For the application, it’s required to pay €2,000. There’s also a monthly payment for this license, which totals €1,500. If your gambling business is registered outside the location, it’s possible to ask for an Ezone permit, which will allow you to take benefit from lower tax rates. Curacao permission is the best solution to start your business fast. It might be also obtained while you’re waiting for approval from other jurisdictions.
- Malta. It’s another large, affordable, and widespread gambling jurisdiction. The tax amount depends on the type of online casino license. In most cases, a Class 1 license is required for casino games. For this type of allowance, you will have to pay €4,660 monthly (for the first 6 months) and €7,000 monthly for the rest of the period. The share capital required for this license is €100,000. The processing time includes 5 stages and takes a lot of time. You’ll need to present your business plan, strategy, financial/personal information.
- Gibraltar. It’s a nice choice for the start of the business. The price depends on the type of allowance and structure of your company ($30,000 – $70,000). An annual payment is $2,800. The license is given for 5 years. The key advantage is a low tax rate, which is 1% from revenues (there’re also min/max limits).
- The Isle of Man. The jurisdiction offers a Network Services license, full license, and sublicense. A full license should be obtained for the gambling business (£5,000 should be paid for the application; the annual fee is £35,000). The casino should be registered in the Isle of Man with all its servers hosted in the location. The processing time takes 10-12 weeks.
- Kahnawake (Quebec, Canada). It’s a reliable and trustworthy online casino gambling license, which is constantly supervising the licensees to prevent fraud and provide responsibility. The licensees can enjoy a 0% gaming tax. For the application, it’s necessary to pay $25,000. The processing time can last 2-4 months. The company should be registered in the Kahnawake location.
Other beneficial jurisdictions are Antigua and Barbuda, Costa Rica, Greece, Montenegro, and Seychelles.
A gambling license is a chance to have a fair business and attract more players. Consider all the conditions and requirements, choose the most suitable country, and open your online casino without worries!