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Getting a gambling license is an absolute must for all those wishing to become operators of an online casino. It allows you to avoid any legislation-related problems, increases your casino’s prestige and makes your players more trustful of you.
However, not all states have identical gambling regulations, which is why it is not always possible to get a gambling license. In countries where gambling establishments are allowed, legislation also prescribes provision of specific services, e.g. providing companies with gaming software.
There are local regulatory bodies that oversee operation of virtual gambling establishments, provide licenses, and monitor the implementation of respective regulations. If a virtual gambling establishment wishes to operate legally, it must apply for an online casino license with a regulator of the jurisdiction the online gambling establishment is hosted in.
As a rule, the licensor expects the majority of gambling operations to take place in the country the company wishes to get an online casino license in. Hence, license seekers should choose a jurisdiction for their future casino based on the regulations they will need to comply with.
A gambling license is a legal permit authorizing organizations offering gambling software to engage in their activities. Demands they will need to comply with to get a gambling license vary depending on a jurisdiction.
License-Issuing Regulations
Those apply to a large number of operations, including gambling, bookkeeping and auditing, and cover all persons engaged in gambling, including employees and companies.
Licensing Requirements
Regulators are primarily responsible for issuing gambling licenses. Procedure for getting them is described in respective legislation which provides the licensing body with proper powers.
Here are the requirements organizations wishing to get a gaming license need to observe:
- Compliance with standards of integrity and decency
- Disclosure of all finance-related information about the online casino and its operators;
- Providing information about previous criminal record of the employees.
Difficulties encountered in getting an online gambling license in the most prestigious jurisdictions are comparable to facing the difficulties in obtaining a banking or insurance license. Such tough measures are necessary to combat individuals and organizations that are allegedly engaged in illegal activities.
How Much Does It Cost to Get a Gambling License?
The price includes the gambling license itself, as well as the fee for processing the application and issuing the license. It should also be borne in mind that online casino operators have to pay taxes. The following are examples of jurisdictions.
- Obtaining a license for an online casino in the UK will be relatively inexpensive. Gambling tax - 15%;
- The maximum duty in Alderney is $75 thousand per year;
- The fee in Gibraltar ranges from £85 thousand to £420 thousand annually
- The cost of getting a gambling license in Italy is €300 thousand (10 yrs), including €70 thousand per year, a 20% tax included.
Some jurisdictions, such as Malta, allow sublicensing. Sublicensing gives you the right to operate under someone else's license and thus reduce costs by distributing them among partners.
No 3rd party, such as a banking institution, is required if cryptocurrencies are used for payments. Therefore, applying for a gambling license in Malta, for instance, will be significantly easier. Processing payments there requires no centralized banking institution.
Help With Getting a Gambling License
It takes serious financial investment and compliance with complex requirements, which is why it makes sense to entrust it to true professionals. IncFine can provide legal advice on gambling licenses, prepare the necessary documents, help with the selection of jurisdiction, as well as provide legal support at all stages of obtaining a gambling license.
