Getting an online gambling license is one of the most important steps in setting up your online gaming business. Although running an online gaming business involves a lot more than just getting a license it is still a vital step in starting your gaming business. Online gambling licenses are issued by many countries but some are more popular and worthwhile than others. Find more information for gaming suppliers B2B at gaming conventions review.
Cost of an Online gaming License.
The costs to consider when getting an online gaming license include the cost of application; legal advisory fee; operational compliance; taxation and the annual renewal of the license. In Curacao for example the cost can be about €20,000-25,000. The final cost can be influenced by the advisory fee which varies according to the type of business and its complexity. Another factor that influences the cost of a gaming license is the liquidity of the owner’s personal resources.
How to Get an Online Gambling License.
It is possible to get an online gaming license from a number of jurisdictions including Malta, Gibraltar and Curacao. There are specific requirements which need to be met by license applicants, no matter which jurisdiction they choose. Applying for an online gaming license requires knowledge, research and an investment of time and money. When choosing a jurisdiction for your online gaming license remember to research the jurisdiction’s tax laws and licensing costs; licensing laws and technical standards.
To apply for an online gambling license you will need to gather a number of key documents including personal documents from your shareholders and directors. The process is complex and in some jurisdictions some of the documents require certification by a notary or apostille. Once all the required documents have been gathered they need to be presented to the local regulator. The regulator does their due diligence and then gets back to you with an answer as to whether you application has been approved or rejected. Although the application process is challenging most online casino businesses have an online gambling license. Read our full guide of how to start online gaming business.
Including assistance with Gaming Bank Accounts in Europe and Curacao Gaming License.
Why get an online gambling license?
Online gaming websites have proved to be extremely profitable. The sites provide an authentic gambling experience to players while making a tidy profit for the owners of the gambling business. The online gambling industry has expanded exponentially over the last few years but with that came an increase in corruption which became a major concern for players and gaming website owners. To counteract the growth of criminal activity in the online gaming industry the gaming community came up with a solution – established standards and regulation with the implementation of online gaming licenses. In this way players can be reassured that licensed gaming websites are secure and maintain a level of ethics that unlicensed gambling sites do not. Online gambling licenses protect the player and owner; players prefer to use licensed online casinos and this is good for business.
An online gambling license insures that everything stays above board with regular assessments of the company’s conduct by the regulator. Having a license insures that the quality of the online casino remains high; that the gambling business is adhering to accepted standards and that there is no misconduct. Players have more trust in licensed online casinos and so the business is more successful. Having an online gambling license means that your business is legal.
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