A gambling license: reasons to obtain
A gambling license: reasons to obtain
To attract customers, owners of virtual gambling houses are trying to obtain a license – a permit for the gambling activity. When an online casino has all relevant papers, players can be sure that everything is legal, controlled by independent auditors, winnings are paid out, and transactions are secure. Besides, the image is built, positively influencing business promotion and development.
Some countries issue licenses that are valid solely on their territory, locally. However, there is an opportunity to legalize this business across the board. Usually large casinos arrange several licenses, as they are constantly expanding the area of activity. When choosing an online casino, a player should thoroughly study the documents and check whether the website functions officially in the country, and whether it provides actual information about the issuer of the permit.
Who issues gambling licenses?
Entrepreneurs should understand that an international gambling license does not provide the right to conduct this business in countries that ban it.
There are different gambling commissions, departments, ministries that issue licenses and every agency has its own norms and requirements to legal entities, owners of casinos, betting houses, poker rooms, etc. Some of them go for profit rather than consumer rights protection, so one should choose a jurisdiction attentively, factoring in its reputation, geolocation, licensing requirements, taxation, and other factors.
Companies that lack experience, specialists, or money, sometimes turn to agencies of offshore areas, which is undoubtedly beneficial, but gains little trust among customers. Jurisdictions with stricter policies and higher standards provide guarantees of security and fair regulation of conflicts, as such organizations issue licenses to first-class companies only.
Gibraltar gambling license
Gibraltar is a British Overseas Territory with population of little more than 30,000 people. Obtaining of a license for any kind of activity is quite complicated here. However, the jurisdiction is highly evaluated by the global community, as the government is stringent but impartial, and only trusted companies are registered here.
Advantages of obtaining Gibraltar gambling license:
• stable economy, strict legislation;
• offshore area, favorable to develop a gambling business;
• the same benefits are provided to foreign and national companies;
• minimum tax on business development;
• financial and commercial confidentiality, etc.
Curacao gambling license
Curacao offers some of the most beneficial licensing conditions for online gambling. Entrepreneurs will be certainly happy that the license here covers all gambling activities rather than standalone types.
Advantages of registering an online casino in Curacao:
• technical issues are solved by local authorities, top-class software;
• possibility to establish collaboration with European banks;
• high speed and simplicity of obtaining documents, etc.
Costa Rica gambling license
The republic does not offer a special gambling license; entrepreneurs just have to obtain a commercial permit for data processing. This paper allows conducting any type of gambling.
Advantages of registering online games in Costa Rica:
• the activity is tax free;
• stable policy and economy;
• the local jurisdiction is not considered an offshore area, which facilitates partnership relations with the USA and EU;
• legal support.
Malta gambling license
Reputable and trusted jurisdiction of this island country will provide credibility to a licensed gambling house. The audit is conducted accurately and stage by stage meaning that a business can be legitimized only in case it complies with all requirements. Besides, there is a classification of online casinos. However, if everything works out, entrepreneurs obtain reliable support and protection of the government.
Advantages of licensing in Malta:
• the country is a EU member and has a spotless reputation, which opens ample opportunities for business;
• gaining competitive ability and boost of the enterprise’s authority;
• low tax levies, benefits;
• a chance to receive a residence permit.
Estonia gambling license
After the bygone economic decline in 2008, the government of this small country has reconsidered its attitude to the gambling business. The disadvantage is that every licensed gambling activity is taxable. There is also a strict framework for obtaining a permit to develop this business in the country, but if all the conditions are met, returns will follow soon.
Why Estonia is good for gambling:
• a possibility to obtain an upscale status of a European company;
• a chance to establish partnerships with the EU countries and attract foreign investors;
• taxes are not high.
How much does an online casino license cost?
According to casinosupermarket website, the cost of an online casino license equals from $10,000 to $350,000. The sum ranges depending on the jurisdiction. Minimal expenditures are required to register a business in Costa Rica, besides businesses are not obliged to pay taxes. However, there are also difficulties and it is questionable whether beginners will cope without the support of professionals.
Types of online casino licenses
A well-known website casinoreviewru generalizes all types of licenses and divides them in two types:
• local licenses are effective only within the country that issues them;
• international licenses carry weight in different countries.
This classification is too encompassing, licenses of different jurisdictions have distinctions.
For example, in Costa Rica entrepreneurs receive a special commercial set of documents called Data Processing License that provides the right to conduct gambling business but does not regulate or protect it.
Licenses of the EU countries imply powerful governmental support and the status of a European organization, but usually it is quite difficult to obtain them.
There are sublicenses issued in the Isle of Man jurisdiction, for example. The paper allows an online casino to operate under the well-known brand name with the future opportunity to function independently.
Licensing of the gambling activity is a complicated and high priced process, but responsible entrepreneurs that follow the letter of the law should understand the necessity and reasonability of the step. If you want to stay and develop in this market, choose the most optimal option and move forward to success.