What is a gambling license, and what are its benefits for casino operators? The top regulatory bodies to opt for. How can you get permission?
If you dream of running a thriving and legal business in the iGaming field, you must obtain permission from the regulatory authority. This guide contains valuable information regarding this document and explains how to get a casino license. Let’s also reveal the general conditions of approving gambling establishments and compare the various jurisdictions.
Why Do You Need a Gambling License?
First, we want to answer a popular question: What is a gambling license? Simply put, it’s an official permit or authorization issued by the particular authorities/jurisdiction. This document allows operators to offer their entertainment services online. Furthermore, a license is mandatory to open bank accounts, buy software from world-known developers, and implement various payment solutions.
On the other hand, the availability of such permission increases the level of trust among customers. Your clients will be highly confident that they will receive their winnings in full and on time. Moreover, gamblers won’t doubt that your platform utilizes unbiased games based on certified random number generators.
The precise requirements for licensing depend on a specific regulator. However, the common rules are also worth your attention:
- Legal and regulatory compliance;
- Having a comprehensive business plan;
- Proof of solvency (bank statements, etc.);
- Willingness to disclose information about your financial structure, staff, and partners;
- Implementing measures to guarantee the fairness of gaming outcomes;
- Adopting responsible gambling tools;
- Providing around-the-clock customer support.
Who needs a license? Web casinos, poker rooms, bookmakers, and other organizers of any online gambling activities must obtain permission. Keep in mind that most industry partners cooperate with approved venues only. Lack of permission slows down business development.
Different Types of Gambling Permissions
Initially, you should get acquainted with two groups of gaming permissions:
- National. Such documents can be received in a particular region, such as Nigeria (from the National Lottery Regulatory Commission) or Spain (from the Directorate General for the Regulation of Gambling). These licenses allow local operations. Remember that not every country permits online gambling. Therefore, if you want to launch your business in a region where casinos are prohibited, apply for international approval.
- International (or offshore). Such licenses encompass numerous markets worldwide and are considered versatile. However, getting an offshore license in a country with its own regulatory body is not recommended. Otherwise, you’ll be obliged to pay a significant penalty, and local Internet providers can block your web project.
Let’s drill into the peculiarities of the most sought-after licenses available in the iGaming segment:
- Curaçao eGaming. Low costs, worldwide recognition, and top-notch infrastructure are the main strengths of this license. Moreover, you can rely on a single permission to organize all types of online games, from slot machines to poker. There are no gambling taxes.
- Malta Gaming Authority. This permission is valid for ten years and allows you to operate in most European countries and beyond. It’s one of the most popular licenses among gamblers since the regulator focuses on high protection of their money and frequently audits licensees.
- UK Gambling Commission License. It’s one of the most prestigious permissions in the market. Moreover, it features adequate taxation rates.
- Kahnawake. Operators appreciate the straightforward and relatively fast process of receiving this license. What’s more, it features no gambling taxes.
- Isle of Man. This regulatory body attracts business owners with its loyal requirements. In addition, you can expect favorable tax conditions.
Some less-known jurisdictions also deserve your trust. Pay attention to the Alderney Gambling Control Commission and the National Betting Authority, for example.
Obtaining a Casino License: Step-by-Step Instructions
How to get a gambling license as quickly as possible? Follow this mini guide:
- Select an appropriate jurisdiction. Delve into their exclusive requirements and make an informed decision. Pay attention to established taxes, costs, conditions for issuing the document, frequency of audits, etc. If you’re in limbo, contact specialized companies that provide turnkey solutions for casinos, such as SOFTSWISS or SoftGamings. They will assist you in opting for a relevant type of permission.
- Register your business. Then, prepare a detailed business plan. Determine your business model and indicate your target audience, operational plan, and marketing approaches. Next, decide on financial projections and compile the corresponding documentation. Don’t forget to reveal the source and provide verification of your money.
- Incorporate anti-money laundering and other universally accepted measures. Be ready to conduct verification of each customer to prevent underage gambling and any scams on your platform.
- Prepare all the documents required by the chosen jurisdiction. A universal list includes passport copies of the founders and staff, proof of a clean criminal record, copies of utility bills and bank statements, information about the entertainment titles available on the website, and a viable business plan. Then, you must pay the appropriate fees.
- Apply for a desired license. The authorized individuals will thoroughly check your application and your company’s compliance with the current regulations. Occasionally, regulatory bodies ask for additional data regarding your gambling project. If irregularities are not detected, you’ll obtain a gambling license.
Remember that the application process can take up to 3–6 months. However, it’s definitely worth it. Take a look at the BETLILY casino that works under the Anjouan Gaming License and serves dozens of thousands of gamblers monthly. Once this venue received permission, they focused on regular promotions to get more visitors. Go to the https://casinosanalyzer.com/casino-bonuses/betlily.com page to see examples of BETLILY Casino bonus deals and get inspired!
Getting a gaming license is mandatory for transparent, forward-looking, and beneficial business. Once the document is issued, you must comply with all the set rules and conditions. Occasionally, the regulatory bodies carry out unscheduled inspections to check the licensees’ fairness and verify the absence of violations.
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