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How to get a license for online casino?
If you carefully read the article “Five steps to develop an online casino”, you should remember the third step about legal aspects of setting up business. You need to register your business simply because clients trust a legal establishment.
To have your business registered, it is necessary to meet a mandatory requirement – get a license for online casino, i.e. a permission to be involved in such an activity. Online casino needs it, just like a land-based club.
However, there are certain nuances in getting a license for online casino. In Russia this process is impossible because gambling (except lotteries and land-based casinos in special gambling zones) is forbidden in Russia. As a rule, gambling business owners get a license for online casino in offshore countries. This article contains a list of such countries and selection criteria, for instance, jurisdiction features, advantages and disadvantages of getting a license on their territories. It will help you to come up with the best decision.
Why is it so important to get a license for online casino?
To speed up the process of getting a license for gambling business, you have to make sure that it’s worth the effort. Apart from the fact that your activity is legal, you receive other benefits:
- the right to conduct business internationally;
- no tax payments;
- quick registration;
- financial reports are usually not required.
Moreover, large payment systems and developers of games for online casino will be glad to cooperate with you.
All these factors combined make customers trust a licensed online gambling establishment.
Which criteria should be used to choose a country for getting a license?
At first, it might seem that it is quite easy to get a license for online casino in offshore countries: the main thing is to know which states presuppose such an activity. Unfortunately, reality is different.
An entrepreneur will face two global difficulties: financial and geostrategic.
The first one involves the size of a single payment for considering a license as well as monthly payments for carrying out business on the territory of a chosen state. Yes, there are no taxes but another type of expenses is mandatory.
A geostrategic aspect stands for studying the customers. In other words, who will be using your services when they learn about the jurisdiction? It should be taken into account that potential partners also pay attention to this factor before signing a contract about cooperation.
Peculiarities of getting a license for online casino in different countries
Here is the list of countries where you can get a license for gambling business. Actually, there are lots of them, so we will concentrate on the most popular ones.
+: low initial payment, no taxes, simplified process of getting a license.
-: office rent and staff employed demanded; a necessity of having a resident; operating only on the country’s territory; little credibility among clients and partners due to simplicity of the issuing process (virtually anyone can get it).
+: only one tax (franchise);
-: lots of documents; financial reports; fingerprints of all individuals connected to casino revenues.
Antigua and Barbuda
+: no requirements for the nominal capital; no taxes; is credible;
-: strict requirements for the organization, users and website pages.
+: safety; prestige jurisdiction;
-: a necessity to justify license issuing; licensed software; requirements for casino financial resources (solvency confirmation if a client wins).
+: safety; prestige jurisdiction; no initial payment; easy cooperation with European banks;
-: taxes; license issuing to stable companies (no beginners), a complete audit.
+: safety; prestige jurisdiction; EU membership;
-: taxes; financial reports are required.
One more way to get a license for online casino
If you think that the process of getting a license for online casino is too complicated to do it on your own, there’s an easier method.
There are special companies which perform all actions connected to document processing and other issues of gambling business licensing. For instance, Slotegrator will help to get a license, consult a client regarding jurisdictions of countries they are interested in.
We recommend you to visit the fourth international exhibition and forum Russian Gaming Week which will be held on June 7-8 in IEC “Sokolniki”. It will bring together leading representatives of all gambling spheres. You can get a detailed consultation from experienced colleagues. Register to participate. Good luck!