If your target market requires a license, then you definitely need one. Even though some licenses enjoy international iGaming recognition, authorities in most jurisdictions still require operators to obtain a local license. For example, to enter the UK market, you will need a gambling license issued by the UK Gambling Commission.
The presence of a gambling license is also a strong argument for cooperation with banks and other financial institutions. In order to demonstrate the trustworthiness of your enterprise. And enter into such a coveted agreement, you will definitely need a license. The same applies to interaction with suppliers of software. Game content, payment systems, each of which prefers to enter into partnerships with proven market players .
Reputation is a real trump card in the hands of online casino owners to attract big players to their platform. For plans to become a reality, you need to think about the players. At the same level as you want them to think about your online casino. After all, no one is interested in a SilverOakCasino major risk, not being sure of the justification of this step. That is why the legal operation of an online casino allows players to be focused solely on their favorite entertainment.
How to Choose a Gambling? – A Gambling License
LEVEL OF PROFESSIONAL EXPERIENCE
Pioneer operators are encouraged to go to those jurisdictions that offer a less convoluted license acquisition process and better financial terms. Experienced operators, first of all, are guided by the status of the license on the global iGaming scene.
For example, an entrepreneur who has just started his career in the industry in most cases chooses the jurisdiction of Curacao , while expanding the scale of his business – in the jurisdiction of Malta .
While some jurisdictions offer a single license for all types of gambling activities (for example, Curacao), others require a separate license for each type. Generally, gambling types are divided into RNG games, sports betting, fantasy sports and poker. At the same time, poker, depending on the jurisdiction, can be both a game of skills and a game of chance.
Naturally, the cost of a license is where the thinking begins. Fees and taxes, as well as additional costs associated with the process of obtaining a license. Are individual in each of the jurisdictions. Therefore, it will be reasonable to start, first of all, from your budget.
Pay attention to the taxation system! Depending on the government and income level. The figures vary from region to region. This item is directly related to the financial component of your business plan. Which we have already talked about earlier.
Each jurisdiction establishes its own licensing process. Which in any case is quite complex and bureaucratic. For example, due diligence checks are traditionally carried out in the most thorough manner. While due diligence checks of key business figures may be carried out by international legal agencies.
Time frames also play a big role when choosing a jurisdiction. While on the island of Curacao the process takes up to 6 weeks, in Malta it takes up to 6 months.
You can consider the option of contacting experts. As a rule, such support includes a range of services from business advice to preparation. As well as verification of the entire paper part of the process.
Professionals in Their Field
A thriving online casino cannot be the representation of a single actor. No matter how good the actor himself may be. In any case, you will need staff. The more professional, the longer the future of the project. Fortunately, the online industry is actively developing. Expanding its reach and getting rid of the traditional stigmas that firmly existed before. On top of that, one should not neglect personnel from other areas. A new look and new business approaches sometimes become exactly what helps the project to find its calling card.