What is a gambling license and why is a permit for gambling business needed?
Good reputation, popularity, and recognition are attributes of success for any online casino. However, achieving good results is difficult without having a special gambling license, which assures players that a gambling house is safe and operates legally.
Read further in the article about the gambling license, the advantages it provides as well as how one can obtain it.
What is a gambling license?
Gambling license is a paper that allows online casinos to run the gambling activity. The availability of such a permit attracts customers letting them feel assured that a casino provides legal services.
Besides, a gambling license implies that a casino is audited by independent agencies, transactions are secure, and winnings are paid out for sure.
Moreover, a gambling license builds image for the casino and positions it as a reliable gambling site for players helping to develop business and promote the brand.
Who issues gambling licenses?
Online casino licenses are issued by gambling commissions, different departments and ministries – every agency has its own requirements to business owners.
As a rule, the commission analyzes whether the casino meets standards stated in regulatory documents. The casino should provide data about finances and structure as well as owners and partners of the company.
To issue a license, the agency should make sure that employees are not involved in illegal activities and have enough experience to organize the gambling activity.
How to obtain an online casino license?
Big online casinos often apply for several licenses as they keep expanding their activities.
A thorough choice of the licensing jurisdiction is important – one should factor in reputation, location, taxation, and requirements.
Obtaining a license of a jurisdiction with strict policy guarantees integrity and security. However, some platforms turn to offshore agencies that allow buying a license in a simpler way.
Gibraltar gambling license
The process of obtaining an online casino license in Gibraltar is quite difficult. However, thanks to high requirements to companies, this jurisdiction is highly appraised.
Owners of Gibraltar licenses can benefit from:
- stable economy;
- same perks for local and foreign companies;
- minimal taxes;
- maintenance of financial and commercial secret.
Curacao gambling license
Curacao island offers some of the most lucrative terms of online gambling licensing.
Benefits of obtaining a license in Curacao:
- one license is issued for all gambling activities;
- local agencies solve technical issues;
- a possibility to work with European banks;
- fast and simple processing of papers.
Costa Rica gambling license
Costa Rica does not offer gambling licensing, but offers a possibility to receive a data processing permit that enables legal conduct of the gambling business.
Advantages of Costa Rica jurisdiction:
- tax free;
- stable economy;
- partnership relations with the US and EU;
- legal support.
Malta gambling license
Malta jurisdiction provides gambling licenses only to platforms that truly comply with all requirements. Thanks to such strict control, Malta licensing ensures prestige for the gambling house.
Malta gambling license provides:
- wide range of opportunities for business;
- high credibility of casino;
- low taxes;
- support from the state;
- a possibility to receive a residence permit.
Obtaining a gambling license is an uneasy but compulsory process for successful operation. It is important to factor in all details in order to choose a licensing jurisdiction correctly. It increases chances of the casino to become popular among players and at the same time to pay reasonable taxes.
Experts will discuss online casino operation at Prague iGaming Affiliate Conference.