Everyone who has ever been thinking about opening a gambling establishment on the Internet is familiar with the requirement of obtaining a license. This is perhaps the most vital point in the process of creating a casino: without a permit, it is impossible to conduct gambling activities legally. For many entrepreneurs, getting this document becomes a difficult task.
If you want to get a permit yourself instead of to buying an online club with a casino gaming license, please read our guide; in it, we will describe the whole process with details.
What is an online casino license and why is it needed?
This is a document issued by a specific jurisdiction and granting the right to conduct gambling business. Only with this permission is the casino considered legitimate: a license increases the reputation of the institution and its reliability in the eyes of the gamblers and the inspection bodies.
A casino does not require a single license for gambling, but a separate one for each type of activity presented in the institution. Lotteries, booking businesses and other entertainment establishments must be licensed as well.
Who issues licenses ?
License issuing is available in many countries like Malta, Curacao, Gibraltar or Costa Rica. For these jurisdictions licensing of online casinos is an excellent way to fill the treasury and regulate such activities in their states. The implementation of this process in each country has its own features.
How much does an online casino license cost ?
There is no constant price; each jurisdiction has its own. A cheap permit can be obtained in Costa Rica; it will cost around $10000-15000 (the price may vary). A more respected license for gambling in Malta will cost $50000.
How to choose a jurisdiction ?
Before buying a license, familiarise yourself with the peculiarities of each country: what documents does it require, where is it valid, what activities does it cover, how much does it cost to renew. Next, you need to evaluate your intended target audience and select a document for the geographic location of the majority of players.
The best option is to consult a specialist to choose the online casino license that would suit you the best.
What do you need to get a license ?
As we have already mentioned, each country presents its own requirements for the licensing process. Often, getting this permission is not an easy task.
Nevertheless, the list of documents usually remains the same:
- an application for a license of a certain jurisdiction;
- a copy of the document confirming the registration of the company;
- copies of the founders' passports;
- copies of documents that certify the rent of the office;
- documents confirming the fact of open bank accounts and the availability of a certain amount of money on them (each country has its own limits).
Some jurisdictions tend to change this list at their discretion; it may well expand. In any case, before getting the license, make a request to the regulatory body regarding all the nuances of licensing. You may also find a company that will do it for you: such an organisation will take care of all the troubles.
After you have collected all the above documents, you need to send them to the jurisdiction. Also, it is necessary to make a business plan with all points of business development, the expenses and potential incomes. Some authorities may require fingerprints of the casino owners, as well as the presence of the office and the staff in the country that has issued the license.
Another option is to buy an online casino with a license. It is ideal for those who want to get a ready project and not deal with organisational issues. All the same, licensing of online casinos is not an easy task, but the operator immediately receives both the institution and the documents.
If you are not sure of which type of license you need, what documents may be missing, and how it is done, contact Smart Money. The company’s specialists will provide high-quality assistance to ensure that the entire process is completed as quickly and efficiently as possible.