Getting a gambling license is one of the most crucial steps when establishing a casino business. It is something you cannot operate a casino without. You can offer a fewer number of games, or less expensive security measures for your gambling business. But when it comes to the license, you will be unable to refuse to get it. Surely, you can go underground in order to get rid of the costs involved in obtaining a license. But be sure that it will afterward cost you much more than the actual price of license due to the strict regulations in many countries. Considering the importance of a gambling license, I decided to produce this article about it. After finishing the article, answering the question of “how to get a gambling license” will be kid stuff for you.
Rules on How to Get a Gambling License
As mentioned above, a gambling license is a pass to your business. No process will happen without it. You will need it when purchasing online casino game content, working with e-payment system suppliers, opening a bank account, etc. Needless to say, its significance in your marketing. Time has changed, and people want to trust the casinos they bet their money in. And one of the initial indicators of trust in their eyes is a gambling license. Noticing this, your customers will become more loyal towards your casino, as well.
Apart from its significance in various parts of your business, bear in mind that getting a license for your casino is not difficult at all. All you have to do is to properly follow the steps that I will make you familiar with below.
Must-Follow Steps to Know How to Get a Gambling License
As the first step on how to get a gambling license, select the countries which are compliant with your possibilities and needs. Explore the jurisdictions. Check out their expenses, rules on taxation, requirements, etc. I advise you to get a consultation from a lawyer to finish the research process faster.
In the second step, you should begin preparing your personal documents. Background check document from police, a copy of passport, reference letter from your bank, and your address proof will be necessary.
In the third step, you have to ensure your casino system is compliant with the jurisdiction criteria. I recommend you to make a list of elements, such as slot games, Online casino software functionality, contracts with software suppliers, and a Random Number Generator (RNG) certificate.
Lastly, check out the online casino website. See whether there is the information demanded by the jurisdiction you will employ. Note that the majority of jurisdictions examine the information regarding withdrawal policy, terms, condition, etc.
Gambling Rules in Different Countries
Depending on the country, you will face various regulations in terms of gambling. That is why, to ensure you know how to get a gambling license in different countries, read this part carefully.
See the gambling rules like the government rules. Different governments will apply different rules and laws. It is the same as gambling. That said, in most countries, including the UK, together with the Government, non-governmental organizations also regulate gambling. The purpose of the involvement of non-governmental organizations is to make sure the safety is at the highest level possible.
At the same time, some countries are much stricter with the gambling rules. One of the significant indications of this strictness reflects itself in the costs. Due to such high costs involved in getting a gambling license, many people prefer to operate illegal casinos. It is not the option I advise you. What you can do instead is to go abroad for this license. As a result, you can solve this issue faster and easier.
In general, one of the main questions regarding how to get a slot machine license is its cost. Keep in mind that it can cost you several thousand dollars in some countries. But in other, it can even go up to several hundreds of thousands of dollars. So make sure you make your decision carefully and consider all the aspects when getting a license.
One of the most prominent countries for online gambling jurisdiction in Malta. A European Union member, Malta, offers people opening casino affordable prices. Note that here the taxes you should pay will hinge on the type of your license. Usually, class 1 license is needed for online casino games. In such a case, you will have to pay 4,700 euros per month for taxes for the initial six months. After six months, this amount will go up to 7,000 euros per month. Also, you will have to pay a share capital of 100,000 euros for class 1 license. These are basically the nuts and bolts on how to get a gambling license in Malta.
Panama is another amazing country where you can run an online casino. One crucial nuance you have to be aware of Panama jurisdiction is you will be free of tax here. The only thing for you to achieve is to ensure your income is generated outside Panama. If that happens to be the case, then you will literally pay no tax. That said, there is a strict control from the side of the Government. In other words, you have to track the casino payouts and present the transaction records to the Government if they ask.
In general, the Panama Government will ask for $40,000 for a gambling license. At the same time, you will have to pay a yearly fee of 20,000 dollars. Note that the license will expire in 7 years.
In a nutshell, this is all on how to get a gambling license in Panama. In my personal opinion, this country offers one of the best jurisdictions for casino operators. So, you can consider it for your business.
Montenegro is another country that you should take into consideration when looking for a place to open your online casino. Unlike other popular countries that have been offering casino jurisdictions for decades, Montenegro established its casino jurisdiction in 2012. What I especially like about this country is it is all in one packet. In the package, you will get a license, operational expenses for opening, payment processing, and registration of business. All of these will cost you only 25,000 euros for the preliminary year. For the upcoming years, you will have to pay 15,000 euros for it.
Another point that I like about Montenegro jurisdiction is the ease of processes involved in registration. Imagine that you can do it all in just two days. They will also charge only 9% of personal and corporate tax.
Now you know how to get a slots machine license in Montenegro, too. As you can see, it is one of the best deals for casino operators.
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It is crystal clear that getting a gambling license is not a huge challenge. That said, there are some critical steps you should follow. And now, you are aware of those steps. On top of that, I made you acquainted with the best countries where you can start an online casino. With that, you know all the nitty-gritty of how to get a gambling license. All you have to do now is to check out which country suits your case best. Hopefully, you found the article useful. Do not forget to share it with your friends. Also, you can check out our blogs page for the more helpful content.