How to Get an Online Gaming License?
The first step in getting an online gaming license is to choose a jurisdiction where you will apply for your license. Getting your gaming license is one of the most important steps in setting up an online gaming business but there are many more components which you can read about in our guide to starting an online gaming business.
Online gaming businesses can be extremely lucrative but it is also a sector that attracts those with corrupt intentions. Since online gaming became a booming industry it has become fraught with illegal, criminal and unethical elements. To counteract this situation online gaming businesses must now hold a license and meet certain regulations and standards in order to operate.
Offshore Gaming Licenses
Registering online gaming businesses in offshore jurisdictions has many advantages. To apply for an online gaming license in an offshore jurisdiction there are specific requirements. Offshore online gaming licenses require many documents and details of the company’s directors and shareholders. In some offshore jurisdictions you may need the documents to be notarized. The documents need to be compiled and submitted to the relevant authorities who then complete due diligence and analyze the submitted documents before accepting or rejecting the application. The application process is complex and time consuming but it is a vital step in setting up a legal online gaming business. When choosing an offshore jurisdiction for your gaming license you should consider taxation and the cost of licensing.
How much does an online gaming license cost?
The price of an online gaming license from an offshore jurisdiction varies but to give you some idea, Curacao gaming licenses cost 20,000-25,000 Euro. There are several factors that affect the price of an offshore online gaming license: the advisory fee which varies depending on the type and complexity of the business and the liquidity of the company owner’s personal resources.
Why is an online gaming license necessary?
- Being a licensed online gaming business shows players your commitment to a fair gaming policy.
- Indicates transparency and so you have a better reputation in the eyes of the players.
- Shows players the gaming site can be trusted and their private details are secure.
- Promotes customer loyalty.
- Being a legal, licensed online gaming company makes relations with the authorities straightforward.
- Ability to set-up a merchant account.
Licensed online gaming business are regularly assessed and regulated. All of the most respected online gaming companies are licensed in one or more jurisdiction. Having a gaming license is important for your company’s standing and for the quality of the service you deliver. A licensed online gaming company is unlikely to act illegally or unethically. Clients know that if they visit a licensed online gaming website they will get good service and be dealing with a gaming business that adheres to accepted standards and can be trusted. This of course contributes to the website’s success, as players feel safe gambling on the site and recommending the site to other