The online casino gaming industry is undergoing a transformation that includes the integration of innovative and dynamic technologies. In the near future, it will experience rapid growth.
Furthermore, the online gaming industry is popular among people of all ages and is regarded as a profitable business model. If a casino has an online gaming license, it is legal for them to do the following:
- Online casino
- eSports
- Sports betting
- Online Lotto
- Bingo
- Live table games
- Online Poker etc.
When setting up an online gambling business, you will need an online gaming license. It governs the online casino gaming industry and safeguards both customers and operators against fraudulent activity.
Cyprus National Betting Authority (NBA)
Cyprus betting was originally authorised under The Betting Law of 2012 (L.106(I)/2012) (this Law has been repealed) and now under The Betting Law of 2019 (L.37(I)/2019). It is evident that Cyprus regulations are evolving to accommodate the ever-growing market of gaming by being completely transparent, reliable, compliant and promoting social responsibility and responsible gaming whilst not undermining the necessity of business and innovation. An e-gaming company needs to obtain a Class B licence, which is issued to entities that wish to promote online betting activities excluding slot machines, online casino games and electronic horse-racing betting.
By having a Cyprus gaming license you enjoy:
- Operating in an EU jurisdiction.
- Favourable tax benefits
- Large infrastructure of banks, electronic money institution and payment institutions
A company registered and regulated in Cyprus can offer online betting services to any nation outside of Cyprus as long as the rules and requirements of that country are fulfilled.
Malta Gaming Authority (MGA)
Malta is regarded as the gold standard in the field of iGaming licensing. Since 2000, this agency has been issuing licenses and regulating gaming. The following are some of the significant advantages of obtaining a Malta license:
- Being based in the European Union.
- Tax benefits that can be as low as 5%.
- Facilitates transactions with payment providers and banks.
Apart from the aforementioned advantages, the main benefit is having the prestigious Malta license. There are two types of licenses available:
1. A business-to-business (B2B) license.
2. A B2C license allows gaming operators to run an online gaming platform with a variety of skill and chance games.
E-gaming in Curacao
Curacao eGaming offers the most cost-effective, quick, and painless licensing process available. This license is the best option for those who want to go live quickly while not having to invest a significant amount of money. The Curacao license is well-known for being reliable and responsible. One of the most appealing aspects of obtaining this gambling license is that the operators are exempt from paying taxes on their profits.
Gaming license in Kahnawake
Kahnawake has been regarded as one of the most respected jurisdictions for providing high standards of ethical gambling since 1999. It establishes guidelines for fair and responsible gaming. It keeps track of and supervises its licensees, which ensures that the players are well protected. The administration of Kahnawake boosts trust in business partners, opens up more payment options, and expands market access. Furthermore, the cost of applying for this license is low, and holders are not subject to any gaming taxes.
Gaming license from the Isle of Man
In the year 2001, the Isle of Man was the first in Europe to issue an online casino gaming license. The licensing authority is well-respected, strict, and responsive, with a high standard of professional ethics. It also allows licensees to benefit from a low gaming tax of 1.5 percent to 0.1 percent yield and a 0% corporate gaming tax. This jurisdiction offers a relatively simple license application process, which is advantageous to licensees.
How to Obtain a Gambling Licence
The following are the steps you must take to obtain a Gambling Commission license:
- First, find out what licenses are available and then choose one.
- Complete the application form with all required documents, such as personal information, proof of business plan, capital, bank account information, policies and procedures, terms and conditions, and so on.
- Pay the application fee and wait for the application to be processed.
- Finally, get your license and begin operating your online casino gaming platform. Along with these, remember to pay the annual fee once you have received your license.
Endnote
Apart from the aforementioned jurisdictions, the UK Gambling Commission, Costa Rica Gaming License, Alderney Gambling Control Commission, and others are more dependable licensing authorities. Although licensing procedures differ, they all have the same goal. That is, to provide all players with a safe and secure gaming and betting experience.
Source: https://www.flexi-group.net/