The organization of gambling, both land-based and online, is a popular and profitable business model in the global market. However, it is important to remember that in order to work in this industry it is necessary to go through a licensing procedure.
Gambling License: What is it for?
A license is a document that officially permits a company to conduct gambling activities legally in the territory of a particular country. These include online casinos, lotteries, betting, etc. The main reasons for obtaining a license for gambling activity are not only the ability to legally operate in a particular country, but also the improvement of the quality of services provided to consumers, as well as the need to earn their trust.
Many players know how to check the online casino license. All you need is to find the relevant data on the operator's website. As a rule, they are placed on the bottom panel.
Advantages of Working with a Casino License
Obtaining a license is an obligatory process for any casino. Otherwise, the company will face legal problems. A gambling license is a guarantee of a legal basis for doing business in the gambling industry.
It should be remembered that this document will not provide the right to operate around the world. Before choosing a country for organizing one’s gambling activity, it is necessary first to carefully study all legal aspects and conditions to be respected.
A casino license provides access to gaming market. The best gambling developers collaborate with licensed operators that have their own conditions for cooperation. Some developers work with casinos that have only certain licenses. This indicates that the licensing process has to be discussed with the developers, which the casino organizer wants to cooperate with.
Another big advantage of having a gambling license is the ability to attract high rollers. Players who make large bets are unlikely to get involved with unlicensed online casinos, because in this case they won’t have any security guarantees.
Types of Gambling Markets
Obtaining a document authorizing the gambling operation depends on which market it is planned to be launched on. There are four main types of gambling markets regulation:
- countries establishing gambling monopoly;
- countries where any gambling activity is prohibited;
- countries regulating gambling operation on their territory;
- countries where gambling is not regulated.
Is it Possible to Open a Legal Casino in Russia?
According to the legislation of the Russian Federation, it is allowed to open casinos, as well as slot halls, only in specially designated gambling zones. In order to apply for a license, you must be a citizen of the Russian Federation and have at least 600 million rubles in cash assets. Online casinos in Russia are prohibited.
Places to Acquire a Casino License
Obtaining a license for online gambling is a complex process associated with many requirements that must be met. A number of governments have created a regulatory framework to facilitate the process of gambling licensing in the light of the gambling industry rapid development.
Legally, a business must be registered in at least one jurisdiction. The most common jurisdictions where online casinos can be registered are Caribbean countries such as Antigua and Barbuda, Costa Rica, Curaçao, as well as European countries and territories such as Malta, Gibraltar and the Isle of Man.
Costa Rica License
For many years, Costa Rica has been the main jurisdiction for more than 100 gambling companies. This makes it an attractive country for newcomers to the online gambling industry. Today, it is still incredibly popular and effective among gambling sites that use cryptocurrency. To launch this type of business in Costa Rica is cheap and easy.
Obtaining an iGaming license in Curaçao is another appropriate option for most companies starting a business in the field of online gambling. The gambling regulator – Curaçao Gaming Control Board – has made online gambling one of the main sectors of the economy. The current sublicensing opportunities are affordable for many operators, which makes Curaçao one of the main jurisdictions for starting a licensed online gambling business.
Isle of Man License
The Isle of Man is an ideal jurisdiction for the creation of online gambling business serving the EU and Asian markets due to its comprehensive regulatory framework. The Isle of Man is recognized as one of the most authoritative jurisdictions that offers world-class infrastructure and services for operators in any field of online gaming industry.
Kahnawake Gambling Commission has been providing licenses since 1999 and they are in great demand. The cost of Kahnawake Online Gambling License is low, and the licensing process is fairly simple. Furthermore, this type of license covers all kinds of gambling.
Thanks to the law passed in 2000, Malta became the first of European Union member countries to provide the most favorable conditions for gambling business.