Offshore Gambling Licence – How And Where To Obtain It
Online Offshore Gambling License – How To Get It?
At Jackpotfinder.com we look at all aspects of casino games, whether online or off. We like to delve into gaming strategy as well as how casinos operate. But there is one crucial component that we have not previously discussed. Yet it’s an essential part of the online gambling business. It involves gambling operators who run their businesses without a proper reputable licence. Or rather an offshore gambling licence. And in spite of this, they still make considerable bank. And gamblers still flock to thesecasinos to win the jackpot.
Best To Keep Things Legal
Due to the cost savings of running an online casino when compared with a live brick-and-mortar one, there are some casino companies that even push this to the limits. You can find online agencies which will legalise sketchy casinos and save them considerable time and maintenance costs so that they receive a fast track ticket into the online casino business. Of course, having any sort of gambling licence is going to be a great tool for printing money and making some quick profits. But having said that, there can be some disadvantages of trying to circumnavigate the legal system.
You may find that many countries today are changing the rules with regard to money laundering and illegal gambling. To that end, if you’re looking for a casino licence for your new business it’s probably worth stepping out of the shadows. That’s because today you are able to find a legal offshore gambling licence relatively cheaply. This is thanks to some very liberal gambling jurisdictions.
Rules On Getting An Offshore Gambling License
You will not get very far with opening your new online casino without an online gambling licence. In fact, nothing can happen without one. This is because you’ll need to open a merchant account along with your own bank account. The former will work alongside various electronic payment system providers. With the latter, you’ll be able to buy legal gaming content. A licence is also important today in that it will help with effective marketing and also serve to increase customer loyalty. After all, gamblers want to feel confident that after they win the jackpot online, they will actually receive those winnings.
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First Look At Your Business Needs
To obtain an offshore gambling licence is not a huge amount of work and you just need to follow the correct steps. The first thing is to think about what your current needs and possibilities are. Only then look for a country that meets those criteria. Thanks to the Internet, it’s easy to do research about each offshore gambling licence in different gambling jurisdictions. You’ll be able to see the exact requirements. These may include the taxation policy, relevant running cost and their application processing time.
Of course, you can bypass all of this if you’re willing to pay a lawyer who specialises in the gambling industry. You will also need to have all your personal and business documentation at hand. This should include such things as a copy of your passport, a criminal background check, references from your bank and of course your address.
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Have All Your Documents In Order
Before you approach your licensing authority, you will need to have all the contracts in place for your casino gaming software. Each jurisdiction required different requirements so we suggest you prepare a list in advance. You should take into account the jackpot games themselves, as well as the software functionality. You’ll need a certificate for the games RTPs, as well as your contracts with the software providers. Many jurisdictions will also want to look over your website with a fine-tooth comb. They will be looking for such things as clear terms and conditions, as well as information about responsible gambling, which may include withdrawal policies and self-exclusion.
An Offshore Gambling Licence Is A Lot Cheaper
When it comes to gambling regulations, you’ll find that every country will have different rules. That’s because gambling laws tend to vary from country to country. For example, in the UK we all know that gambling is very heavily regulated by governmental and non-governmental organisations. This is to protect people from both scams and from falling into problem gambling. Obtaining a UK Gambling Commission licence requires the online casino to jump through many hoops and is also expensive, in both the application and any possible fines for misdeeds. So it‘s no surprise that some businesses look elsewhere. Many new casino operators will look for their offshore gambling licence in less regulated jurisdictions which may also be cheaper.
And A Lot Faster
If you want to start a gambling business but find that the licensing requirements in your own country are too stringent or expensive, then going offshore makes sense. In fact, obtaining an offshore gambling licence is going to be a lot easier and certainly a lot faster. You’ll find that each offshore country will have its own gambling regulations and laws. Keep in mind that the cost of the actual licence can vary hugely from just a few thousand dollars to hundreds of thousands. We suggest that you consider all the nuances of gambling jurisdictions in different countries before making a final decision.
Below we’ve listed some of the most popular offshore destinations for obtaining a gambling licence.
Where To Get Your Offshore Gambling Licence
Antigua And Barbuda
Setting up your gambling business here might not be the cheapest option. There is an application form fee of $15,000 to start with. Then there’s the cost of a gambling licence itself, which is around $100,000 and needs to be renewed each year. From the time you apply, expect to wait at least two months for your offshore gambling licence, providing everything is in order. There are two types of licences available. One of these is for interactive gaming companies which include online casinos. The second type is for interactive betting companies. You have to show a reserve of at least $100,000 before you can start the application process. This will be a security for your website’s players.
Another cost is that there is a monitoring systems fee which is $25,000 per licence. Your website is required to contain information on its splash page about the dangers of gambling. It must include the contact information for organisations that can help problem gamblers.
Curacao
If you’re in a hurry and don’t have so much in the way of funds, then going to Curacao will definitely be both the fastest and cheapest solution to opening an online casino. From the time of application, you should receive your licence within 1 1/2 months. They offer a “master licence” which covers all sorts of games and includes both software providers and product operators. But if you want to save even more money, then you can obtain a sub-licence to work under a master licence. The offshore gambling licence application fee is around $2,000 and there is a monthly support fee which is $1,500.
If you are an online gambling casino that is registered in another country, then Curacao will provide you with a special Ezone permit which grants you a corporate income tax of just 2% and a 0% tax on gross bets. Curacao is a great choice for basing your offshore casino if you’re in a hurry. Many casinos apply for their Curacao casino licence while waiting for a licence from other gambling jurisdictions. One of our favourite online casinos, King Billy Casino has a licence from Curacao, as well as another from the Malta Gaming Authority.
Montenegro
Since 2012, Montenegro has been offering casinos, sportsbooks and poker rooms a number of gambling licences. But to streamline everything, they also offer a special all-in-one service. This package includes the operational cost for opening and registering a business. You’ll also get an offshore gambling licence and be provided with a payment processor. This package fee is $25,000 for the first year, And then $15,000 for successive years. The licence application process is both easy and fast. A new business can be registered and up and running within just 2 days. Interestingly enough, there is no minimum capital requirement in order to obtain a gaming license. The tax rate is very favourable, being just 9% for both corporate and personal tax.
Panama
One of the most important considerations for opening an online casino in Panama is that operators are totally exempt from all taxes. That’s right, there’s no income tax, sales tax or VAT. Not only that, but offshore companies are not subject to any foreign exchange controls. Nevertheless, the casino operator must monitor games payouts and keep records of all transactions. These can then be made available for government inspection at any time. It goes without saying, there are international money laundering regulations that must be followed. The cost of an offshore gambling licence is $40,000. Then there is an annual fee to be paid of $20,000. This licence actually has a lifespan which is 7 years, and then you’ll need to reapply. For any business, being in a tax-free jurisdiction is certainly going to be one of the best jackpot winning strategies.
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