While the gambling industry is showing no sign of slowing, more and more newbies tend to dive into this business and launch their own gambling platforms. Launching a website includes a lot of steps and at first sight can seem a daunting task. Exactly, what you need to do is to move on efficiently and slowly.
Among all the stages of opening an iGaming platform there is an essential one. Why should one obtain an iGaming license? Which license is the best one? Is it possible to operate without a license? We are here to discuss all the ins and outs of having a license for those being involved in the iGaming industry.
Why to Apply for an IGaming License
In the gaming-related business there is a level of oversight that allows to avoid money laundering, fraud and other criminal issues. So, it is highly recommended to obtain an offshore gambling license. Not paying attention to this makes a huge risk for you, your company and reputation. Here are the basic reasons why one involved in the gambling industry should obtain a license:
Operating on the international level in a legal manner;
Low tax rates and other benefits from some offshore jurisdictions;
Solid relationships with big-named iGaming merchants and other key industry businesses;
A settlement account in a range of jurisdictions;
The ability to get advertised anywhere and have a sponsorship;
Access to the best software and hardware providers;
The credibility and the attraction for customers;
Freedom from prosecutions for illegally operating an online gambling website.
If you still doubt apply or not to apply, read about dire consequences which operating without a license can lead to. Firstly, it is illegal. Due to this fact, you are likely to face problems with opening a settlement account and payment system integration. Getting advertised will become a real challenge for you. In addition to this, you are open to being shut down and blacklisted from further licensing not mentioning hefty fines and criminal prosecutions.
What to Do Before Choosing a Jurisdiction
Before incorporating your company in an offshore jurisdiction, make sure you choose the right place for your iGaming license. You need to understand which one will best fit your business. So, we have highlighted key things to consider.
Figure out your budget and the price of operating in a certain jurisdiction. It includes operations, licensing, incorporation and ongoing maintenance. Choose the one that fits best into your budget.
2. Political Stability
Evaluate the situation in the country of jurisdiction. An unstable political situation can have bad influence on the gambling laws. If a country is stable in economy, politics and society you don't have to worry about exchange rates, profit remittance and others.
3. Tax optimization treaties
Here you need to pay attention how many double taxation treaties a jurisdiction has arranged with other countries. Noone wants to pay tax in two separate jurisdictions.
Different jurisdictions have different levels of privacy: requirements for information sharing, and the personal details.
Some jurisdictions might have good tax strategy, adequate frameworks for asset management but fail in gambling. Backwards, others offering gambling licenses might lack a good private policy, confidentiality, compliance and more. Before choosing a jurisdiction, evaluate capital and disclosure requirements, tax exemptions and other important details.
To sum up, an iGaming license is a necessary and vital element of your gambling business. Before applying for a certain license in a certain jurisdiction, you need to consider a lot of questions concerning your business vision and model. Different countries might have different tax policies, so remember about double taxation treaties.
this is truth and maybe big problem in todays world with corona,thateverybody want to make gambling site and we know that all of them cant work on such a big market!but we read news here how some news site is made and maybe this will help to them,to start good business!its all about taxes and how you will develop this!offshore jurisdiction also show a lot for company,where they will put their business and how secure they are!
an industry of games so big, it is to disadvantage of the players. There are not so many people to break money in each of them. That means small gains and big losses for customers. As it is in poker with so many empty rooms. Same will be in casinos because what is much destroys.
A licence to operate your gambling business and choosing the best place to acquire this licence are very imporatnt , I believe anyone who wants seriously and profitably to have such a business for a long tie and many years , to have the trust both of customers and other companies , he really has to comply with these simple guideline rules , which are refered in the news article .
I understand you antonis and this is something that will help people to start own company,but as I said,this can bring poblems,because everybody will think that they can open some gambling site,especially when somebody can do it for him and then when he will be in some problems,people will lose their money!there are just too many sites in world,so why somebody would come on some new one,when he have enough of old and secure sites!
Well , dule vu , many might try to open such a business , but you can see which businesses are trustworthy , cause they have licences , even more because they are being advertised in well known sites (like BankRollMob for examlple ) which would not risk their reputaton with any kind of scammer , also because they have many games of well known game providers , which means that these game providers made a deal with these businesses , they see them as good businesses to trust them for the future their work .
So players can take all these things into consideration , plus the offers (first deposit offers , promotions) , plus their overall reputation , what other players say for these gambling businesses if they have played on them , or in forums , like ours . Players have their responsibility where they choose to gamble , they should first search the best offers , like they do in real life for ALL products or services
If sb wants to open a gambling company without licence , he will do it , despite warnings against it . If sb wants to open a gambling business with licence , but with poor level of services (few games , few players' winnings or problems in withdrawals ) he will do it . , despite warnings . It's on the players' responsibility to see which are good gambling businesses and which are not and play only there , and sites like BankRollMob helps players all these years so as to play in the safest casinos or poker rooms
it is useless to get an operating license if you do not have customers to play in your casino. Which is too much hurt in this domain. I like that they are not too rare, but frequent... for there to be many players. So there will be profits.
antonis but if somebody have some money to invest in this kind of business and he ask this kind of companies to help him to open casino site,you cant know how he will work and will he be fair when players come on this site and start to play!its not up to this company to think about it,its just to them to help them to make licence!but we all know that all this sites cant work on such a big market and they cant make all profit! we have some sites that did have contract with BRM and had banners here,but still didnt work good,like duck poker and some other casino sites! ofcourse BRM cant know how somebody will work and will they be fair or not!they just offer affiliate program!
Many casinos will go bankrupt because the market is super saturated with such a thing. Others will do money laundering. In the end remain those that offer small, normal or large prizes. Such a thing will be right, but many people will not recognize the illegal casinos.
dule vu , I think we can find a middle ground in our sayings andour words . Yes , someone who will ge a licence , you don't know how he will operate in the end , it's not all about the licence in the end ,there are other things as well , that's why there is the ongoing feedback from players in casinos , poker rooms , online or live , so players get informed for the level of the services being offered in these businesses , and they take their decisions to play there or not , they take their precautions
The market is big , is very big , maybe enormous , I have the feeling that meybe in the past it was worse , cause in the last years the states are more demanding with the regulations and the licences . Either they are more or less , the market is enormous , there are akso many giant operators taking a lot of the action , everyone cannot be satisfied , so yes , probably some businessmen might think that they might get richer illegally , faster and more . Buy if caught , their reputation goes to zero and they might go to jail .
As for the customers /players , they see and read which casinos have a lot of action or goodpromotions and offers , they decide accordingly how much they are going to invest on this casino . I believe the right think is to have bankroll management , to play in many casinos with the best reputation and promotions and offers and history , not only in one two casinos , cause if they fail you , you lose all your money
As for one or two bad actors that we had here , like Duck Poker , these happens , actually this is the good news, that in the greatest majority of hundreds of poker/casino busineses that are promoted or advertised or refered here , only one or two or three proved to be scammers . You cannot know from the first minute their true colours , if they have licence , if they operate in a well known global pl;atform , if their games run smoothly/normaly , if they give money to be advertised , if they show all these healthy epidermically signs , you have to give them a chance . If they prove scammers , that's a risk we all take , that's why we have bankroll management , that's why we deposit only some money on every casino or poker room not all on one , that's why we have forums like this one for feedback , so as when sth goes wrong , like with FDuckpoker , to warn everyone to stop plaing there . (and this happens to every forum or social platform , to warn players , nowadays scammers cannot go on with their scam once they fool even two three players , their scam will be in a forum or a social platform , in a thread in no time )
It is not easy to open a business like this, because you need money and guarantees. There is a possibility that many players will win and will not be able to pay. At that moment the guarantees will help, but then you can go bankrupt. In most cases you must be financially strong to have such a thing.
yes antonis,but BRM have nothing with this sites and how they will work!they just make contract to promote and make affiliate program,they dont need to think how this site will work and will somebody scam players or not!its not up to them! also its not same do you have licence for working on cyprus,malta or curacao,we all know that!
Yes dule vu , it's just a promotion , an advertisement , it doesn't mean sth more , ofcourse they have the money to make the advertisement , they want to be well known , you take this into consideration , you see in the reviews if they have licence , you check their site, you read other members' experiences , etc etc Either you go and play ther or not .
BRM has nothing to do with it , it does advertises or has affiliate programms with them as you say , tBRM has no responsibility for any action , bad or any other , by these businesses , this is absolutely logical . And BRM cannot know from the first moment how good a business is , it's not everyone one giant poker room or online casino , top 5 , there are many out there , and every month we have new , some prove to be awesome , some prove to be worthless , if you have bankroll management , if you play your money the amount you shoud and where you want and should pl;ay , you have nothing to fear . I f sb wanted to invest money , he wouldn't invest all in a business only , would he ?? It wouldn't be a good idea , my uncle's life nearly was destroyed as a businessman because of such a move ....
When you are young and smart can do something nice with internet programs, if you take out all documents to set up something like that. Starting this type of business can be easy if you have clients. Many started from the bottom but internet has made a lot of millionaires or billionaires.
antonis if somebody make some new casino site and ofcourse dont have players now or have just few of them,because nobody know for them,why would you come there to play and to risk your money,when you have so many sites that you can play and be sure?you cant know on start how somebody will work!ofcourse BRM have nothing with this,for them only important is that they pay them as affiliate site or for advertisment!they can know how this site will work with players and money!
Yes , the big businesses have the share of the lion , the biggest part of the market , players are not crazy , they will invest first and with priority to well known and trusted for many years businesses . So new casino sites have a lot to do or offer , be lucky , be creative , so as to take some customers , obtain some regs or loyals , grow in the future . it's very difficult for sure , you need partneships , a lot of money invested , a plan , not easy .
At this moment who is not very stable from a financial point of view... can't risk to opening a business like this, because that Covid 19 is the biggest problem. "New coronavirus" can bankrupt many people. Nobody don't throw away with money like that.
Posted by antonis321: Yes , the big businesses have the share of the lion , the biggest part of the market , players are not crazy , they will invest first and with priority to well known and trusted for many years businesses . So new casino sites have a lot to do or offer , be lucky , be creative , so as to take some customers , obtain some regs or loyals , grow in the future . it's very difficult for sure , you need partneships , a lot of money invested , a plan , not easy .
you can imagine that you win some bigger amount and then that you have problems with that site and that he dont want to pay you your money!how crazy you would be!thats why you need to play on big sites and sites that all play now for it and to be sure with your deposits and cashouts!what do you have from small site,nothing!they can offer big deposit offer,but not so big promotions,leaderboards and so on!
I remember the past with approximate 20 years ago when sports bookmakers have started to appearing in my country. Until then, it was the Romanian lottery that also had predictions where you bet on football or something else. After this period we have many companies that offer this thing and make good money.
Every business is profitable if you do everything legally, good to start the online gaming business is on the rise but we must bear in mind that not all online games are reliable there is fraud so before putting money in that room we must be reading and researching if it is known and reliable.
If you have a legal business can't make a lot of money, because cannot be profitable if do not have many clients. More than that, here they have to bet wrong to offer less winnings. Nobody performs if bettors are inspired and the players are few.
Write a comment:
You must be logged in, to comment on news...
Disclosure: BankrollMob may earn a commission based on the advertisement material on this site. #AD