Getting into iGaming is an attractive move for any budding entrepreneurs out there that have aspirations of starting their own business. Online casinos are soaring in popularity as the convenience of bringing the casino to consumers’ laptop and phone has emerged. But, like any business, there is a benefit to keeping your business online too. The lack of a physical premises eliminates a lot of problems that could come with expenses, just starting with rent and utilities, but to host a casino online means to simplify things.
So, it’s a good help that you can apply for a gaming license online too. Every nation’s gaming authority has a different process, but in a world where interviews are conducted over video call and documents are shared via email, there is a lot of room to breathe with an easier process.
However, as mentioned, they all have a different process. We’re taking a look at most of the overlapping processes of gaining a gaming license so that your online casino can take off.
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Do research on various countries
The process varies between countries and authorities, with some being stricter than others. For example, the Curacao gambling license is designed to be a lot easier with lower fees for a simpler application process than most gaming authorities. You will have to look into your own nation’s gaming authority to see what is required of you, but it would be helpful to additionally look into Curacao and Costa Rica. These two are popular options for offshore casinos as they have a lower bar for standard to obtain a license. This is beneficial to you because it is an easier process designed to have less fees, but also will allow you to operate in various countries rather than just your own.
What does your online casino entail?
Think about what you are actually intending to offer your players. Online gambling encompasses everything from arcade games to bingo. The UK Gaming Commission, for instance, has a list of gambling activities that require a license that includes arcade, betting, bingo, casinos, gaming machine providers, gambling software providers, lotteries, lottery managing, and remote gambling and other activities that are not permitted to be licensed. Make sure you have taken into account what you can get a license for from your chosen authority.
What else is required?
Of course, it’s not as simple as that. Different countries and authorities have different requirements to gain a gaming license but commonly the requirements include:
- an application fee,
- an application form, complete with personal details, proof of funding, bank statements, etc.
- a detailed business plan
- customer terms and conditions
- an annual fee due 30 days after you receive your license
- an eight week waiting period for your license to be processed by the authorities
That is a basic breakdown. It’s more than likely that your gaming authority will ask for more details and documents than that, and, as with any government authority, you should expect setbacks. Prepare for a longer wait than eight weeks, then receive your license and enjoy running your own online casino.
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