Numerically speaking, according to research done by Business Research Company, the gambling business worldwide has seen a major expansion from 449.04 billion USD in 2022 to 702.45 billion USD showing an approximate 56.38% hike. A sudden leap is noticeable in the iGaming industry revenue by mid 2022. Specifically online gaming industry is capturing the market, compelling the top competitors to innovate more robust business ideas. If you are trying to come up with your new iGaming franchise, you’re on the right track. Let this article help you get better insights into the world of jurisdictions so that choosing the correct gaming license for your online casino gets easier.
A Gambling License is a permit that allows a casino operator to lawfully and ethically operate and offer gambling services. Possessing a license for any operating casino indicates the casino brand abides by all the orders and standards mentioned by the license provider. Furthermore, this sets a tone on how the operator should conduct the Gambling Business and failure to attain the basic level of standards can result in them losing the license or getting punished by law.
Every online gambling platform is presented with a permit to operate lawfully only after being judged on the basis of certain criteria set by the Gaming Control Boards. Moreover, there are a few universal rules as follows, upholding industry standards and preventing financial fraud:
Consider this list as the basic Gaming License Guide for applying for an online gambling license. These requirements are often just to prove that the company is not involved in any illegal activities. The time it usually takes to issue a license is because of the verification process that involves all these documents. To ensure that inefficient and suspicious Online Gambling Businesses are not given a chance to make their way into the industry. For business owners, this buffering time may seem tedious, and to give them a fair chance, white-label gambling platforms can now apply for a license in different jurisdictions at the same time.
Read Also: What is RNG in iGaming: A Complete Guide
We mentioned the basics about securing a Gaming License in 2023. Now we will shed some light on 4 most popular offshore jurisdictions and their regulation rules.
Curacao Gambling Licence is mostly known for its reasonable pricing, reputable source, and adaptable ecosystem. Moreover, it has been acknowledged as the most famous and popular licensing body this year among all the startup online gambling platforms. It is by far one of the oldest online gambling regulations and offers easy permissibility.
There are two types of gambling licenses that the Curacao Gambling Licence offers: The master license and the sub-license. While the master license holders are capable of granting licenses to other businesses, the sub-license owners are the white-label start-ups.
The master license owners may have different criteria and requirements for granting a license.
If you are an entrepreneur trying to get easy access to the world of iGaming, Curacao Gambling Licence has to be the best choice for you to kick start.
Malta was the first European country to make gambling legal. This online gaming license provider is a preference of seasoned gambling business owners because of its low permissibility and strong framework. Influential gambling businesses view the Maltese license as an entry ticket to the European gambling market. Moreover, the conditions that must be fulfilled to obtain their license are elaborate and hence don’t serve the purpose of start-ups. Malta offers, B2C and B2B licenses. These two types of further classified into four sub-types. Each one of them permits each type of gaming service.
Be prepared for a detailed examination of all documents and their verification, which might take up to 6 to 7 months to complete as for this license provider ensuring quality as an absolute priority. Moreover, an annual fee of 10,000 EUR to 35,000 EUR is a must (depending upon service type) apart from the initial share capital and application fee.
The Kahnawake Gambling Licensing Company was established in 1996. It was when gambling regulations were imposed on the population of Kahnawake. Since then it has only gained recognition worldwide as a start-up-friendly licensing body. The types of license include Interactive Gaming Licence (“IGL”), Client Provider Authorization (“CPA”), Key Person Licence (“KPL”), Casino Software Provider Authorization (CSPA), and Slot Machine License (SLC).
As the easiest way to escape taxes and pave your way toward the global population, the Kahnawake Gambling License is definitely a fair choice.
Powered by the Isle of Man Gambling Supervision Commission, the gambling license Maintains law and order within the gambling arena of the country. Also, this license safeguards people from any fraudulent activities by online casino owners and curbs money laundering possibilities. To further add, license holders under this jurisdiction can cater globally and find a shortcut to get into the European market.
The types of gambling licenses the Isle of Man Gambling Supervision Commission offers are: Full License, Sub-License, Network Services License, and B2B Software Supplier License.
Other successful license providers with sturdy infrastructure include the UK, Anjouan, Gibraltar, Alderney, Cyprus, Costa Rica, and the Philippines. We will explore these jurisdictions in our following article. If you’re an aspiring operator looking for the best available choices to support your business, PieGaming brings an exceptional white-label iGaming platform that’s supported by gambling licensing needs across jurisdictions. When you choose us for comprehensive casino, sports betting, sportsbook integration, or custom crypto-supported solutions, you stay assured about legal measures and compliance. Connect to know more!
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