Thanks to the development of innovative technologies, the gambling business is gaining momentum. It leads to the fact that the number of gaming platforms and gaming providers has recently increased dramatically.
Because the gaming business is considered one of the most profitable, many investors invest in it. But it would be best to have a work permit to open it. Today we want to discuss how to get a gambling license and give tips on what to look for when choosing a country.
Why is a Gambling Permit Required?
Before starting a gaming business, firms need a gambling permit. It allows companies to conduct activities within the law, providing appropriate security and reliability. In addition, licensed organizations are more popular than those companies that do not have a license because their presence guarantees reputation and credibility with consumers and reduces legal risks.
Who Needs to Get It?
We list the types of gaming activities for which licensing is required.
- Moderators. Beneficiaries and moderators of gaming platforms that provide gambling must have a license.
- Bookmakers are companies that provide the opportunity to bet on various sports competitions and events related to sports.
- Game providers. A company that develops software for gambling must have a gaming permit, which confirms that everything is set within the law.
- Companies providing payment systems – are engaged in the processing of financial payments in the gambling business and ensure the reliability of transactions and the protection of confidential information.
- Other companies and private entrepreneurs associated with the gambling business – service providers, consultants, and others who carry out their activities related to the provision of online gambling.
Therefore, if you decide to engage in one of the listed services, then a permit is required.
What Criteria Should Be Taken Into Account First of All?
To choose one of the countries that permit the gambling business, you should take into account several important factors that you need to pay attention to first of all:
- Licensing cost.
- Requirements set by the regulatory body: the minimum amount of start-up capital, whether there is a need for an actual office, the number of employees in the state, the required level of reliability and security of the platform, a package of documents for registration, and much more.
- The level of stability of the country’s economy and politics: in an unstable political and economic environment, there may be changes in the legislative sphere of gambling. But if everything is in order with stability, then abrupt law changes are not expected.
- Tax policy, which will significantly affect the level of income from your gaming platform. The more you pay taxes, the more income you can expect.
- Deadline for obtaining a license.
These are the essential points to consider when choosing a state for licensing and consider the most significant for your firm.
Basic Steps to Get It
Consider the main steps for many countries for licensing in the gambling business.
Explore Offers From Different Countries
Many agree that the choice of jurisdiction is one of the most important stages in creating a gambling company because a huge number of factors will depend on it.
Complete Company Registration
Registering an organization in the chosen country and a company logo is necessary. Moreover, checking whether this state has the servers required is essential.
Create an AML and KYC Policy
The company needs to introduce an AML (anti-money laundering) and KYC (personal identification) program and provide for systematic control over this by appointing a responsible person. In addition, measures are required to ensure that persons under 18 cannot access your services.
Prepare a Package of Papers
Your company must provide all the papers required by the regulator, which may include: a business plan, data about employees and their qualifications with copies of identification cards, documentary evidence of paid utility bills, and bank documents (including paid fees).
Apply for Licensing
The application must contain all the information, including not only the data of employees but also business cards and a description of the services provided (types of games or payment systems for transactions, etc.). Regulators have the right to request additional data.
Conclusion
If people want their business to be legally protected, then be sure to get licensed. If business owners have questions about choosing a state or problems with getting a gambling license, your company can seek help from qualified specialists at Gofaizen&Sherle.
