Are you considering starting a business in the gambling industry? It goes without saying that it requires a lot of red tape, but it also can be very rewarding. But you’ll need a license to get started. Take a look at our guide to gaming licenses to see what you need to know.
What licenses are there?
There are three licenses that you might need from the UK government to legally operate a gambling business: an operating gaming license from the UK Gambling Commission, and a personal functional license. You might also need a premises license if your business has a physical location and doesn’t only function online.
There are also additional permits and licenses that might be required depending on what your business intends to offer customers. You can find full lists on your country of business’ government website. Run through them and see what you will need for your business and what the application process involves to see if it’s right for you.
There is also the option of gaining a Curacao gaming license. This is an overseas option which is attractive to new gaming operators because there is a lower bar for regulation and lower taxes and fees but a much larger market. Take a look at this guide to Curacao company formation for more details.
There is obviously a lot of money in gambling, but you might be surprised at just how much of that is going to your country’s government where your online or land-based casino is based. Gambling is often tolerated in a lot of countries and states due to the high taxes they bring in and a Curacao gaming license doesn’t allow you to skip those taxes. However, the Curacao gaming license is known to offer lower taxes than other countries’ governments.
On top of taxes, there are up front and ongoing fees to holding a gaming license. For one thing, there is an application fee when you first submit your application for a Curcao gaming licence, such as the upfront fee of $7,900 USD, and in the UK for example, there is an annual fee within 30 days of gaining your license, and then annually on the day your license was issued.
This is something you should be aware of going in, as a lot of iGaming industry business ventures start with entrepreneurs that are only thinking of the money coming in and not noting the money going out. The annual fee, for example, ranges depending on your Gross Gambling Yield (GGR), but starts in the thousands of pounds. This is likely to change depending on where your gambling business operates.
There are a lot of compliance and regulation requirements in order to keep a hold of your Curacao gaming license. iGaming and gambling are highly regulated markets, and countries are strict on upholding them. Every country has different regulation requirements but they are solid, even in Curacao.
If you plan to start an online casino in Curacao, make sure you are consulting the compliance from the government and gambling authorities of your country of business on every decision. Whether it’s to do with marketing, workers rights, customer service, or website design, the regulation authorities are likely to have an opinion on how it should function – and a mind for taking your license off you if you don’t adhere to their suggestions. You might be also required to take part in compliance assessments in order to gain and keep your gambling licenses.
To read the latest guides, news, and features you can visit our Other Game Page.