You have the team, you have the knowledge and you have the enthusiasm and capital to get started with your online casino, but then you find out that you need to get a gaming license to get started. The good news is that we have created the ultimate guide that is going to give you the 101 on how to get licensed for online gambling.
Keep in mind that a gaming license is required to start a standalone online casino. There is no need for separate gaming licenses for entrepreneurs who invest in white label casinos because they can operate under the existing license of the solution provider.
Getting any kind of business started is not an easy task in modern times. There are many specific steps that need to be taken, and this becomes an even more essential process when you are dealing with casinos, both online or offline. Some would argue that getting a casino license should be much easier when you are only going to be operating online, but that is not truly the case.
The process of getting a gaming license in order to start an online casino is essential if you are looking to get involved in this business. The truth is that this is a process that can be time-consuming, but it’s an obligation for anyone who is looking to run a legal business. Today, we are going to give you some details on how to get a gaming license to start an online Casino and how to make this process as quick as possible.
Why do I need a gaming license?
There are many reasons why a gaming license is required when you are trying to get a new business started. For example, you need to be able to get one if you want to open a merchant account in any bank. This means that you are not going to be getting any account approvals unless you are licensed.
This also extends to electronic payment system providers. None of them are going to be working with you unless you have your gaming license. This is essential if you want to be using gaming content that comes from white-market providers with good reputations. This is going to be crucial if you are looking to run a tight and legal online casino.
The player conversion ratio is also going to be affected if you are not licensed. The entire marketing plan and strategy that you implement will also take a hit if you don’t have the required documents. Not to mention the longevity that comes from running a reputable casino, which translated to a larger and much more loyal player base.
There are specific jurisdictions depending on your choice. If you plan to offer an international gambling service, you are going to need a different type of license than you would if you decided to go for a local service within your country. This is the main reason why you have to make sure that you are aware of that difference.
How to apply for your license
Now that we have made things clear in regards to the reasons why a license is so important, it’s time to get to the actual process of acquiring your online gaming license. It’s important that you are aware of all the requirements, application process, taxation, general costs and various other details. This is going to be very important and you are going to be able to choose a jurisdiction.
Please keep in mind that there are always going to be details and specific requirements that might not be present in this article. Consider this to be a great initial step for you to get started, but do not rely on this as the ultimate checklist for your requirements.
The type of casino software that you are planning to use is also going to be important. The requirements for the software are going to depend on the gambling jurisdiction you choose, so make sure that you are ready to comply.
Functional and safe casino software is going to play a major role in your business. Make sure that the software has been properly configured and that it allows visitors to use it without any issues. Your license is also going to depend on how efficient your software is and how many bugs they find in the system.
Get your documents in order
You are going to be required to have all kinds of documents ready for the process of getting your gaming license. This includes your passport, your most recent utility bills, a bank reference and your certificate that shows no criminal record. There might be other requirements depending on the kind of license you request, but those are the most common and basic.
Failing to deliver any of the documentation that is required is going to get your license denied, so be sure that all of the required documentation is in order, but most importantly, make sure that you have a checklist from your specific jurisdiction demands. There is also the issue that you have to meet certain requirements that are based on your personal character, in combination with your level of honesty and integrity.
Some areas have very strict laws for this purpose and the most impeccable records are needed in order for a license to be granted, but don’t panic, in most cases you will be just fine as long as your criminal record is clean.
Another thing to consider is that your partners are also going to be required to give this information to the licensing entity, so make sure that everyone who is involved as partner in this venture is also going to be able to provide a clean record.
You will require the services of a local registered company that takes care of all law-related aspects of your online casino. This is going to be extremely important and useful when you find yourself in need to get proper advice on any issues regarding the legality of the business.
Don’t forget that your local laws are going to play a major role in the amount of work you need to do to get licensed. There might be areas that have a far more flexible set of demands, while others could make it seem like a huge hassle, so this is also going to be an important thing to consider before you apply in your area.
Most of this process is very similar to the requirements that financial entities request when you are looking to get a loan, so if you are familiar with that process, you will find this to be similar in many ways.
You need to make sure that your casino website has all the information that your jurisdiction requires. This is going to be important and the terms of service need to be clear and easy to understand. You should also encourage your visitors to read the terms of service and join only once they have checked a box that verifies they understand the contents of the terms of service page.
Your customers need to be very clear on the withdrawal options and all of the house rules before they begin. The reason why we included this is that many licenses are only approved once the website is ready. They will review your site carefully and let you know if you need to change anything or add anything before you are officially in business.
The licensing fees
Be ready to spend some money in licensing fees. Just like any other transaction in modern times, you have to be able to invest in getting your business ready. Keep in mind that there will be costs associated with the process of being licensed. This includes the application fees, the licensing process and any other services that might need to be included.
Also, remember that certain licenses and certifications will need to be verified monthly in order to remain active. This is going to depend on the kind of games that you run on your casino. Just remember this when you come up with your budget for the licensing process. It might be more than you originally considered investing, but it’s always worth it in the end.
I tight seem like you have to jump too many hurdles to get your gaming license, but once you get started, you will see that this is mainly protocol and the process should be smooth and relatively fast. This will depend on your specific area and the requirements that are given to you for your license.
The process of starting an online casino might take several weeks and even months, but this is a very profitable and solid business model that is worth the time you invest in getting your gaming license. We hope you have a clear idea of everything you need now that you have read this guide on how to get your online casino license.