After playing the Epicwin online jackpot Malaysia, you might be thinking about making a casino of your own one day. In that case, you will need a gambling license to get going. In this article, we will talk about how and where you can get an online gambling license.
Why should you get an online gambling license?
You might be thinking how there are plenty of gambling operators out there who run the business without a proper license and are still getting by pretty well. And you might have heard of companies whose whole purpose is to legalize sketchy gamblers by giving them a fast ticket to the business and taking care of the maintenance expenses.
While this sounds like a short-cut way through which you can also make some additional profit, walking this path will make you an underground business which is, in many aspects, not worth it, most countries are extremely serious when it comes to illegal gambling, regardless of whether it is online or offline. If you get caught, you will lose not only your business but also your freedom.
So if you don’t want to end up in jail somehow, then getting a gambling license is the safest option. There are many things for which you will need a gambling license. You will need it to open bank and merchant accounts. Also, you will need it to work with electronic payment system providers. You will also need it to buy legal gaming content.
Furthermore, since most customers remain very cautious about not getting scammed by casinos, they will definitely demand to see your license as proof of your legitimacy. If you can show it to them, it will make the customer trust you and develop the reputation of your casino and increase customer loyalty. So it is important that you do whatever it takes to get that license.
How to get an online gambling license?
If you are living in a country where gambling is legal or there is at least some leeway when it comes to conducting a regulated gambling business, then it shouldn’t be too difficult for you to get a gambling license. There are some things you have to do before you apply for the license, for example:
Make sure to study in detail all the gambling jurisdictions of the location you choose. Learn about their requirements, costs, taxation policy, as well as application processing time. You have to choose countries that meet your needs and preferences. The best thing would be to choose a country with liberal gambling laws as it will save you a lot of trouble. If you think the process is too complicated, you can consult with a lawyer and speed up the process.
Prepare the documents:
There are some minimum documents that you will need when applying for a gambling license. This includes a copy of your passport, proof of your address, your criminal background check results, as well as a reference from your bank. Prepare these in advance.
Ensure the jurisdiction requirements:
You must make sure that the casino software you are building abides by all the requirements related to gambling jurisdictions. It’s best to prepare a list that contains detailed descriptions of software functionality, the games catalog, the agreements with software providers, and most importantly, a certificate confirming the legitimacy of the RNG. You might need these for the application too.
Check the website:
Many gambling jurisdictions will ask you for information on the terms and conditions of the casino, the confirmation of responsible gambling, self-exclusion policy, withdrawal policy, and such matters. So lastly, you should take a surf through the online casino website to see if it contains information that is required by your gambling jurisdiction. Once you have taken all the preparations, you can start off with the main application.
Where to get an online gambling license?
When choosing the location of getting your online gambling license, you should fully understand the jurisdictions of the locations you’re leaning towards. Every country in the world has different gambling laws depending on what suits them the best, and the way of regulating is also different.
Take the UK, for example. There, gambling is heavily regulated by both government and non-government organizations to ensure that people are not scammed. Some countries have very strict gambling laws, which make the jurisdictions more complicated. So if your home country’s jurisdiction makes it too difficult or expensive for you to build a casino, then you can consider offshore casinos instead. Whichever place you choose, there are some things you should take into consideration while choosing. These are:
Application and annual fee:
When you will apply for a gambling license, you will need to pay an application fee of a certain amount. Then at the end of the year, you have to pay an annual fee for the license. The amount can vary based on the location. The application fee for Antigua & Barbuda island country is $15,000, whereas it’s around $7000 for
Depending on where you’re applying for the license, the time required for the application process will also vary. Some application processes are more complicated and require you to pass through several stages (in Malta, you’ll need to go through 5 stages along with compliance audits), while others are fairly simple. However, it shouldn’t take more than a few months, six months at best. In some places, you can get it within weeks.
Types of licenses:
Some locations have different types of licenses. The purpose, the application fee, and related matters are different for each. For example, there can be a full license and a sublicense. The full license or master license covers everything like all types of games, software providers, and product operators. The sublicense is for working under the auspices of the master license.
You must know already that a certain amount of tax will be imposed on you as the holder of a license. The percentage of the tax can also vary depending on the location. The Montenegro jurisdiction has a low 9% corporate and personal tax rate. In contrast, you won’t have to pay any taxes on Isle Of Man island. Getting the license itself isn’t too difficult, but the preparations before it will take some time. Regardless, you should never skip this process. Enjoy epicwin online jackpot Malaysia today!
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