If you are looking to open an online gambling business or set up an online casino, your first step is to consider your online gaming license. Any reputable business operating in this sector is required to apply for and acquire a license for the jurisdiction they wish to operate from and within. Depending on your business goals, location, and budget, there are a wide range of different options available.
Having a proper license in place will not only allow you to operate legally, but it will also enable you to open bank accounts as without one, most banks will turn you away.
Gambling legislation varies greatly from country to country, as does the cost. Here are five of the top online gambling jurisdictions and information on the costs pertaining to acquiring a license there.
The Costa Rican government does not have any regulatory framework governing online gambling or casinos in any way, as such there is no license you need to apply for or acquire before you launch your business. This means that setting up an online casino in Costa Rica is lower than many other jurisdictions as you do not need to pay for license fees or compiling documents that can result in hefty costs.
In order to set up an online casino or gambling business in Costa Rica, you need to set up a Costa Rica online gambling company. Setting up a corporate structure of this type means you can enjoy a zero-tax status and the world’s friendliest legal online gambling environment. All you need to pay are the incorporation fees, professional fees, and ongoing company maintenance fees. Click here to find out more.
Malta is one of the most well known and well-respected iGaming license jurisdictions in the world, but it is also one of the most expensive. A fully-fledged EU Member State, it provides operators with an EU base and access to low tax rates and an English speaking workforce. There are two kinds of license to apply for: a B2B license or a B2C license and licensees are required to have the core part of their business physically located in the country.
With prices starting at EUR 25,000 and going up depending on your needs and requirements, and that is without the additional cost of company formation, bank accounts, and other gaming related fees.
Possessing a Maltese iGaming license is a great benefit for any company but it is suited more towards already established businesses or those with extra cash to spend. The process is thorough and can be lengthy so we recommend Malta as a jurisdiction to opt for once you have already established elsewhere.
The UK has always been a popular choice for those looking to set up online gambling and casino operations. The Gambling Commission oversees the process and takes care of all applications. Application fees range between GBP 5700 and GBP14,647 but annual renewal fees can reach GBP49,219 depending on how much revenue you make.
It takes around four months for an application to be processed, as long as all paperwork is in order.
Set up in Estonia can be pricey as there are different licenses and associated costs, depending on what kind of games you will be operating. A license fee for games of chance will cost EUR47,940 and for games of skill the price is EUR 31,960. You are also required to pay fees to the state for reviewing your permit and these range between EUR 640 and EUR 3200. Online casinos then pay 5% tax on the net income, significantly lower than other EU counterparts.
You will need an activity license and an operating license before you start and you will also need to provide information related to your local bank account and company. The Estonia online gambling license is valid for 20 years.
The Curacao online gambling license is a great option for startups and they have been offering it since 1996. A highly legitimate and popular business in the country, it complies with the EU Code of Conduct against harmful tax practices whilst offering extremely low tax rates.
Fees for the license start at around EUR 9500 and renewal costs and ongoing contributions are low. The process is fast and efficient and you can be up and running in a short space of time as long as all of your documents are in order. To find out more about setting up in Curacao, contact us here.