Considering moving into the world of eSports? Not sure where to start? In this article, we will discuss the growing eSports industry and the benefits of setting up an eSports betting company in Curacao.
What are eSports?
eSports, or electronic sports is a form of sporting competition that is carried out using video games. It generally takes the form of multiplayer video game tournaments between professional players that partake either as individuals or teams. The most popular types of eSport video games are online battle arena games, first-person shooter, fighting, or real-time strategy. Titles that often feature in eSports competitions include Counter-Strike, League of Legends, Overwatch, StarCraft and Super Smash Bros.
Gambling on the outcome of these competitions is becoming increasingly popular. Countries where it’s legal include the UK, Australia, China, Canada, Japan, and the US State of New Jersey.
Why should you consider setting up an eSports company?
Betting on eSports is big business with online bookmakers doing their best to attract as many punters as possible. Gambling sites offer users the ability to bet on the outcome, titles, or matches. There are also innovative options such as in-game milestones that can have wagers placed on them.
By the end of 2020, the eSports betting industry is expected to be worth over $12.9 billion. In 2016, just $5.5 billion was bet on eSports. That is an impressive growth of 134% in just four years.
eSports target audience of Millennials and GenX-ers means that the industry has a huge potential with a tech-savvy, well-off, and proactive fan base. Gambling on eSports may be less developed than other sports, it is a sector that will grow exponentially in the coming years. If you are considering setting up an eSports company for online gambling, the time is now.
The obvious choice for setting up an eSports betting company is Curacao.
Curacao has been offering online gaming licenses since 1996. This makes it one of the world’s first jurisdictions to regulate the sector. Since then, Curacao has become a global hub for the industry and provides a range of benefits to those incorporating there.
Benefits of setting up in Curacao include quick and easy incorporation processes, one license to cover all gambling activities, and a 0% VAT rate. The tax rate on profits is just 2% making it one of the most favourable tax jurisdictions in the world. Additionally, ongoing maintenance and requirements for licensing are simple and low cost.
These are just some of the reasons why Curacao is the perfect place for your eSports startup.
How can I set up an eSports company in Curacao?
To operate an eSports betting company in Curacao, you need to take a number of steps. If you aren’t familiar with the Curacao system, it is a good idea to take advice and guidance from Fast Offshore. We offer a full turn-key solution that includes everything you need to set up and operate your online eSports gambling company.
Firstly, you need to incorporate an offshore license holding company and an EU contracting company. Then, you need to ensure your corporate structure is set up so it’s tax-efficient and compliant. Then, in order to operate as a gambling company you need to apply for the Curacao gaming sub-license. Additionally, you need to consider matters like corporate settlement accounts, bank accounts, and merchant accounts so you can accept payments via Visa and Mastercard. But this list is not exhaustive.
When setting up an eSports company, there are many more considerations including payment providers, compliance, and ongoing corporate maintenance. These can place a heavy administrative burden on you or your employees, so why not ask Fast Offshore to lighten the load?