Are you mulling the prospect of starting an online gambling company and getting an online gambling license? If so, there are probably many things going through your mind. Cost, times, compliance, regulators, jurisdictions, service providers, and payments are just some of the things you have to consider.
But what are the core things you need to know before you start the process? Fast Offshore is here to help with nine facts about online gambling licensing.
Nine Facts to know in 2021
You need a license
To operate a legal online gambling company, you need to have an online gambling license. Getting a gambling license is the best way to start your gambling business on the right foot. There are a lot of different options out there, depending on your budget and schedule.
Not every corporate service provider is created equally
There are many service providers out there, all professing to offer the best service. But the reality is, some don’t deliver what was promised. Many clients tell tales of hidden fees, a lack of transparency, and failures to respond to communications promptly.
At Fast Offshore, we put the customer first. We are transparent and honest about every single fee, and will never sell you something you don’t need. Furthermore, we are quick at acknowledging and responding to any questions that come our way. There is no one better to entrust your online gambling licensing to, than a company with a commitment to service and more than 23 years of experience!
A license makes it much easier to get paid
When you have a valid online gambling license, you will be able toopen a bank account. You can also partner with various payment processors and providers for fiat and cryptocurrency transactions. Online gambling licensing shows you are serious and reputable, therefore financial institutions are more likely to start a relationship with you.
Compliance isn’t optional
Compliance is extremely important in online gambling licensing. Regulators are tough on compliance, as are authorities dealing with anti-money laundering, tax evasion, underage gambling, and illegal sites. If you’re not compliant with the applicable laws, you risk big fines, criminal proceedings, and losing your license. Another issue is the bad press which can cause you problems for years after. Being non-compliant simply isn’t worth it.
Compliance can take a lot of work, especially with ever-changing rules. But by working with Fast Offshore, you can let us take care of it and guide you through your obligations.
Provably fair is also an option
When you open an online casino site, you will need to be able to prove your games fair. This has historically been done with a random number generator (RNG). Most gambling license issuers will insist you have an RNG certificate. But you can also use the provably fair concept.
Provably fair is an algorithm that’s used to ensure games are played fairly. It is then analyzed by a third party who can verify whether it meets the standards of the regulator. It works by sending encrypted hashes to players. These are stored on the blockchain and allow the player to check the outcome of each wager or game is fair. Having fair games is an important part of the online gambling licensing process.
You don’t have to stay with the agent that you applied for the license with
If you aren’t happy with your corporate service provider or you want a better deal elsewhere, you can change. Your online gambling licensing isn’t tied to the provider who assisted you in acquiring it. At any point, you can switch to someone else.
Be sure to insist on transparency for fees, including ongoing maintenance. Remember, when you’re paying for a service, you should always expect the best. If you don’t get the best, look elsewhere.
Not all licensing is expensive, but you need to consider all the costs
There are many different licenses available in various jurisdictions. Some come with high fees and associated costs, others are more cost-effective. Be sure to discuss the matter with your corporate service provider to find the option that fits your budget.
Take into account other costs associated with online gambling licensing. These can include company incorporation, registered office, local representatives, account opening, tax registration, back-office services, amongst others. The best bet is to look for a tailor-made package that suits your budget, needs, and deadline.
You can be up and running in a few of months
You can’t set up an online gambling company overnight, but it doesn’t have to take a long time. Certain jurisdictions take longer than others, likewise, some are more complex than others. But there are some which have an efficient application process and where you can be up and running in just a few months.
For example, Kahnawake which has a great reputation also has one of the best set up times. Of course, how long it takes depends on how quickly you compile and file the required documents.
You can accept digital currencies
It’s possible to accept digital currencies when you open an online gambling site. You can decide to accept payment in crypto, fiat, or both. Integrating cryptocurrency payments means you make your services available to a larger demographic. It also means lower transaction fees and (almost) instant deposits and withdrawals. There is nothing to lose from cryptocurrency payment integration, and everything to gain.
Contact Fast Offshore for Online Gambling Licensing
For more information on online gambling licensing and other corporate matters, schedule a free 30-minute consultation conference with us.
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