Are you looking at starting an online gambling company? Then you will likely have many questions. We have been working with entrepreneurs just like you for over 25 years and these are the questions we hear most!
How much does getting an online gambling license cost?
The cost of an online gambling license really varies, depending on where you apply for it. For example, jurisdictions like Curacao and Kahnawake have more cost-efficient startup costs. On the other hand, jurisdictions like Malta and the Isle of Man have much higher costs that are out of reach for some operators. There are also other costs to factor into the equation, such as translating and certifying documents, courier costs, and opening a company. You will also have to pay a corporate service provider to help you through the process, but more on that later! In conclusion, the cost can vary, but Fast Offshore provide turnkey and off-the-shelf packages to help. These include everything you need to start an online gambling company and can be customised to your specifications. This provides maximum transparency and lets you stay on top of your costs and budget accordingly.
How long does it take?
How long is a piece of string? The answer to both questions is that it depends on various factors. The process has multiple steps, and it also depends on you getting all the documents together and submitting them correctly. Usually, it takes around a week to get all documents and application forms together and then between a month and six months to get approval. Some jurisdictions will issue a temporary or provisional permit while you complete the process. If you are in a hurry, it’s best to speak to your corporate service provider and pick a location which offers a shorter or less complicated process. You can always opt for one of these licenses first and move on to acquire another one at a later date. For example, you could get a Curacao license in the interim and add a Malta license further along. In short, if you do everything correctly and submit on time, you can be licensed in a couple of months. If you don’t, you can expect to wait longer while having lots of back and forth with the authorities.
What documents do I need to get an online gambling license?
Whichever jurisdiction you pick for your online gambling company, you must submit basic know your customer information. This includes government-issued ID, proof of address, and proof of funds where applicable. You will also have to provide a CV and evidence you are capable of running a regulated business. Then you must file a business plan including information on your target audience, where they will be located, how you will make money, and what your operational structure will look like. Other documents include details of gaming software, random number generator or similar, agreements with other third parties, compliance policies, and an application form. You may be asked for additional documents depending on your situation and the jurisdiction in which you apply.
How do I pick the proper jurisdiction?
Many jurisdictions offer online gambling licenses, but not all are suitable for every operator. Some include limitations or restrictions; others are pricy and difficult to get, while others have obligations that some may struggle to meet. You must pick the license to help you achieve your business goals while aligning with your budget and planning. The best way to pick one is to sit with a professional like Fast Offshore and go through what you need. Based on your requirements and individual situation, we will be able to advise which is the best fit for you and then help you apply for your online gambling company. Going alone means you might make the wrong decision or slip up during the application process. This can cost you time and money that you cannot afford. Of course, the final decision should always be yours, but use the knowledge of experts in the field to guide you.
What about payments?
As an online gambling company, it is essential that your players can deposit and withdraw money. To facilitate this, you must enter into agreements with payment providers allowing clients to deposit via your platform and withdraw or receive payouts. These providers could be card processors like Visa or Mastercard, eWallets like Google, Apple, or PayPal, or even processors such as Skrill and Stripe. You can also consider accepting cryptocurrencies such as bitcoin and other popular currencies among your target audience. You will need to agree with each provider, including terms and conditions of service and fees for facilitating transactions. But don’t worry; Fast Offshore can also help you with that.
Why do I need a high-risk merchant account?
When starting an online gambling company, you will also need to open a bank account. The issue is that gambling is considered high-risk by many banks, so you will need to head to an offshore bank familiar with the industry. Gambling online is considered high-risk as it involves lots of transactions, of small to tremendous values, that take palace remotely. This can increase the risk of chargebacks and other issues; something banks want to avoid. Offshore banks tend to be a bit more lenient, although they want you to commit to a low chargeback ratio and keep your account in good standing. Again, Fast Offshore can help you find a suitable bank, apply to open an account, and then advise you on maintenance.
Do I need to set up a company?
You must set up a company when you start an online gambling company. This company will ‘hold’ your license and define any tax obligations, reporting, audits, and statements you may need to take care of. Various structures are available, depending on your needs and where you will be. In all matters relating to company incorporation and structuring, Fast Offshore can help. We will advise you on what will work best for your circumstances and then take care of the incorporation process. Once you are up and running, we will stay on top of maintenance, giving you more time to build your business.
How do I choose a partner?
That is an excellent question! You should pick a corporate service provider with significant experience in an online gambling company and corporate services. For example, Fast Offshore has worked in this area for 25 years. It is also important to partner with someone who is upfront about costs and does not try to hide prices and other services from you. Be sure to ask about off-the-shelf solutions or custom made to find out more. In addition, please take note of how long they take to reply to your queries, as this will indicate how seriously they take your business. Last but not least, choose one that can take care of all your corporate needs at the startup stage and ongoing maintenance.
So, what are you waiting for? Contact Fast Offshore today for a quote, to ask questions, or for guidance on anything to do with getting an online gambling license!