Entering the gambling industry is an exciting and exhilarating prospect as it continues to grow and flourish. But many entrepreneurs are unaware of how to start an online casino and all the legwork that needs to be done beforehand. From a corporate perspective, there are six essential steps you need to follow.
Find the right partner
Online gambling is a regulated industry which means you must apply for permits, be compliant, and take care of various corporate matters. To do this in the most efficient way possible, it is advisable to partner with a professional. A corporate service provider like Fast Offshore will be able to show you how to start an online casino and guide you through the process. Additionally, they will be able to assist with all ongoing matters in the future. Look for a partner that has experience in the sector and can offer you a complete A-Z services. Additionally, transparency is key so look for custom and turnkey solutions with a full breakdown of services. Be sure to ask about any additional costs and demand responsive and efficient communication at all times.
Pick a jurisdiction
Next up, you need to pick a jurisdiction to start an online casino in. While you may already have an idea of where you want to base yourself, do ask for advice. Your corporate service provider can provide you with the pros and cons and in-depth information on applying for and maintaining your license. Each jurisdiction, be it Curacao, Malta or Kahnawake, has features that will benefit different kinds of providers. Factors such as cost, time frame, and requirements must also be mulled before the process begins. Be sure to ask questions about tax, structuring, licensing, compliance, and restrictions and limitations. Getting a license is a costly procedure, and you want to be sure you are applying in the jurisdiction that best suits your needs.
Set up a corporate structure
The next step when you decide to start an online casino is to create a corporate structure. Depending on local laws, you must set up a company holding your gambling license and all related activity. There are also matters like tax, statements, audits, reporting, meetings, directors, and various other obligations to consider. Each of these vary significantly depending on the jurisdiction, so it is important to get assistance from someone that knows the local situation well. Corporate structures like companies require ongoing maintenance, including updating, submitting various documents to the authorities and the payment of fees. Make sure you have a corporate service provider to help you stay on top of these matters and avoid compliance problems and penalties.
File your license application
Once you have all these things in place, you are ready to take the next step to start an online casino. This is when you apply for a license. You will need a license to operate a gambling site legally in almost all jurisdictions and to, open a bank account and engage with payment providers. This process requires you to gather a range of documents, fill out an application form and meeting the requirements laid down by the gaming authorities. Then, your corporate service provider will file the application and liaise with the authorities throughout the rest of the process. Getting a license can typically take up to six months, so be sure to factor this into your timeline. You also need to be prepared to submit due diligence and KYC documents, a business plan, CVs, and information related to your corporate structure.
Open a bank account and set up payments
Once you have the provisional license or the complete license, you need to open a bank account. Most banks will not consider gaming clients without a copy of their license. It is also worth noting that many banks consider gambling a high-risk industry and make it harder for these clients to open accounts. While not impossible, it does require experience to get the ball moving. By working with Fast Offshore, we can connect you with banks that work with gambling clients and help you through the account opening process. We can also advise you on maintenance and ensure your chargeback ratio remains low. Once your bank account is up and running, we can also assist with helping you with payments. This can include visa and credit cards
The last step when you start an online casino is to ensure you remain compliant. Having met a raft of obligations throughout the startup process, you must maintain them as you go forward. You may even need to tighten things up as your company grows amid a changing regulatory ecosystem. Matters like audits, policies, reporting, and increasing protection should all be at the front of your agenda from day one. But this can be tough for business owners to manage. Therefore, delegating to professionals like Fast Offshore is often a good idea. Not remaining compliant can land you with significant fines, sanctions, and severe reputational damage- it is just not worth the risk.
Fast Offshore has been working in the online casino sector for over 25 years. Our team is ideally placed to assist you with every step of the process and manage your corporate needs going forward. To speak to a member of our team today, contact us here.