Do you want to start an online gambling company this year? Your first step is picking the most suitable jurisdiction to get licensed and based your operations. There are many available options, but which is the best?
Kahnawake
Kahnawake is an autonomous Mohawk territory not far from Quebec, within Canada. Since the 90s, it has been issuing online gambling licenses to operators who wish to run iGaming sites from the jurisdiction. Since the first license was issued, a certificate from Kahnawake has indicated reliability, trustworthiness and fairness in relation to the operator. Players feel protected and safe when they understand they are gambling with a Kahnawake casino.
There are two types of license you must acquire, the Client Provider Authorisation and a Key Person License. If you want to operate a virtual casino, live dealer games, slots and sports betting from Kahnawake, you need to apply for both of these. To get approved, you will need to provide evidence of fairness in games, offering of protection for vulnerable and underage players, a privacy policy and protection of transactions, a certificate of fairness such as a random number generator, and to demonstrate a commitment to working with solvent and financially reliable players.
The process of getting the license is relatively straightforward and requires registering a company in an offshore zone to hold the license, an EU contracting company to allow operations in Europe, the collation of documents relating to owner KYC and DD, various compliance policies, and fairness policies and certifications. Once the application is filed, the first license is issued for six months. Following that, the regulator will decide if a second one will be issued based on checks, audits, tests and an evaluation of the provider.
Benefits of a Kahnawake license include:
- Fast application and processing time
- Cost-efficient process from start to finish
- Great fiscal benefits with zero tax payable locally
- Highly reputable license
Malta
Malta has been an EU member state since 2003, and it was also one of the first to regulate the online gambling sector. Today, it is home to a thriving iGaming ecosystem, and some of the world’s biggest names are based there. Getting your hands on a Malta gaming license requires undergoing a rigorous application process where detailed information must be submitted on finances, owners, software and operations. These include a fit and proper test, business strategy, operational and statutory requirements, and ensuring that all software is technically sound and well-tested.
The Malta gaming license is the industry gold standard and is renowned throughout the world. A company operating under the supervision of the Malta Gaming Authority will find many doors opened to them. They will also find it easier to open bank accounts, enter third party agreements, and offer services to international clients.
But all of these benefits come at a price. The license application process for Malta online gambling license is lengthy, costly, and complex. To acquire the license, the applicant will have to submit a lot of paperwork, be patient, and even attend in-person meetings with the regulators. But, if you are a big gaming company or a well-established brand looking for an EU home, it’s worth it.
Benefits of a Malta license include:
- Outstanding reputation
- Expert workforce
- Low tax rates
- Stable political and economic environment
- EU member
- Onshore status
Isle of Man
An Isle of Man gambling license shows that the operator means business, but it comes at a cost. While it is highly desired and brings with it many benefits, it has tough requirements and a high price tag.
A British Crown Dependency, the Isle of Man is located between the UK and Ireland and has a low-tax economy and a strong iGaming sector. It is not governed by British laws and it has positioned itself as a leading jurisdiction for the location, administration, and regulation of the online gambling sector. The Gambling Supervision Commission issued its first online gambling license in 2001 and since then, it has become home to many leading names. Holding an Isle of Man license assures players the operator is responsible, protects players, and engages in fair gaming practices.
There is just one incense needed and it is granted for five years- the most common for gambling sites is the Full License which allows B2C, the registration of players and storage of data.
Benefits of an Isle of Man license include:
- Top quality infrastructure
- Financial and fiscal incentives
- A strong reputation
- Stability politically and economically
- A developed and experienced iGaming ecosystem
To start your online gambling company today, all you need to do is contact Fast Offshore. We can take care of everything from licensing to corporate structuring, payments, compliance, and ongoing maintenance. Our team of professionals is ready to help you with all of your needs and to assist you in choosing the best jurisdiction for your operations.