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Almost every industry belonging to the global economy is witnessing a digital transformation. The introduction of cutting edge technologies such as blockchain, artificial intelligence, crypto, etc are getting introduced in the traditional sectors at a fast pace and the gaming industry is no exception. However with the advancement in technology, people have become more aware about regulations, licensing and other complexities which sportsbook and online casino operators need to face for successfully launching and running their gaming business. Gaming licenses is one such topic which comes up most commonly in conversations with prospective sportsbook and online casino operators. If you desire to start your own gaming business then it becomes really crucial for you to have an understanding of the gaming licenses.
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What is an online gaming license?
Gaming license is a legal document which grants permission for operating and conducting gaming activities. It ensures fair gameplay, regulates the gaming industry and protects customers. Gaming license, in short, is a granted certification from a reputable regulatory authority which permits iGaming operators to run their online casinos or sportsbooks legally in specific regions. For legally running an iGaming operation such as a sportsbook or an online casino, you need a gaming license.
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Benefits of a gaming license
There are multiple benefits of obtaining a gaming license from a respected jurisdiction or authority:-
Legal business in some of the prime jurisdictions
Obtaining a gaming license from the gaming commission of the jurisdiction where you desire to operate your gaming business enables you to legally run your gaming business.
Reach global markets
You can get exposure to the global markets by obtaining a gaming license from a reputed regulator.
Authenticity and credibility
Businesses as well as players always prefer to trust and count on licenses sportsbook and casino operators.
Financial benefits
Low to zero tax rates are imposed by some of the licensing jurisdictions which enables licensees to avail financial benefits.
Partnerships with top software providers
Operators can easily partner with some of the award winning and top software providers in the industry through proper licensing.
Opportunity to collaborate with reliable financial institutions
Licensees can also establish relationships and collaborate with well known and trusted payment service providers like Skrill, Neteller, etc.
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Types of gaming license
The needs for acquiring a gaming license varies depending on the kind of gaming activity in which you desire to engage. Here are some of the common gaming licenses types:-
Individual license
The individual license is needed for individual gamers who take part in gaming competitions and gain money through sponsorships and tournaments. The requirements for obtaining an individual license include identification documents, age verification documents, payment of a fee, etc.
Casino license
If you are keen towards running an online gambling or casino platform then you will require a casino license. The requirements for getting a casino license include financial records verification, compliance with certain regulations related to the laws of gambling, background checks, etc.
Game developer license
If you have plans of developing and releasing your own video games then you will require a game developer license. It ensures that your game complies with the standards and regulations that are set by the gaming industry.
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Who needs a gaming license?
- Businesses which provide facilities for betting, gambling or taking part in lotteries need licenses for operating legally.
- Getting an online gaming license must be considered as a priority as it is not negotiable if you desire to enter the world of legal gaming.
- License is required while registering a company, proving credibility, opening merchant accounts and building a reputation of a fair gaming business in the eyes of players and B2B providers.
- It enables licensees to work in regulated markets and keeps them protected from legal issues and fines.
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How to get an online gaming license?
Here are some of the most common requirements for licensing:-
- Payment of necessary fees
- Compilation of necessary documentations
- Enforcement of AML policies on online platform
- Business registration which includes designs, trademarks and having servers within jurisdiction
- Detailed information about main employees of the business, proof and origin of funds as well as onsite gambling operations
- Clarity in information regarding prohibition of underage gamers
Here are the common documents which are required for getting a gaming license:-
- Detailed business plan
- Evidences of no criminal records
- Copies of utility bills and bank statements
- Passport copies of owners of the business and main employees.
- Description about software and games to be offered
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Popular gaming licenses
Curacao gaming license
World’s most popular online gaming license is offered by Curacao which is one of the oldest and well known online gambling jurisdictions in the world. Curacao is the most preferred choice for those who desire to go live quickly without having to spend a lot in applications and fees. Here are some of the benefits offered by Curacao gaming license:-
- Cost efficiency
- Global reach
- Speed and accessibility
- Tax benefits
Anjouan gaming license
The world’s most cost efficient, least bureaucratic and quickest licensing process is offered by Anjouan and it is the most suitable jurisdiction for startups. Here are some of the benefits offered by Anjouan gaming license:-
- Affordable and easy
- Recognition and flexibility
- Budget friendly and quick
- Startup friendly
Kahnawake gaming license
Having a Kahnawake gaming license implies that the entity is not fraudulent and follows fair and responsible gaming practices. Licensees are constantly supervised and monitored by the Kahnawake Gaming Commission thereby ensuring player protection and enhancing confidence of business partners. Here are some of the benefits offered by Kahnawake gaming license:-
- Fast approval process
- Simplified application
- Zero tax
- Respectability and trust
Malta gaming license
Since the early 2000s, the Malta Gaming Authority has been issuing licensing and regulating gaming. The Malta gaming license comes with multiple benefits but it is one of the most expensive licenses available and the licensing process is also complex and lengthy. Here are some of the benefits offered by Malta gaming license:-
- Trustworthiness and credibility
- EU market access
- Innovation friendly
- Player protection
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Disadvantages of not having a gaming license
Online gambling regulations protect players and operators from different types of harms and crimes related to gambling such as problem gambling, money laundering, fraud, etc. Operating without having a license can spoil the company’s reputation and can also negatively impact the industry. Here are some of the disadvantages of not having a gaming license:-
Player distrust
Licensed companies are always trusted by the players. Having a license from a reputable regulator implies that the operator follows strict rules regarding data security, fair gaming, responsible gaming, etc.
Risk of penalties
There can be dire consequences of operating in a particular region and not complying with the licensing laws of the jurisdiction. The consequences can be getting blocklisted, legal problems, hefty fines and eventual shutdown.
Being blocklisted
Gaming businesses which are unlicensed face risk of getting blocklisted by different review platforms, other organizations and regulators. Operators with poor reputation may face difficulty in acquiring an online gaming license.
Less or no partnership opportunities
Trusted game providers and software developers do not prefer to partner with unlicensed operators and avoid offering their products and services to operators who do not have a gaming license.
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What is the cost of a gaming license?
A cost comes attached to each license which is to be paid upon application and is renewable periodically. There are differences in the gaming license cost between different jurisdictions. For instance, Kahnawake and Curacao are more cost efficient in comparison with Malta or other EU jurisdictions. Thus you should have a well-defined and well planned budget and plan for your gaming business including cost of software development, licensing, games, etc.
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GammaStack : Precise assistance for obtaining a gaming license
Are you looking for a trusted company that can assist and guide you for obtaining a gaming license? Then you must consider GammaStack and get perfect assistance for acquiring your gaming license. We provide assistance for different gaming licenses acquisition such as:-
- Curacao gaming license
- Kahnawake gaming license
- Anjouan gaming license
- Malta gaming license
- Florida gaming license
- Maryland gaming license
Our team possesses strong industry experience and expertise thus we offer on-time and state of the art solutions and services for your iGaming business needs.
Frequently asked questions
A gaming license is a certification which is granted by a regulatory authority to gaming businesses for running sportsbooks and online casinos legally.
There are multiple benefits offered by a gaming license such as strong industry reputation, trust and credibility, etc.
There are different steps involved in applying for a gaming license such as payment of fees, gathering necessary documents, enforcing AML protocols, creation of a detailed business plan, etc.
Businesses who offer betting and gambling services through sportsbooks and online casino platforms need gaming licenses.
The time taken for acquiring a gaming license differs from one authority to another but generally it takes around 16 weeks.
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