Online gaming has seen a steady rise in recent years which the pandemic has further accelerated. As more punters seek alternatives to brick and mortar casinos, they increasingly turn to online casinos.
In turn, almost all gambling platforms are now offering welcome bonuses to lure users in. Big corporations like Google have also begun to serve the billion-dollar industry, evident by the increased number of the best gpay online casino sites. Having several payment methods ensures that players can deposit and withdraw funds easily, whether it’s a cryptocurrency or fiat money.
These developments create a unique opportunity for entrepreneurs to get in on the iGaming industry and get a piece of the pie. Although, starting an online casino isn’t easy. There are stringent rules and regulations that have to be observed to begin operation. By far, the most important aspect of starting an online casino is acquiring an online gambling license.
Why is it important to have an online gambling license?
Other than being a mandatory requirement, having a license comes with numerous benefits.
These are among the advantages:
- The majority of gamers will want to place their wagers with a reputable and regulated online casino.
- Legally operate in a number of international jurisdictions.
- Add your gaming software to the Google Play Store and App Store.
- Open a settlement account in a variety of countries.
- Advertise your platform within the jurisdiction you operate.
- Don’t run the risk of being prosecuted for unlawfully operating an online casino.
What are some pointers on getting an online gambling license?
As mentioned earlier, getting a license is no walk in the park. The iGaming industry is heavily regulated. You’ll need to meet the criteria that satisfy the licensor’s set requirements. Here are five tips to acquire a license and get punters to play your casino games in the shortest time possible.
Research gambling jurisdictions
It is important to select countries that best suit your present needs and meet your expectations. Evaluate different gambling jurisdictions and their requirements, taxation policies, fees, confidentiality, economic and political stability, and the time it takes to process applications. The key is to consider all aspects of gambling jurisdictions before making your final decision.
Have a business plan
A business plan is a crucial requirement for some licensing authorities. In addition, it’s also good for you in mapping out your trajectory. While writing up your business plan, you will need to pick a name for your business and buy a domain for your website. Additionally, you can choose to register copyright and trademarks for your brand.
You’ll also need to conduct market research and analyze competitors to find a competitive edge. Define your target market, location, interests, and games that excite them. Finally, decide which games to offer.
Define your budget
You may be asked to show proof of sufficient funds, depending on the gaming license. The cost to set up and operate within a jurisdiction may also determine the casino games you offer. To determine which license is ideal for you, you should first understand what you’re working with to decide which jurisdiction fits your budget.
Set up a corporate entity within the jurisdiction of the licensor
Once you’ve conducted your research and looked at costs, regulations, and requirements, you need to form a legal entity within the jurisdiction of your choice. You must be sure the jurisdiction you plan to operate in allows the iGambling activities you wish to carry out.
Work with a reputable and licensed software provider
Check to see if your casino software complies with jurisdictional regulations. Make a list that includes extensive explanations of software capabilities and games, contracts with software suppliers, and a Random Number Generator certificate (RNG).
Final thoughts
Getting an iGaming license has its challenges, but it’s not impossible. With the right amount of research and acquired knowledge, you can be up and running in no time. It’s also worth consulting with a lawyer to help with the process and make the acquisition of a license easier.
Lisa has a Bachelor’s of Science in Communication Arts. She is an experienced blogger who enjoys researching interesting facts, ideas, products, and other compelling concepts. In addition to writing, she likes photography and Photoshop.