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Online gaming has gained incredible popularity across all social groups and age groups while generating great profits for those who desire to start their business into gaming platforms and app development. In 2022, the gaming market’s total value was $63.53 billion and an expected increase of more than 11% is expected from 2023 to 2030.
With the rapid advancement and growth of the gaming industry, many people are on the verge of turning their gaming vision into reality through a legitimate gaming business. The gaming industry possesses a strong potential of witnessing huge victories and successes thereby benefiting not only the operators but also the players. If you have set up your sportsbook or online casino with smooth UI, mesmerizing graphics and engaging gameplay. But players find your platform reliable and trustworthy only when you secure a gaming license. Reputed iGaming businesses prefer to obtain a gaming license and operate their business legally. It enables them to enhance the loyalty of the customers and opportunities for leveraging their businesses and new partnerships.
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Who Needs a Gaming License?
Every operator should possess a gaming license for operating legally. A gaming license is crucial for every step of business as it ensures the reputation and credibility of the company before clients as well as players. It also offers protection against any type of legal risks and brings new opportunities. Gaming licenses are needed by following:-
Payment processing companies
Companies which process payments for the different gambling businesses may need a license for proving that they are reliable and protect their customers.
Online casino operators
Operators as well as beneficiaries of sites which offer different types of gambling including Roulette, Poker, Slots and different other forms of betting.
Gaming software developers
Those having proficiency in creating gaming applications may also need a license for proving compliance with all the regulations and laws.
Bookmakers
These include companies which accept bets on other events as well as sports. It includes betting on sports as well as live events and cybersports.
Other participants of gaming industry
Sole proprietors and companies who work in the gaming industry including consultants, service providers and other entrepreneurs who are involved in organizing fantasy games, lotteries, online Poker and other forms of gaming.
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Perks of Obtaining a Gaming License
Online gaming license is a cornerstone of player trust and legitimacy and gaming business operators can consider it as a badge which certifies that their operations are secure and comply with standards of gambling industry. Here are some of the perks of obtaining a gaming license-
Player protection
If you hold a gaming license, you can assure your players about safeguarding them from potential scams while building a reputation for integrity and honesty.
Global reach
Gaming license becomes your entry pass for taking your gaming venture to new global markets. Different countries have different regulations for online gambling and when you hold a valid gaming license, you can position yourself as a reliable gaming business.
Legal compliance
There are different legal requirements in the landscape of the online gaming industry. If you obtain a gaming license, you will adhere to the particular regulations of the jurisdiction in which you are operating which prevents legal troubles and you can stay focused on delivering an amazing and secure gaming experience to your players.
Trust and credibility
A player would always feel more comfortable in wagering money at a licensed site rather than an unregulated site. A gaming license acts as a seal of assurance which brings trust and credibility by the players towards the platform.
Fair gameplay
A gambling license ensures players about fair gameplay. Regulators make license applicants to ensure that the games they offer are not rigged and are based on chance and are adhered to strict standards of fairness.
Secure payment processing
You can secure a gaming license and open doors for legitimate and secure payment processing. Payment processors and banks are careful about associating with the gaming platforms which are unlicensed and with a license. You can offer secure payment options with a gaming license and allow them to have seamless and safe withdrawals and deposits.
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Basic Requirements for Getting a Gaming License
Different gambling regulations vary depending on the particular jurisdiction for which you are aiming but there are some basic or general set of requirements which need to be met for getting a gaming license.
Background checks
Thorough and detailed background checks of the key stakeholders as well as the executives is done for a gaming venture and a clean record is necessary for passing this scrutiny.
Fair practices of gaming
Showcasing game fairness also holds importance. You can utilize RNGs and provide clear details about your games payouts and odds. The transparency will help build trust among regulators as well as players.
Financial stability
Financial stability proof is required by most of the regulatory bodies for ensuring that you have resources for operating an online gambling business that is sustainable. It often includes submission of audited financial statements, business plans and bank statements for showcasing the financial capacity.
KYC and AML processes
Robust KYC and AML processes are crucial for preventing money laundering in online casinos. Your license application should clearly include how you are planning to do identity verification of players and detect as well as report suspicious activities on your platform.
Fees and taxation
Tax obligations and license fees vary widely and you should be prepared for providing information about how you are planning to handle those liabilities.
Technical requirements
Specific standards must be met by the technical infrastructure of your platform which include safe options of payments, measures for preventing risks, etc.
Measures for player protection
Player’s security and safety is of utmost importance and your application for gaming license should include measures that you are planning to take for preventing fraud, ensuring responsible gaming on your platform and secure player’s personal information.
Geographical restrictions
There are location restrictions in some jurisdictions for obtaining licenses. You should understand the locations which are permitted.
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Time Required for Getting a Gaming License
Time required for getting a gaming license majorly depends on the type of license as well as jurisdiction. The process from applying for a permit till receiving the final response usually takes up to many months. The factors which impact the time taken include paper quality, submission of necessary documents, whether software is run by a strong software provider or not and many more.
In Malta, the application process for an online gambling license may take up to 6 months as per the 5 stages. 4 different kinds of authorizations are offered by it and for each, following need to be provided by the applicants:-
- Clear plans of marketing
- Complete personal data
- Well established plan of business
- Compliance with the operational requirements
Three main types are offered by the UK license having a duration of 5 years. As per the Gambling Commission, it may take up to 16 weeks for the process of operating your application.
One of the quickest approvals which you can get is regulated by Curacao and it takes up to 6 weeks, depending on the type of permit. This term is available only if you provide all the necessary documents correctly and pay the fee.
The process of getting the permission is quite time consuming as well as complex so you can use these tips for speeding up your approval:-
One of the quickest approvals which you can get is regulated by Curacao and it takes up to 6 weeks, depending on the type of permit. This term is available only if you provide all the necessary documents correctly and pay the fee.
The process of getting the permission is quite time consuming as well as complex so you can use these tips for speeding up your approval:-
Provide application with maximum precision:-
Check your software and collect documents such as your CV, ID documents copies, residence proof, policies of responsible gaming, etc.
Check the guidance of the commission:-
Please ensure to go through the regulations and rules of the permit you choose.
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What is the Cost of Getting a Gaming License?
The global online casino business’s growth enhanced by 6.1% between year 2018 to 2023 as per the IBISWorld. The gaming industry has become popular due to its rapidly increasing growth in recent years. Along with increase in the growth, there has also been an increase in the competition thus it becomes necessary for those who want to stay ahead of the curve to have a license so that they can gain trust of their users. The cost of getting a gaming license varies in different jurisdictions.
Malta
B2B and B2C licenses are offered by Malta jurisdiction as per the type of games that you provide:-
Despite the type chosen by you, an additional gaming of 5% of revenue, a corporate tax of 35% of the profit you generate, administrative fees and compliance contribution needs to be paid by you.
The UK
The cost of gambling license varies depending on the type of license. A non-refundable fee of £370 needs to be paid by you for applying for the permission. The cost to obtain a license is up to £ 100,000. Additional fees including 20% VAT and corporate tax also need to be paid. First application fee needs to be paid within 30 days after the permit is received.
Curacao
The price varies depending on whether you choose the master license or sub-license. Its cost can be expected from €15,000 to €25,000 and there are additional fees as well such as for a B2C license, €1,500 needs to be paid before applying for permit. However, corporate income tax is 2% and there is no VAT.
Final price can be defined while applying for the permission through forms or after contacting the operators.
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How GammaStack can Guide you to Obtain a Gaming License?
GammaStack can perfectly assist you in obtaining your gaming license as we have strong industry expertise of more than 13 years and we are known in the industry for our high quality work and on-time deliveries. We can guide you in acquiring different gaming licenses such as:-
- Curacao gambling license
- Anjouan gaming license
- Maltese MGA license
- Kahnawake gambling license
Our team can guide you through the stepwise process of gaming license acquisition and provide you unparalleled assistance in obtaining your gaming license.
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Frequently asked questions
Kahnawake gambling license, Anjouan gaming license, Curacao gambling license, etc are some of the well-known gaming licenses.
The basic requirements to get a gaming license include background check, financial stability, fair gaming practices, technical requirements, etc.
Benefits of getting a gaming license include player protection, global reach, trust, credibility, secure payment processing, etc.
Online casino operators, payment processing companies, bookmakers, gaming software developers, etc need a gaming license.
GammaStack is a well known company which can assist and guide in obtaining a gaming license.
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