(Newswire.net — March 7, 2018) — Starting an online gaming business is a complex process that requires attention to many different aspects. You will need to deal with issues involving corporate, licensing, regulation, sales, banking, marketing, payment methods, risk, finance, outsourcing/manpower and much more. Owners of online gaming companies require skills in all these fields. There are no short cuts. The gambling industry is a complicated, high-risk and often a questionable business when it comes to operation, retention, laws and sales.
Financing an Online Gaming Business
In addition to having the skills to deal with the different aspects the gaming business demands, you will also need efficient financial backing. It is next to impossible to start an online gaming casino without a substantial investment. All steps in the initial phase of a gaming company require proper funding and licensing which can cost approximately US$20,000 and also not to mention financing a white label solution. You can safely say that setting up your online casino will require at least US$50,000 including the cost of a license. In addition, there are many more steps involved. If you do not have the necessary funds, don’t even attempt to start an online gaming business.
Licensing Your Online Casino
One of the first steps in starting an online gaming business is to acquire a license. This can be a complex process requiring special attention to the legal and regulatory aspects of online gambling.
If you are in a country that imposes strict restrictions on gambling of all kinds then it is advisable to look elsewhere for a different jurisdiction where you can apply for your license. Otherwise, you may face many problems and your fledgling company might the closed down before you even have a chance to get it up and running.
Jurisdictions with Low-Cost Online Gaming Licenses
When seeking a jurisdiction that offers relatively inexpensive online gambling license to obtain and maintain you should check out countries like Curacao egaming. However, this means you will have to focus on players from countries where no regulation exists.
Requirements for Obtaining an Online Casino License:
- You will require many legal documents and costly certifications of you technology.
- You will need a bank account and servers in the jurisdiction where you are registered.
- You must accept an online card payment method on your site (if your white label solution does not provide the option of card payments you will have to implement this)
- You may be required (depending on the jurisdiction) to employ people in specified roles e.g. Servers, call center operators, compliance management, etc.
- Be sure to correctly calculate the gaming duty, corporate tax and sales tax that is applicable.
- You and your shareholders/partners must be prepared to withstand a high level of personal disclosure necessary when applying for an online gaming license.
Finally, if you want your business to be legitimate and licensed but at the lowest possible cost then your best option is Curacao. One of the plus points about a Curacao gaming license is that you can operate all forms of online gaming under one license – poker, casino gambling, lottery, sports, and betting – all with just one license. Also, working under a license will allow the company to open a business bank account in some banks in Europe.
Alternatively, if you want to operate from a jurisdiction where a license is not required, then choose Costa Rica where there are no gaming licenses.