What is a gaming license?
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An online gambling license is a permit issued by a jurisdiction that gives the holding entity the right to operate an online gaming site. Ron Mendelson analyzes the various aspects of obtaining a gambling licence for Yogonet.
When you hold a valid online gambling license from a legitimate jurisdiction, you can do the following: Run an online betting, casino, and other forms of gambling to members of the public with fiat and or cryptocurrency, buy software from leading developers and service providers, set up a bank account to deposit revenue, partner with payment processors, for example, Visa and Mastercard, as well as other gateways.
Run an online gambling site that offers betting, casino and other forms of gambling to members of the public with fiat and or cryptocurrency. Buy software from leading developers and service providers. Set up a bank account to deposit revenue. Partner with leading payment processors, for example, Visa and Mastercard.
The regulations for online gambling licenses are included in the law. They include anti-money laundering rules, offering a fair and transparent service, not offering to game to underage players, making swift payouts, and giving information on addiction and getting help if needed.
Enforcement is carried out by the regulator or gaming commission and backed up by police and the judicial system. Violations can result in fines, sanctions, suspension or revocation of license, arrest, and criminal convictions.
Gaming control boards are independent government institutions mandated by the ministries of justice or the economy. They regulate the sector, issue licenses, monitor activity and deal with complaints and issues.
The process to get a gaming license varies in each jurisdiction. It is as follows: Engage a corporate service provider, set up a local company, provide due diligence and KYC documents on yourself and key individuals in the company. Submit a business plan, complete an application form, pay application fees and open a bank account. Negotiate and agree with payment providers and gateways. Stay on top of periodic and ongoing compliance, reporting and other corporate obligations.
Engage a corporate service provider to set up a local company. Submit a business plan, due diligence and KYC documents on yourself and key individuals in the company, including passports, references, CVs, and proof of address.
The cost of getting a gaming license depends on the jurisdiction. Curacao and Kahnawake are more cost-efficient than Malta or the Isle of Man. Fast Offshore provides custom-made and off-the-shelf licensing packages.
Fast Offshore has been working for over two decades at the heart of the online gambling industry. Fast Off offshore offers a gaming license compliance service. It helps you maintain the criteria under which you applied and adhere to other rules.
