How to Get an Online Gambling License

So you have an idea, a business partner, a plan, and a dream, but how do you go turning it into a reality? Opening an online casino or gambling platform is an unavoidably complex process with several steps that need to be taken before the license is in your hands.

If you are looking to acquire an online gambling license, here is how you go about it:

Pick an advisor

When setting up an online gambling business it is wise to work with an experienced advisor and service provider such as Fast Offshore. Applying for licenses can be tricky and often requires a lot of paperwork and other ancillary matters such as company incorporation, opening bank accounts, and partnering with payment providers. A good service provider will be able to take care of all of these matters for you, ensuring that you have met all of the requirements and that your application has been filed correctly. This can save you a lot of time, money, and potential headaches, leaving you to focus on other matters relating to getting the online gambling business up and running.

Decide on a jurisdiction

Picking a jurisdiction to apply for an online gambling license is something that requires careful consideration and a lot of industry knowledge. It is not about just opting for the cheapest or quickest process, you need to know about regulations, possible changes in the pipeline, fiscal matters, corporate considerations and a whole range of other considerations before you make your choice. Curacao, Isle of Man, Jersey, Kahnawake, Malta all offer gambling licenses but which jurisdiction is suitable for your needs is a matter that needs careful evaluation.

Incorporate a company

In order to apply for and acquire an online gambling license, most jurisdiction will require you to incorporate a local company. Some require this to be done prior to application, some require it after the application has been made- another example of why you need to engage Fast Offshore, so you can be sure you are taking the right steps, in the right order.

Get your KYC together

Different jurisdictions have different requirements in terms of due diligence and know your customer. Be prepared for having to provide information and documents such as passports, criminal record checks, bank statements, and proof of address such as an up-to-date utility statement. These documents will also be required for opening company bank accounts and formation of a corporate structure.

Make an application

Each jurisdiction will have a different process, different requirements and different levels of regulatory supervision to comply with. Some countries benefit from a simple application process and others have a long and rather convoluted process. Either way, filling out an application form, submitting a business plan and all KYC and supporting documentation is an unavoidable part of acquiring your online gambling license.

Pay the fee

Nothing in life comes for free and the same is true when it comes to getting your online gaming license. All regulators and gambling authorities require a fee for licensing and this can vary depending on the type of license you are applying for. You will also need to pay professional services fees including advisors, notaries, incorporation costs, and any fees associated with setting up bank accounts, getting required certifications and contracting with payment providers. Getting an online gambling license isn’t cheap in any jurisdiction, but the long term rewards once you are up and running are more than worth it!

Fast Offshore has been working in the online gaming and gambling sector for over two decades and has assisted a wide array of clients in their AML, compliance, licensing, regulatory, and corporate services needs.

Get more information on Online Gambling Licenses.
 

Contact Information

Ron Mendelson

Director

Fast Offshore

Contact via E-mail