Before online casino operators can get their website up and running, they will need to get an online gaming license. Although it is possible to operate without a license, having it ensures that players in the casino know that the gambling platform can be trusted.
For players, knowing what license a casino has also gives them a way to pursue their grievances if they think they were wronged. It also provides information on what games an online casino can offer and what one can expect in terms of service and operation.
Additionally, many licensees focus their operations near the jurisdiction of their license. For example, people can expect that online casinos with a European license to service European customers better. Here are a few examples of licenses most online gamblers and operators may encounter, even in Bitcoin gambling.
Gaming licenses in the Caribbean
Small island nations in the Caribbean are some of the more popular sources of online gaming licenses in the world. The island jurisdiction of Antigua and Barbuda is an excellent example, being one of the most respected gaming licenses in the world. The trouble is that it is also quite expensive.
For online casinos, two island countries have become the license of choice. First, there is Curacao. Curacao is noted as having started offering online gaming licenses in the early days of the Internet in 1996. This has led it to becoming an industry leader, with over 30 online casinos registered to the area. Many of the brands that use SoftSwiss and UltraPlay as their gaming platform often have Curacao gaming licenses.
LimoPlay, for instance is licensed under the laws of Curacao through SoftSwiss N.V., which is regulated and licensed by Antillephone N.V. Meanwhile, VitalBet is licensed and regulated by the government of Curacao.
A license from the Curacao allows operators to operate a wide range of game offerings. This includes poker, lottery, slots, and others. A two-percent tax is placed on gains from games, but there is zero tax on gross bets. In addition, there is no VAT making the country very attractive to operators who do not wish to pay large taxes.
The second popular option is St. Kitts and Nevis. An island to the north of Curacao, its government made gambling legal in 1999 and does not distinguish from physical and online gaming establishments. From start to finish, applying for a license can take only four to six weeks.
The short processing time is what attracts many online casinos like FortuneJack to acquire a license there. A single license covers a wide variety of gambling activities. The fees are also on the lower end, with a one-time fee of $80,000 and an annual fee of $40,000. Combined with low taxes, this makes it an ideal place to set up shop for many.
Gaming licenses in Europe
Another potential source of a gaming license is Europe. There are several countries that offer gaming licenses, with Malta and the UK being some of the bigger names. For some casinos like BitCasino.io, however, the big favorite is Montenegro. As a fairly new gaming jurisdiction, only established in 2011, it is poised to be a big player.
First, the Montenegrin government is offering an all-in-one gaming solution. All a prospective casino owner has to do is show up with a business proposal and the country rolls out the red carpet. They provide business consultations, accounting, banking assistance, and even give out a website.
Second, casino operators face less fees and taxes. Annually, an operator only has to pay €25,000 in the first year and €15,000 in their second year of operation. Plus, for taxes, there is only a nine-percent tax rate for both personal and corporate taxpayers.
These are just a few of the licenses out there. Smart gamers should familiarize themselves with the license of a casino before they start playing while operators aiming to run a licensed Bitcoin casino should always check the licenses that work best for their business model.