If you are looking for a legal online casino to gamble at, then a gambling license should be the very first thing you check. This document serves as a guarantee of a fair game, error-free deposit/withdrawal operations. We doubt that you would like to be faced with this type of issue. Keep reading to know everything about the importance of a gambling license, its function, and jurisdictions issuing this document.
What Is a Gambling License?
A gaming license is a prerequisite for legal online casinos that is issued by a regulatory body, which is usually a gaming commission. License requirements may vary in different jurisdictions. It is the gaming commission that creates a set of rules and requirements to regulate how the organization conducts its activities. Such regulation determines the behavior of all persons associated with a gambling company – employees, owners, partners, etc. The rules describe the activities, accounting, and audit, as well as the functionality of games in the company.
Jurisdictions for Obtaining Licenses
Many gambling commissions use a multi-jurisdiction approach in the country to facilitate the registration process. Here are some of the jurisdictions that modern online casinos apply to get a license.
#1 – Gaming Jurisdiction of Antigua and Barbuda
The acquisition of a license on the twin islands of Antigua and Barbuda in the Caribbean requires approval by the Financial Services Commission and its branch, the Department of Gambling. In 1994, the country was the first to offer offshore licensing for gambling companies.
Operators owning a primary server in the country pay $75,000 annually and cover taxes at 3% of net wins. Online gambling and interactive gaming companies will be licensed at $100,000 and $75,000 per year, respectively. In addition, there is a one-time non-refundable payment for filing an application for licensing, amounting to $15,000.
#2 – Gaming Commission of Curacao
Curacao has been offering gaming licenses since 1996 and is considered one of the most stable licensing service providers. The regulatory body has one type of license for “luck games,” “skill games,” and sports betting.
To obtain a license in Curacao, gambling companies must register with the Chamber of Commerce of the Antilles and be considered an internal or offshore legal entity. Before obtaining any licenses, a deposit of $35,000 is required.
#3 – Malta Gaming Commission
The Republic of Malta created legislation on the state lottery in 2000 to issue licenses to online gambling sites. The Lottery and Gambling Department is developing all the rules and procedures for each remote gambling company in its jurisdiction. The fee for obtaining an offshore license in Malta is $7,000. The cost of applying for remote gambling is $3,000. In addition, taxes and fees are also levied.
Taking into account a number of online casinos functioning on the market today, it is critically important to find gambling rooms that you can trust at 100%. This is where a gambling license can help you a lot. This document is a prerequisite for a legal casino. So instead of checking what bonus a casino offers, keep your focus on the licensing aspect of the business.