Expert tips on getting an online gambling license

6 December 2022

Taking the leap and starting your own online gambling business is an exhilarating time, but there is also a lot of paperwork involved. Part of this paperwork is applying for an online gambling license. To run a legal online gambling company anywhere except Costa Rica (where you just need a gambling company), you will need a license. This process can take several weeks or months and requires you to submit an application form, pay a fee, and meet a number of stringent requirements. Want to know more? Here are some tips from Fast Offshore.

There is a lot involved when it comes to starting your own business.

There is a lot involved when it comes to starting your own business. (photo by Flickr)

Why do you need an online gambling license?
- It shows your players you are committed to fair gaming;
- It demonstrates adherence to standards and requirements;
- It shows your site, and you, as an operator, can be trusted;
- It makes players feel secure;
- It enables you to open a bank account and partner with payment providers;
- It ensures your business is legal;
- It provides recourse and support for you and the players should problems arise.

Pick the right jurisdiction
Don’t just pick the jurisdiction with the lowest tax rate or where it is quickest to get the license. Instead, choose one that suits your current needs and requirements. You can always acquire other licenses or move elsewhere in the future, but those first few years are crucial to your success. For this reason, it is always a good idea to take professional advice. Consider the cost, set-up time, what is required, the fees (up-front and annual), limitations on your business or target market, compliance, economy, political stability, and legal system. All of these factors combined will give you a full picture of what doing business there is like, and whether it is right for you.

Get a good partner
Another smart move is getting a good partner to help you through the entire process. You need to find a corporate service provider that can take care of the full licensing and set-up process for you in the proper jurisdiction. Fast offshore has been offering these services for over 25 years. Our packages can be customized to your specific requirements or purchased off the shelf. We can provide advice, structuring, company incorporation, license application and renewal, payments, compliance, and all ongoing maintenance. Furthermore, we have extensive experience in online gambling and corporate matters and are perfectly placed to help you succeed. While there are many providers out there, very few offer professional, honest, and transparent guidance, but we are one of them.

Be transparent
When working in a regulated sector like gambling, it is important you are transparent at all times. This means being honest about who you are, what your business is about, and of course when dealing with players. Transparency must extend to your relationship with us as well as we expect you to provide us with the right documents and information required to process your application. It is also essential to be transparent when dealing with customers- this means fair games, fair terms, fair payouts, and excellent customer service, with no exceptions. Failure to do so can cost you a lot of money, your reputation, and any future license. Our advice is to be transparent and upfront from the start, don’t try to cut any corners and stick by the rules and regulations of the local authorities and any others that apply.

Plan properly
Planning is an essential part of any business, and iGaming is no exception. You should have a full business plan drawn up, which includes your product, timelines, finances, marketing, staff, and strategy. This document can be updated and modified as you go along, but it should be able to demonstrate to license providers, banks, and others that you know what you are doing. It will also help you understand the work that needs to be done to stay on track and when it’s time to expand or go back to the drawing board. For advice on drawing up your business plan, strategy, or similar, you can always ask us for input.

To take your first steps towards being a successful gambling operator, contact Fast Offshore today. We are ready to answer all of your questions, guide you, assist you and support you every step of the way.

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