A casino must obtain a licence in order to operate legally, including online. If this is not in place, the establishment will not be able to enter into an agreement with developers to use official software, nor will it be able to open a bank account. Many things depend on the authorisation so that users can play safely.
What are the types of gambling licences?
A licence, which is issued by an authorised body, is an official permission to gamble. After receiving this document, an online casino can operate in accordance with international laws. However, this does not mean that the company has the right to provide its services in any country. For example, online gambling halls are completely banned in the United States, while in Australia, a local authorisation is required.
Several countries issue licences for online gambling. You can get authorisation in the following places:
Curaçao This is the most popular jurisdiction for gambling licences. The website can host all types of gambling games and also accept sports betting. Its advantages include processing in an average of two months and low tax on net profits (2%). The owner needs to register the firm in Curaçao, obtain a physical address and place all the equipment needed to operate. The lack of jurisdiction means that its licence is not valued. A player will not be able to rely on the licensor for help in case of problems at the casino.
Great Britain. In the online casino environment, the English licence is one of the most respected. To get one, business owners have to go through a thorough vetting process, submit a lot of documents, including information about themselves and where they get their money from. There are four types of licence in total, and they take between three and six months to obtain. Tax rates on net profits range from 10 per cent to 21 per cent depending on the type of game. Casinos are required to follow responsible gambling rules to protect the rights of players.
Malta This country has a good licence that even the UK recognises. To get it, a company must have €100,000 as authorised capital, and this can increase to €240,000 if the establishment plans to accept sports betting. Malta’s tax on gambling is 5 per cent.