How Does an Online Gambling License Work?

The online gaming industry is going through a serious period of boom at the moment. At a time when many other sectors of the economy are struggling to weather the storm of the COVID-19 pandemic, it seems that iGaming industry may just be one of the most recession-proof out there as the constant innovations in technology seem to have kept punters engaged and entertained through this troubling time.

 With investing in the gaming industry looking like a pretty safe bet at the moment, then, it should come as no surprise to learn that there has been a serious spike in the number of people requesting information on gaming licenses and how to go about applying for one. Therefore, in this article, we shed light on everything to do with the topic.

Why You Need an Online Gaming License

Anybody who is thinking about setting up a new non UK casinos company should know that doing so is illegal without having the proper permissions in place. To gain the right to start trading as an online casino or sports betting business, you first have to obtain a legal license that proves that you are registered and compliant with the gambling regulations in at least one country or jurisdiction. This is most easily done through an online application for an offshore gambling license from a country like Malta, Gibraltar, Curacao or the Isle of Mann.

The Benefits of an Online Gambling License

There are a wide range of benefits that are conferred on the holder of a gambling license:

• Gambling licenses allow your business to legally operate in a long list of international jurisdictions. Choose one which offers the scope that best suits your business plan.
• Setting up a company in one of the popular offshore gambling jurisdictions means that your company is most often not subject to tax, providing that its earnings are derived outside of the jurisdiction in which it is registered. 
• Striking up partnerships with payment providers and merchants is dependent on having the correct legal permissions in place. 
• Gain the right to open a settlement account in a broad selection of international jurisdictions. 
• Setting up in an offshore gambling jurisdiction will give you access to important hardware and software providers who you will need to hire if you want to make your platform competitive. 
• You need to have a license if you want your app to be listed on the Google Play store and the Apple iStore.
• Gain credibility among potential sponsors, partners and clients. 
• Rest easy with the confidence that your business is not at any risk of being closed down, while you and your employees will not be prosecuted and convicted for breaking gambling laws. 

As you can see, there are plenty of good reasons why you should apply for a gambling license. The quickest and easiest way of getting permission to trade in a range of jurisdictions is by applying online at one of the reputable offshore gambling jurisdictions out there today.