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The best jurisdictions to obtain a gambling license
The gambling industry is developing and snowballing; new projects regularly create worthy competition. To work legally, you need to obtain an online gambling license. One of the problematic aspects is choosing the appropriate jurisdiction. Today, we want to talk about the three most popular countries where the most influential gambling projects have received permission.
How do you choose the proper jurisdiction?
Today, there is no universal answer to which jurisdiction to choose. It depends on various factors and features of your business. First of all, you need to pay attention to the following points:
- In which countries can you legally work after obtaining a permit;
- Does your business meet the requirements;
- Amount of taxation;
- Speed of obtaining permission;
- Permit cost and much more.
Choosing on your own can be tricky because you need to understand the regulations of this industry in different countries and know the specifics of the legislation. It can be challenging to study this information if you do not have a legal education. Gofaizen-Sherle specialists have extensive experience in this industry and will help you obtain the necessary permits. They will study your company’s activities and tell you what needs to be changed so that you meet the requirements of government agencies.
According to statistics, more than 75% of all crypto projects have received permission in this jurisdiction. It is the friendliest country for all gambling projects. It is mainly due to the fact that it has irresistible advantages:
- Issues permission not only to casinos but also to any gambling projects;
- The most reliable jurisdiction that has been issuing licenses since 2002;
- Favorable taxation (0% VAT and 2% corporate tax on net profit);
- High speed of decision-making (on average 6 weeks);
- Low one-time fee – $4,500.
However, this jurisdiction’s main advantage is its very lenient requirements for all applicants. If you are ready to work honestly, comply with AML and KYC requirements, and cooperate only with licensed game providers, then there will be no problems obtaining a license.
It is the second most popular jurisdiction that deserves your attention. It has several significant advantages:
- The largest gaming industry center in Europe, which has an impeccable reputation;
- 5% corporate tax;
- The permit is issued for 10 years;
- This is not included in the offshore blacklist;
- The fee for the first license is 25 thousand dollars;
- Non-governmental companies can operate online lotteries.
The budget of this country is primarily formed by the organizations licensed here, so the country sets very lenient licensing rules. However, it cares about its reputation and therefore requires all organizations to strictly adhere to fair play rules, AML, and KYC policies and regularly provide reports on their activities. Once you get your permit here, you can legally work throughout Europe and beyond.
If, for some reason, the above jurisdictions are not suitable for you, you should pay attention to Estonia. It is not as popular as the first 2, but there are some significant advantages:
- Favorable taxation – 5% for online casinos and 18% for lotteries;
- You receive the status of an international company, which gives you the opportunity to work in different countries legally;
- You receive a work permit for 5 years;
- The application is reviewed within 4 months.
However, here you will be asked to pay a fee for the first permit – 51 thousand euros. It will allow you to enter the European market and gain more confidence from investors.
Why should you get a permit?
Today, there are online gambling business owners who believe that they can operate without permission. When the Internet appeared, many organizations realized the benefits of working online. At that time, the online gambling industry was not regulated, leading to the emergence of many scammers. Thus, government agencies in different countries have developed simple rules for regulating this industry. If you are willing to work honestly and openly, you should get permission; otherwise, your platform will be blocked. In addition, the owner may have big problems with the law – they will not be able to conduct gambling activities in the future, pay huge fines, and their reputation will be completely damaged. It will result in you not being able to obtain permission in any other jurisdiction, even if you are willing to work legally in the future.