Online Gambling has become a very popular and profitable business model, with a number of governments worldwide setting up regulatory frameworks to offer the possibility of licensing of online gambling operations. While this gives prospective investors a vast number of jurisdictions to choose from, it also raises a lot of complications, since each jurisdiction has their own set of rules and requirements. Companies that wish to apply for licensing with several jurisdictions to broaden their target markets need to constantly ensure that their software and operations are in line with all the regulations, which are updated regularly.
The most popular, and reputable online gaming jurisdictions are Malta (licensed by the Malta Gaming Authority – MGA), UK(licensed by the Gambling Commission – UKGC), Curacao (Licensed by the Antillephone N.V.), Italy (licensed by Amministrazione Autonoma dei Monopoli di Stato – AAMS), Gibraltar, Isle of Man, amongst many others. To operate in a legal manner, online gambling businesses must be registered and in compliance in at least one jurisdiction.
It is crucial when deciding to set up a remote gaming site, to choose the most relevant jurisdiction to suit your needs. Amongst other things, the following should be considered: tax costs and benefits, licensing costs, ongoing licensing and maintenance fees, availability of ancillary services, reputability as well as technical requirements.
While it might be a lot of work to maintain a licensed operation, licensing provides players with a level of trust, and enhances your chances of success for the business. Furthermore, having a proper legal structure also facilitates agreements with banks and payment processing companies thus facilitating the business setup.
While online gaming is lucrative, compliance in online gaming is very difficult to maintain. Michael Kyprianou (Malta) Ltd has years of experience in this field, and will offer you sound advice.