What are the best offshore gaming license?
Getting an offshore gambling license is one of the most important steps in setting up your online gaming business. Although running an online gaming business involves a lot more than just getting a license, it is still a vital step in starting your gaming business. Offshore casino licenses are issued by many countries but some are more popular and worthwhile than others.
Online gaming has been growing into one of the hottest areas into which investors can start to move substantial funds from the overheated markets, and immediately start to see substantial profits with tremendous medium-term and long-term growth.
The first and most important aspect of the new market is the establishment of many offshore locations in which it is entirely legal to set up and operate online casino gambling, provided you own an offshore gambling license.
GBO has more than twelve years experience acting on behalf of investors wanting to establish an e-gambling operation in licensed countries. Let our team of experts guide you through the steps required to acquire a license and set up the best corporate, banking and payment processing structures to get you operating quickly, safely and legally.
We can help you obtain your Curacao Gaming License, please contact us
Why do you need an offshore gambling license?
The online gambling industry has expanded exponentially over the last few years but with that came an increase in corruption which became a major concern for players and authorities in many countries. The possibility that money-laundering can be hidden in the movement of funds has forced some countries to either ban completely or to heavily regulate traffic with some jurisdictions..
By displaying a license from a respected jurisdiction, you are assuring players that their money is secure and that your e-gaming service maintains a level of ethics that unlicensed gambling sites do not.
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What steps are needed to set up an offshore licensed e-gambling operation?
It is important to take note that the cost of a gaming license is only one component of the total expenditure required to establish a functioning online casino. As well, other factors come to affect the profitability of the operation, most importantly the rates of gaming and corporate tax.
To summarise these, the table below sets out the general steps that you would need to follow in all of the top-level countries or territories that do issue licenses for offshore gaming.
|Step 1 – company setup||This must be in the same country as the license you are buying. This can be in any country where online gambling is legal. Based on our experience, Curacao company formation, Malta, Greece, Romania or the UK are the simplest and/or cheapest top-level jurisdictions|
|Step 2 – license acquisition||Each country has its own rules and regulations. You should get expert advice from GBO to ensure you are following this essential step correctly for you online gambling license.|
|Step 3 – Setup banking & payment processing||One of the biggest obstacles for online gaming operators is to have fully functional payment processing operations so that gamblers can easily transfer their funds into their player accounts. Because online gambling is widely regarded by banks as a high-risk industry, you need to use gaming-friendly fintech services. Let GBO help, because this is our area of expertise.|
|Step 4 – Setup website infrastructure||You must set up the operation with game software, and a fully functional website. A complete package can cost more than a quarter of a million euros, but this can also be done by engaging the services of companies that specialize in supplying “white” gaming solutions that can be rented. Talk to us for our advice.|
|Step 5 – Start advertising & marketing||Successful operators have budgeted for €20k per month or even substantially more.|
Be prepared to fund all of these expenses for at least three to six months without any substantial income, since the ramp-up time for new casinos will extend over such a timeframe.
What are the licensing costs in the most popular e-gambling locations?
The offshore gaming license costs are not the only important element. In the table below, for the five most favorable locations, we detail the most significant features that will determine the profitability of any online gambling operation. if we take all factors together, Curacao gaming license cost is the most affordable from all other gaming jurisdictions.
Tax of the most popular e-gambling locations
|Country||License cost||Company setup cost **||Tax basis|
|Curacao||€13,000*||€10,000*||2% on company profit|
|Malta||€25,000*||€25,000*||5% on GGR capped at €600k/EU corporate tax 35%|
|UK||£9000||£50,000||21% on GGR/Corporate tax 19%|
|Greece||€120,000 per year||€\ 50,000||Tax on players winnings 15% - 20% / Corporate tax 24%|
|Romania||€\ 75,000||€\ 25,000||1.2% on turnover, capped at €120k/ Corporate tax 16%|