Online casino licenses are the most important part of any large casino’s operation. You may have found that the licensure process is too complicated, but you cannot take customers in places where you do not hold a proper license. This article explains how the licensure process works, shows you what must be done, and talks over the penalties for operating without a license.
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From Where Does The License Come?
The nation where you operate offers a full license for gambling establishments, and you must be licensed in each country where you plan to do business. The license allows them to charge tax on profits that you make, and they have a few regulations you must follow. You could be fined quite a lot of money for operating without a license and breaking the rules of the country.
How Do You Get A License?
A license must be obtained through the gambling and gaming commission of each country. They need to know who you are, how your company operates, and how much business you plan to do each month. The country must plan to charge taxes on the winnings from their citizens, and they must charge tax on the operating revenue of your company.
The license application is online, but you may contact the country for assistance with such an application. A government official may walk you through the process, and they help you learn when your site may go live for their citizens.
Your business is much more secure when you are operating under the proper license. You are not in danger of being shut down, and a company that gets shut down is often subject to a criminal investigation. Your business will come to a screeching halt, and you may be charged with violating the laws of the land.
Your company will lose money, and you may be stuck giving back quite a lot of money to customers who left that cash in their online accounts. You will receive a number of complaints from people who feel you have done them wrong, and the customers themselves may be cited by the local government for illegal gambling.
You must plan quite far in advance to obtain your casino license, and you must have a business plan to present to the local government. They want to know how you plan to operate, and you must report to them every month. You cannot set up a system like this overnight, and you may be asked to use a number of security programs for your online casino.
Get the casino license long before you tell your customers that you plan to open. You may go from one country to the next getting a new license in each place over the course of a year or more. It is difficult to open in many countries at once, but you may spread your influence over an extended period. Your casino license is the only way to operate legally in each new location.