FAQ - How to Legally Start an Online Casino Business
If you have thought about starting an online casino business, you might have some questions about what you should do to get your business up-and-running fast and efficiently. Like so, we have answered a few questions that might be useful.
- What do I need to start a legal online casino business?
If you want to start a legal online casino, you have to obtain a gambling license from a licensing authority. Even though the internet has a global audience, there is no single piece of legislation that regulates gambling worldwide. Several countries have specific legislation, and you should make sure that you will be able to obtain a license if you want to run a real-money online casino.
- Which are the best licensing jurisdictions?
Some of the best licensing jurisdictions, which have gained worldwide recognition for offering highly valuable gaming licenses, with high-speed internet and state of the art infrastructure, are the United Kingdom and the Philippines. The licensing fees are high, but obtaining a license from any of these two authorities will be worth the costs.
- Which are the cheapest online casino licenses?
There are several licensing jurisdictions that offer cheap licenses for operators who want to start a legal online casino business, such as Malta, Curacao or Panama. Many online casinos operate in Costa Rica, where there is no specific need of a gambling license, because there is no official organization to recognize license holders.
- How long does it take to obtain a gambling license?
The time required to obtain a gaming license for your online casino varies depending on which jurisdiction you have chosen. If you provide sufficient information to the licensing authority, it could be ready as soon as two to three weeks.
- Can I start an online gambling site without a license?
Yes, you can start an online casino business with Bitcoins. In this case, you will not make transactions with real money directly. Players will deposit and cash-out Bitcoins, and then exchange them by using Bitcoin payment processors/exchange services. Not making real-money transactions does not qualify as ‘gambling’, which means that you can run your online gaming site without a license.
BY CASINOWEBSCRIPTS PUBLISHED 5 March 2015