As online gambling increases in popularity, there have been some steps taken by some governments to strategically position their countries as destinations for procurement of operating licenses for the business. Online gambling however, remains banned in a number of countries thus the licenses are obtained from offshore destinations which have designed and are running robust regulatory frameworks to facilitate online gambling.
The procurement of an online gambling license is a bit complicated, requiring the fulfillment of several due diligence requirements. In any case, online gambling enterprises need to have fulfilled registration requirements in at one jurisdiction which could be one of the more popular ones such as Costa Rica, Malta, UK, Antigua, Barbuda and Curacao among others.
Moss helps clients in the licensing process in some of the most popular jurisdictions and these are:
Remote gambling regulations are licensed in Malta pursuant to the Malta Public Lotto Ordinance Act of 2000, effectively allowing online gambling service providers to operate out of Malta in providing their services globally in addition to the tax benefits they enjoy.
This is adjudged to be the most popular destination for companies providing this service and there are presently over 150 online gambling companies and 400 gambling websites there.
Online gambling has become a key industry on this island and while the chances of obtaining a license is slim, there is the less costly option of procuring a sub-license.
There are some very vital issues to consider when selecting a jurisdiction for setting up an online gambling enterprise and these include; maintenance costs, initial and subsequent licensing costs, tax regime among others.
Moss helps clients procure licenses so as to derive optimum benefits that legal licensing affords such as credibility without which banks will not approve a bank account for your enterprise. Additionally, online payment service providers will not deal with you without some valid license thus making it impossible for you to accept payment from customers.