iBet Directory Source The Latest And Hottest iGaming News
How to get the best online gambling license for your business
Monday, 12 December 2022
Are you an entrepreneur looking to start an online gambling business in 2022? If so, then you might be wondering how to ensure maximum success. You need to consider many things during the startup process, but by following our simple advice, you can significantly increase your chances.
Do your research
The online gambling sector is going from strength to strength, but that doesn’t mean you can skip the research stage and dive in head first. You need to take a deep dive into the gambling sector in the regions you will offer your services in, scoping out the competition and creating a niche for yourself. Look at what others are doing and are not doing, and take stock of current regional and international trends. This will enable you to tailor your offering for optimum results and profitability.
Have a plan
Once you have done your research, you need to create a business plan. This will detail your target audience, what services and products you will offer, how you will fund the operation, and how much money you expect to make. It will also cover things like what kinds of betting you will offer, plans for future expansion, and what will happen should things not go accordingly. The business plan will also detail human resource matters and marketing. In some cases, when setting up a company or applying for a gambling license, you will have to submit your business plan for consideration by the authorities.
Get a good partner
Next up, you will need to find an excellent partner to help you through the application and setup process. Launching your business will require incorporating a company, getting licensed, minding compliance matters and dealing with banks and payment processors. For these procedures, you will need to work with a professional with experience who can assist you in avoiding any obstacles. Pick a partner with a demonstrated track record in the sector and in the jurisdiction you want to work with to ensure a smooth process.
Plan your finances
Setting up an online casino requires investment, not just in software and infrastructure, but in administration as well. You will need to put up capital for your company, pay application and annual fees, professional fees, translation and certification fees, and payment and transaction facilitation costs. This is aside from human resources, marketing, and physical operations. Make sure you always plan for the worst and put your estimates at the higher end of the scale. Always have a backup plan, and be sure you have considered every single cost before starting the setup process.
Don’t neglect compliance
Online gambling is a regulated sector in its own right, and when you deal with financial transactions, there are additional compliance requirements. Failure to comply with fairness, combatting underage gambling, anti-money laundering and financial crime laws can result in significant reputational damage, revocation of licensing, and big economic consequences. Fast Offshore can help you with all your compliance needs, from drafting policies to keeping you updated with developments.
Last but not least, you need to be innovative in your approach. This means embracing new technologies and ways of doing things regarding your online gambling platform. For example, look at cryptocurrency gambling, live dealer casinos, provably fair, and even applications. You can also consider virtual and augmented reality, the metaverse, and new kinds of betting, such as fantasy sports and eSports. By offering new and exciting options for clients, you will have a distinct advantage over the competition and, ultimately, be more profitable.
Why pick Fast Offshore as a partner?
With many corporate service providers out there, all claiming to offer the best in service and products, how do you know who to pick? Here are just a few reasons why you should pick Fast Offshore.
Fast Offshore has worked in the online gambling sector for 25 years since its inception. This brings unrivalled and unparalleled experience and knowledge, far superior to many other providers.
During that time, we have assisted hundreds of operators in getting their online gambling licenses in many jurisdictions. We know the laws and processes and have great relationships with the relevant authorities.
We guarantee a smooth process and that we will serve you with outstanding customer service every step of the way. All queries and questions will be dealt with swiftly, and we will keep you updated with all developments as they happen.
As well as getting you set up, we can also help you with ongoing maintenance. This will reduce the administrative burden on you, prevent issues with regulators, and allow you to focus more on your business goals.
We offer a complete A-Z service, including corporate structuring and incorporation, licensing, compliance, and payments, and we can also assist in liaising with other key third parties. There is no need to go elsewhere for your corporate iGaming needs, as Fast Offshore can provide it all.
We offer custom packages and off-the-shelf solutions, allowing complete transparency over what you are paying for. Fast Offshore will not lure you in with low prices, slap you with hidden fees, or make you buy services you don’t need. We insist on full transparency at all times.
Fast Offshore has worked in the online casino sector for over 25 years. Our team is ideally placed to assist you with every step of the process and manage your corporate needs going forward. Please get in touch with us here if you would like to speak to a team member today.