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What do I need to get an iGaming license?
Tuesday, 4 January 2022
If you are an entrepreneur considering opening an online gambling site in 2022, you might be wondering what boxes you need to tick to get your license. The exact requirements will vary depending on the jurisdiction you choose and the kind of business you will run, but generally, you will need to have the following:
Proof of identity
When you partner with a corporate service provider, you will be required to prove your identity. You will also need to do this when applying for an iGaming license and payment accounts, irrespective of the jurisdiction. This process entails providing a certified copy of your passport. You must also show a recent proof of residence, such as a utility bill for water or electricity. You may be asked about the source of your funds and to complete remote ID verification. Once your identity has been ascertained, subsequent steps of the process will follow.
To apply for a gambling license, you must prove you do not have a criminal record. This can be done by providing a certificate issued by the authorities in your home country, evidencing that you have not been convicted of any criminal offences. You may also be required to provide assurances that you have never been declared bankrupt and are of good financial standing. Additionally, letters of reference from banks, lawyers, or accountants will be required. These should be no older than three months, and each director, shareholder and ultimate beneficiary owner in your enterprise should provide them.
Proof you’re capable of running a gambling site
While this varies from jurisdiction to jurisdiction, some regulators will want to be sure you are qualified and capable of holding your position. They may ask to see your curriculum vitae and any relevant qualifications you have. In Malta, recent rule changes require minimum levels of education, plus additional courses, work experience, and even publications in industry journals. The requirements for proving you are fit and proper can vary significantly, so it is best to check with your corporate service provider before you start the application process.
Proof of fairness
Another paramount requirement from most reputable jurisdictions like Kahnawake and the Isle of Man is providing the regulator with evidence of how you will ensure your games are fair. There are two main ways of doing this; a Random Number Generator certified by an independent third party or a provably fair algorithm. Both of these will demonstrate that your games are fair and within the parameters required under that jurisdictions’ law. You may need to submit to random and periodic checks by the regulator to make sure everything is in order.
Before you apply for an online gambling license, you need to incorporate a company in the jurisdiction where your site will be based. Typically, this is a regular company and can be purchased off the shelf from a corporate service provider or incorporated on your behalf. Be sure you specify the activity as gambling and ensure the owners and directors line up with those applying for the gambling license. You will also need to adhere to rules on financial statements, taxation, audits and pay your annual fees on time to ensure the smooth running of your business.
A settlement account
You will also need an account so that your players can deposit money or withdraw their winnings. Most banks consider online gambling high-risk, so you might find it a bit challenging to open such an account. But don’t worry, if you partner with a corporate service provider such as Fast Offshore, you can apply with banks that regularly work with gambling operators and learn how to keep your account in check.
Application form and fee
Every application process requires submitting an application form, along with all the relevant documents and the payment of a fee. This fee will need to be topped up periodically and may also include gaming taxes and other costs. These must be filed in good time and in full to ensure the progression of the process. If you fall behind with payments, you may find your license suspended or even withdrawn.
For first-timers, the paperwork and requirements can seem like quite a lot. But Fast Offshore can take care of all the hard work for you. We have been in the iGaming industry for over 24 years and have worked with many entrepreneurs just like you.
From company incorporation to collating paperwork, bank account opening to compliance, Fast Offshore can take care of all the behind-the-scenes tasks while you focus on opening your new gambling site. To work with the best in the industry and entrust your venture to transparent, responsive professionals, contact Fast Offshore today!