Curacao Gaming License
Curacao is an island country in the southern Caribbean Sea and forming part of the Dutch Caribbean region. These are also called Lesser Antilles in Caribbean’s since it is a group of islands. Curacao is about 444 square kilometers in area and is situated 65 kilometers north of the coast of Venezuela. Administratively, it is currently a constituent country within the Kingdom of Netherlands.
Since 1996 Curacao has been offering iGaming licenses making the country on of the first jurisdictions to regulate online gambling. Online gambling is one of the prominent lines of business in Curacao. In order to become a legitimate iGaming operator, the company must first obtain E-Zone status and apply for the license from the government. A widely practiced option is to apply for IP Agreement, also known as sub-license from one of the existing license holders. The Curacao gaming license was first introduced in 1996 when the island was still part of the Netherland Antilles. That makes Curacao one of the oldest and most recognizable jurisdictions in the world issuing gaming licenses and regulating iGaming businesses.
Gaming entrepreneurs from all across the world establish Curacao companies in order to apply for Information Provider (IP) agreement. These existing gaming license holders offer compliance and data center services in order to execute supervision over sub-licensee operations. To secure iGaming license, applicant companies must go through fit and proper tests, file respective forms and applications and present their iGaming platform for technical compliance. Only upon satisfying all the requirements the operator is granted the licensed IP provider status.
Many gambling operators have selected Curacao to register their iGaming website due to the favorable tax laws, relatively inexpensive and quick licensing process as well as jurisdiction recognition. The government of Curacao charges only 2% of the tax from the net profits of the online gambling businesses and they do not mount massive barriers for new iGaming industry entrants. The government or master license holder shall grant license if applicant complies with relatively straightforward set of requirements.
The cost of Curacao gaming license cost is fairly low. A full gambling license in Curacao can be obtained for about 60000 ANG (Netherlands Antillean Guilder), which is roughly about 31,500 Euro. The monthly fee is about 10000 ANG, which is equal to around Euro 5,250 for the first two years. Afterwards, the iGaming license holder can address the government and negotiate about the further fees.
Master license entitles their holders to grant sub licenses to other companies after they go through due diligence and establish presence in E-Zone. A sublicense grants operator the ability to operate under the auspices of master license without privilege of granting own sublicenses. The master license holder is responsible for supervision of all the activities of the companies they issued sublicense to. The master license holder establishes list of restricted jurisdictions where operators cannot offer services. Sublicense companies also have to strictly adhere to principles of responsible gaming including not offering services to persons under legal age or otherwise not legally fit.
Curacao license entitles to operate all forms of interactive gambling. Which means that Curacao gaming license holder can run online casino, sportsbook, poker room or a website that offer all of the above.
Despite being considered a less stringent jurisdiction, application for interactive casino and betting license in Curacao has certain due diligence requirements. The applicant owner should present an original certificate of no criminal record not older than 3 months. Owners of company applying for Curacao gaming license all should also produce bank reference and utility bill. Obviously, the applicants also present certified passport copies not older than 3 months along with CV and declaration of legal origins of funds used to launch iGaming operation. Next, the prospective licensee should produce a description of all the gambling and betting services to be offered on their iGaming website and relevant contracts for securing rights to any offerings supplied by 3rd party providers. This is required in order show the legal right to place gaming content on the website. Applicant should also define about the target markets of business, ensuring restricted territories are not targeted. There are lots of websites running under Curacao gaming license on the Internet. Due to established track record, ease of application process and lax capital requirements, this jurisdiction is likely to remain the optimal choice for iGaming startups as well as default license for established operators.
In Law We Trust is a business advisory and legal expert that has broad experience in supporting iGaming businesses ranging from industry leaders to new entrants. We support online gaming operators with origins all around the world with Curacao license application and further company lifecycle. Due to unparalleled expertise, In Law We Trust can assist with every possible aspect of setting up, launching and running online gambling business. Further, we can also open a banking account in Curacao for your Company and manage your activities with the bank.
Cyprus Betting License
The Republic of Cyprus is an island country in the Eastern Mediterranean and is the third largest island in the Mediterranean. Cyprus is situated south of Turkey, southeast of Greece, northwest of Israel, west of Syria and Lebanon, and north of Egypt. This gives the country unique position as easternmost EU member.
Cyprus relatively recently joined the list of European countries regulating online gambling. Until then all of the online gambling businesses that targeted Cypriot residents were illegal and active measures were taken in order to prohibit interactive wagering. However, popularity of sports betting among Cypriots dictated that betting over Internet becomes regulated. Parliament of the country passed the Betting Law in 2012, providing legislative framework for issuance of a Cyprus betting license. Cyprus lawmakers opted to leave online casinos and poker rooms illegal on the island leaving online sportsbook the only regulated type of iGaming. National Betting Authority was appointed as regulatory body responsible for issuance of betting licenses. NBA has taken swift measures to block access to all unlicensed websites for residents of Cyprus.
The National Betting Authority of Cyprus offers two Classes of Cyprus betting license. The Class A is offered to companies operating land based betting shops, which is a traditional gambling establishments found all across the island. Starting in 2016, Class B license for interactive betting was introduced. The Cyprus Betting Law of 2016 prescribes establishing a local company in order to qualify as applicant for online betting license. Authority also requires setting up a backup server to perform regulatory supervision over betting services offered by the company to Cypriots. To ensure that only financially stable gambling operators enter the market, the Law demands the license applicants to have paid up capital of at least Euro 500,000. Such stringent requirements aim to ensure that only established local or international operators of gambling businesses apply for interactive Cyprus gaming license.
As for the land based, the Law regulating casino was adopted in 2015 with provision for only one license for establishment of multi-purpose complex with gambling, accommodation and entertainment offered. After launching tender process with 8 international operators, Cyprus issued the sole casino license to Melco-Hard Rock Consortium. In accordance with the Cypriot legislative framework, issuance of casino gaming license was made possible only to gambling establishment integrated with a hotel. Limassol, being the main tourist hub of the island was chosen as obvious spot for this integrated casino resort. This casino license provides operator the benefit of monopoly for 15 years in Cyprus. Also, this gaming license entitles the operator to open satellite casino in capital of Cyprus, Nicosia as well as slot machine parlours in all the districts.
In Law We Trust’s professional gaming licensing team takes into account all peculiarities of running gambling business in countries around the world, and obviously Cyprus, being company’s home jurisdiction. Our professionals are ready to assist with application for Cyprus betting license and launching a successful and profitable iGaming operation from the island. Further, we can also open a banking account in Cyprus for your Company and manage your activities with the bank.
Malta Gaming License
The Republic of Malta comprises of island archipelago in the central Mediterranean Sea. Only two of those islands, Malta and Gozo are permanently inhabited. The main languages spoken on the islands are English and Maltese. The country is a member of the European Union, making accession to the block on 1st of May 2004. Malta has adopted Euro but islands’ original currency was Maltese Lira.
Since becoming a member of the European Union it was necessary for Malta to find its competitive niche for conducting businesses among the international community. iGaming business was identified as sector having solid growth potential. Due to remote nature of interactive gambling, flexible regulatory framework and attractive tax regime bear more importance than exact location of operations. This was one of the main reasons of Malta being selected for setting up headquarters and obtaining online gaming license in Malta by many leading gambling companies. This lead to Malta becoming home for lots of people from EU and beyond, getting transferred to the island as part of gaming operators’ staff. That brought Malta a truly global, multi-lingual workforce. Which created additional attraction for more gambling firms to set up offices in Malta due to presence of multi-lingual customer support to be hired for serving international customers.
Malta became one of the undisputed leading countries in the field of iGaming. There are currently almost 500 Malta remote gaming licenses issued by Malta Gaming Authority. In the present many of the leading operators transferred bulk of their operations to Malta. Since 2004, online gaming sector in Malta has shown a massive growth currently presenting around 12% of country’s Gross Domestic Product.
Most types of interactive wagering can be offered from Malta, including online casino, sportsbook, betting exchanges, poker rooms, lotteries and more. This flexible regulatory framework served as additional driver that attracted many leading iGaming companies to do business in Malta. The country regulates remote gaming on a point of purchase basis, positioning as global iGaming jurisdiction. Country has set up measures to prevent Malta licensed online gaming businesses from offering services to underage and problem gamblers. Obtaining Malta casino or betting license is relatively inexpensive and time efficient if applicant company is well prepared. The license fees are transparent and publicized on MGA website along with list of licensed entities. Many financial service institutions are available in Malta to support the remote gambling operators.
The principal question for many iGaming market entrants is how to get a gaming license in Malta. Firstly, it needs to be determined which of the four Classes of Malta gaming license is suitable for planned operation. In order to launch online casinos, company would apply for Class 1. Class 2 is for remote sports betting, while Class 3 is for Player-to-Player type of wagering, including poker rooms and betting exchanges. Class 4 license is available to companies seeking to host and manage remote gaming operators without offering services to players. There are Remote Gaming Regulations providing guidance for the prospective applicants seeking to obtain a gambling license. Company in Malta has to be established and there is rigorous ‘fit and proper persons’ test in order to provide identification as to who owns the business. Gaming license applicant should demonstrate the financial and technical ability to carry out the gaming operations in compliance with Malta laws and regulations. There should also be a paid up capital of 40 or 100 thousand euros depending on the license class to ensure solvency of the enterprise and security of player winnings and deposits. The gaming system has to be presented for audit to Malta Gaming Authority to ensure it meets the control objectives.
To perform oversight of operations and report to MGA, the company must appoint a resident of Malta as Key Official. This person has to be available for any inquiry from Malta Gaming Authority. The other responsibilities the Key Official has is to supervise that operation runs according to the laws and regulations set by Malta and EU regulatory bodies.
The Malta Gaming license fees comprise of one-time application fee of 2330 euros and system audit fee of 2500 euros. If application is successful, there is annual license fee of 8500 euros. These are only the license fees, and there are company registration and capital contributions to account when considering a gaming license Malta. There are also differing gaming taxes depending on Class of remote license that operator is planning to obtain
The gambling license from respected jurisdiction and solid business structure is the key to launching a successful iGaming business. In Law We Trust assists with applications for online gaming license in Malta. Our experienced team is ready to offer time and cost effective process of obtaining Malta remote gambling license for iGaming businesses ranging from startups to seasoned operators seeking to benefit from EU’s top licensing jurisdiction. Further, we can also open a banking account in Malta for your Company and manage your activities with the bank.