7 reasons to obtain a gambling license
Why get a gambling license?
As we know, online gambling is highly regulated due to several risks. These risks include fraud and money laundering, however, many countries have managed to find a good balance between a loyal approach to the industry and protection of players.
As the industry continues to grow, governments around the world have begun updating, amending and introducing new laws to regulate the gambling business.
There are two types of regulatory approaches to online gambling: regulatory mode and no regulation.
Some countries have set up national bodies to develop the industry while ensuring ethical compliance. These include Curacao, Malta, Kahnawake, Jersey and Gibraltar.
There are other countries that do not regulate online gambling, such as Costa Rica. This means that companies can operate there legally, without a license.
However, these companies will not function as online payment processors and software providers usually do not serve unlicensed, unregulated and uncontrolled online game operators. which makes their activities almost impossible. In 99% of cases, working without a license means that you are operating illegally. This leaves you vulnerable to criminal prosecution and creates the risk of your business being shut down very quickly.
Therefore, it is in your best interest to act on lawfully and enforce applicable laws.
There are 7 main reasons why your online gambling business should get a license:
1) The license will allow you to legally work in a large number of countries without restrictions;
2) Companies licensed in some offshore jurisdictions can benefit from low or even zero tax;
3) The presence of a license indicates the honesty of your gambling site and inspires confidence among the players;
4) Your customers will see that you are regulated and that they have access to a complaints or dispute resolution system;
5) To accept payments from your players using a credit card and other known payment methods, a valid license is usually required (of course, there are merchant providers who do not need a license, but in this case, there are risks of losing the money earned and be under constant threat of miscoding);
6) To work with trusted software and hardware vendors, you need to provide them with your license or proof that you are working legally;
7) A license is required to open a corporate account for a gambling company, a payment system or a bank will definitely need to justify the legality of your activity.
You can get more information on how to obtain a gambling license, the requirements for an applicant and other legal aspects of online gambling by contacting us at gambling-licenses.legarithm.io or directly via telegram https://t.me/legarithm_bot.