The arena of the iGaming business has evolved much over time. During the nineties when it was coming into vogue, the industry was unregulated. As a result, when it came to gambling or gaming with money, it was not a secure option. Most people who gambled online were victims of money laundering and fraud. As a result, many countries shut down such illegal sites and operations. However, the iGaming business had huge potential. As a result, many licensing bodies rose up.
The US is one of the countries whose several states made online gambling legal. After that, many countries have also formed laws of their own in this domain. However, Curacao is a country that offers international gambling licenses. With its license, Curacao casinos can offer their services to customers in many countries. This includes countries that do not have their own online gambling laws. Today most online casinos have gained a reliable reputation. Licensing bodies such as Curacao are responsible for creating a reliable gambling environment online.
What Is an Online Gambling License?
This is a legal document that has now become essential for running any iGaming business. Nowadays most illegal sites gambling cannot operate without a pertinent license. Also, a license allows a casino website to run as a legitimate business. People can form accounts at their sites. They are guaranteed a secure platform where they can log in and make payments. They can fund their accounts and make withdrawals. Also, similar to casinos, software providers also need to be licensed. It is possible to sign up payment and software vendors only when a casino website is licensed.
Gaming licenses are legal documents that allow online casinos to run different games. Players also get a sense of reliability with respect to the operators. Licenses are also a symbol that licensees have adequate funds to run the domain. iGaming licenses allow casinos to offer bingo, sports betting and other gaming entertainment as well.
Advantages of a Curacao Gaming License
In recent times Curacao jurisdiction has become a favourable option for many online gaming businesses. A license from this company offers the following advantages:
- A single license allows a domain to run several gambling games.
- The process of applying for the license is a simple one.
- Period to obtain a license is to 8 weeks.
- There is no VAT applicable or profit tax.
The above reasons showcase why the Curacao gaming license has become popular of late.
This is why the Curacao licence has gained worldwide recognition and players’ trust. Companies can apply for a license easily. After they complete the registration process they obtain an international operating license. What’s more, with sub licenses many companies are setting up several casino sites.
There is another distinct advantage of the Curacao gaming legislation. Not all countries have legalised online gambling. Usually state authorities in a country issue gaming licenses. Otherwise, there are country-level licenses for online gambling sites. These sites have restrictions pertaining to the regions they can operate. For instance, most country-specific gambling sites cannot take on players from other countries. On the other hand, Curacao gaming authorities allow companies to run their operations internationally. Once a company is registered and licensed by them, its websites can accept gamblers from several countries.
Features of a Curacao Gaming License
Curacao is part of the Netherlands. It is under the jurisdiction of Netherlands royalty. This is one of the first island countries to make gambling legal. Since the late nineties, its gambling jurisdiction has extended to online gambling domains. This has grown over time, due to its political stability as well.
- Cost of Licensing
One of the main advantages that Curacao offers is an affordable cost. A license for online gaming is priced at around 21,900 EUR annually. Additionally, there is a 6% sales tax included. Those who wish to renew their license can do so for the same amount every year. The sales tax also becomes applicable every year.
- Bundled Offering
Along with the license the price includes professional consultation. This helps make the licensing and registration process easy. Also, the license cost covers two domains and a validator. The license also comes with compliance authority. There are regular audits conducted by the licensing body. Hence, the license cost includes much more than simply the gaming license.
- Additional Assistance
There are certain other requirements linked to getting a license from this jurisdiction. For instance, a company needs to have a registered office in this country. Also, it is preferable that they have hardware and server setup in the country. Companies also need to make fund flow easy by setting up accounts in local banks. The gaming authority offers associated services in all these aspects.
Hence, along with a license, a company can get full support for setting up its account. There are consultants of the gaming authority who can guide all applicants through the registration process. They can also help them set up their company. This includes help in setting up server location and office address. They are also guided on how to open up a bank account and process funds. Finally, even after licensing, they can get support for running operations. As a result, the Curacao gaming commission provides comprehensive support to all licensees. They can set up their casinos, offline and online and run them successfully. They can look forward to legal and administrative support as well.
How to Obtain a Curacao License?
Operators need to go through certain steps to acquire an operating license for casinos. For instance:
- They should begin by submitting an application.
- They should provide a detailed report as per compliance requirements.
- There is an IP application process to be completed, for online casinos.
- Applicants need to submit necessary and supporting documents.
- Make payment.
- Wait for 4 to 6 weeks to get an approved license.
Usually, after registration is done, the commission will point out if any changes are required. This could pertain to certain clauses or conditions that need to be satisfied. Once the license is issued, the gambling commission conducts audits. These help licensees to run their businesses in line with the established rules and standards.