The essential factor in starting a standalone online casino is obtaining a gaming license. A license does more than just boost players’ trust and enhance the casino’s reputation; it is a necessity for working with many game content providers and various software. It is required to create financial infrastructure for an online gambling business such as a casino or sports betting. Getting a gaming license is necessary to start an online gambling business.
Why is a Gaming License necessary?
A gambling license allows a gambling business to operate legally by meeting all the requirements. It is necessary for:
- Opening a merchant and a bank account
- Working with payment systems that operate electronically
- Using reputable, white-market gaming content from reliable providers
- For better player engagement and more effective marketing
- For increasing loyalty in players who want reputable casinos
Knowing how to get a gaming license is essential in starting an online gaming or gambling business. Various jurisdictions are available based on the casino’s requirements, which include licensing costs, the time it takes to apply for the license, and software.
Steps on how to get a Gaming License
When planning to start an online gambling business, one question that rings in your mind is, “How do I get a gaming license.” When applying for a gaming license, there are several steps to follow. You must thoroughly research the requirements needed by the authorities in the online gaming industry. You must also ensure that your infrastructure and business operations comply with technical and legal standards. Streamlining the process requires guidance from legal consultants and professionals who understand the online gaming industry well. Collecting necessary documentation also helps to simplify the process of acquiring a gaming license. The chances of getting a gaming license successfully require you to review all details carefully. The following steps elaborate on how to get a gaming license:
- Know gambling jurisdictions, the cost of applying for the gaming license, application processing time, requirements, and taxation policy.
- Go for a jurisdiction that corresponds well with your current possibilities and needs.
- The casino software you intend to use must also meet the jurisdiction’s requirements. Different licensing bodies offer varying requirements for using casino software. For example, the software must support the casino’s self-exclusion policy with suitable functionality.
- Since most jurisdictions need a locally registered company to run the casino, you should be ready to incorporate a legal entity.
- Prepare personal documents in advance to quicken the license application process. Among the documents necessary for the incorporation process include recent utility bills for proof of address, a reference letter from your bank, a copy of your passport, and evidence from the police that shows you have no criminal records.
- Gaming software documents should be prepared in advance. Typically, these documents should include a signed agreement with the software developers, a certificate of the RNG, and a detailed software functionality description.
- Look for vital information from your casino website that the gambling jurisdiction may need. The information that most gaming jurisdictions look for includes withdrawal policy, responsible gambling, self-exclusion policy, terms and conditions, and more.
Also, you can read Guide on How to start your own online casino business
What is the typical duration for obtaining a gaming license?
It takes time, cost, and effort to acquire a gambling license. It may take weeks, months, or maybe a whole year. A professional is necessary to eliminate unnecessary risks of operating an online casino and shorten the gaming license application process. The process is time-consuming, even though most of the steps are straightforward. Various factors affect the time to obtain a gaming license successfully. We will mention some of these factors in this post to help make the process seamless. Learning how to obtain a gaming license will shorten the period of acquiring it. Let’s explore the process of obtaining a gambling license and discover how long it typically takes.
Below is an approximate of how long it will take to obtain a gambling license:
Submitting the Application
After filling out the application form, submitting it to the relevant authorities is the first thing you must do. This is step one of obtaining a gambling license. This step takes between 2 and 4 weeks, depending on the application’s accuracy and the applicant’s readiness. What determines the quality of the application is the accuracy of the given information about the gambling business you want to start. How you’ve presented the information also dictates the quality of the application. Counter-check the information about the application before submitting it to ensure everything is accurate. This prevents your app from being turned down due to inaccuracies and minor errors.
The license jurisdiction often dictates the information you must submit about you and your online gambling business. Among the gambling license checks, you will be subjected to include reference checks, employment checks, criminal background checks, and many others. A rigorous regulator will make you go through numerous checks. All the work that goes into obtaining a gambling license is worth it because licenses allow you to offer your gambling services to a wider, robust market.
The fee you must pay during the application process is also vital. In most cases, operators ask for a non-refundable fee. An annual fee is necessary once you have obtained a gaming license. The payment is only complete once you receive payment confirmations from the operator. Seeking consultancy services from gambling experts will help you to quicken the application process.
Reviewing the Application
Upon receiving your application, the gaming authority will scrutinize it to ensure that every piece of information meets its requirements and standards. The reviewing exercise takes between 6 to 12 weeks. The waiting period depends on the gaming authority and the type of license you want. A comprehensive analysis of your business plan is also included in this step. The authority will scrutinize your HR plan, distribution strategies, and growth targets. The reviewing of your application can be split into two key parts. They include verifying the accuracy of the information written on your application and verifying your casino software’s fairness.
Suitability
After applying, it takes about 60 days for the authority to establish your suitability for running an online gambling business. This step involves back-and-forth communication with the relevant authority. It is often affected by the quality of the app. Your quick response to the authorities’ questions will speed up the application process. Before a verdict is reached on whether to give you a license or not, several factors are considered. It is hard to obtain a gaming license if you have a criminal record. You should also not be an ex-convict who was jailed for financial embezzlement. You will be declared suitable for running an online gambling business if you meet all these conditions.
A good example is the Division of Gaming of Colorado, USA, where applicants must mention any court appearance or arrests. In the event of relocating to a different area, it is crucial to inform the appropriate authorities accordingly. You will also need to provide your fingerprint.
See More: How to Become a Bookie and Start Own Sportsbook Business
Software Testing
While going through your gaming application, the gaming authority will review your gaming software. They need to test it to know whether your games are fair. It will also take about 60 days to review your software. However, several factors help to determine how long it takes to review your gaming software. These factors include the type of gambling software you have, the number of games, and the size of your business. Software developers also need to be known by the licensing body. Both software and suitability can be performed simultaneously; therefore, this will shorten the step of the gaming license application. Some members can provide application information if you have a big team, while others may focus on testing the software.
Many license providers rely on independent software testing agencies, such as iTechLabs, GLI, eCOGRA, and others, when testing the software for fairness. Authorities will test these features: security, fairness, user-friendliness, and many others. What determines the quality of the application is the accuracy of the given information about the gambling business you want to start. How you’ve presented the information also dictates the quality of the application.
The testing time may reduce if the company used to operate the software is already certified by the same agency that is testing the gambling software. This will also make the entire process much more manageable.
Going Live
Once the application and software are verified, you will need another 60 days to go live. Like the application submission, your capabilities will dictate how you will go live. The steps involve integrating the gaming system into a technical environment, server, and compliance audits. At any point, the gaming authority may decide to start another separate audit if it feels necessary. Immediate license termination may happen if the rules and regulations are not followed.
Why Choose InviteGaming for Gaming License Process
- Expertise: InviteGaming boasts a team of seasoned professionals with extensive knowledge and experience in the gaming industry. They understand the complexities of obtaining gaming licenses and can efficiently guide you through the process.
- Streamlined Process: InviteGaming has developed a streamlined and efficient process for obtaining gaming licenses. They have established relationships with regulatory bodies and understand the requirements, ensuring a smooth and expedited application process.
- Comprehensive Services: InviteGaming offers a wide range of services related to gaming licenses, including application preparation, documentation, compliance consulting, and ongoing support. They provide end-to-end solutions tailored to your specific needs.
- Regulatory Compliance: Compliance with gaming regulations is crucial for a successful gaming operation. InviteGaming has in-depth knowledge of the regulatory landscape and can help you navigate the complexities to ensure full compliance, minimizing risks and potential penalties.
- Industry Reputation: InviteGaming has earned a solid reputation in the gaming industry for its professionalism, integrity, and success in obtaining gaming licenses for clients. Their track record speaks for itself.
- Customer Satisfaction: InviteGaming prioritizes customer satisfaction and strives to exceed client expectations. They offer personalized attention, responsive communication, and dedicated support throughout the license application process.
Conclusion
Knowing how to get a gaming license has its benefits. Obtaining a gambling license requires thorough research of what the licensing body wants and understanding the necessary steps of obtaining a gaming license. The period for obtaining a gambling license varies based on various factors, including application complexity and jurisdiction. However, you can navigate the tiresome process of acquiring a gambling license by engaging expert assistance, ensuring that you have adhered to prescribed legal standards and compliance, and following the proper channels when applying for a gaming license. Other factors that will help you quicken the license-obtaining process include the early gathering of documents, review, and sufficient preparation.
For any inquiries or assistance, feel free to reach out to us at Invitegaming. Our friendly customer support team is here to help you. Contact us today and experience top-notch service.