We all follow the news and notice how gambling regulations around the world can change, but the question of which license to get and where to get it never gets any less important. What should operators keep in mind while making the decision, and how can they avoid getting lost in the world of iGaming licensing? Slotegrator offers a helping hand.
Many new operators stop short when they see the price and difficulty of the licensing process. What they need to realize, however, is that the benefits of having a license far outweigh the costs. Here are just a few of them:
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Safe, secure transactions. Most banks and other financial institutions will refuse to process transactions related to gambling if the casino is unlicensed. With a license, however, the platform can partner with preeminent payment processors around the globe.
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A wide range of games. Leading game providers, like banks, will commonly refuse to deal with unlicensed platforms, in order to protect their own reputation. In contrast, both top game developers, whose games have enduring popularity, and newcomers, who offer innovation and new experiences, will happily partner with licensed platforms.
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Player trust. There are more and more online forums and other resources where players share their experiences with different online casinos and rate them. One of the first things they mention is whether the platform is licensed or not. Seasoned players — that is, big spenders — will always, always prefer licensed casinos.
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More valuable markets. The right license can grant you easy access to the world’s most valuable markets, where regulators often block unlicensed platforms.
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Sponsorships. In markets where sponsorships and other partnerships are allowed, sports figures and other spokespeople are far more likely to sign a deal with a licensed platform.
Therefore, getting a license is a key first step when launching your platform or entering a new market. Some of the most common requirements include a background check, a business plan, proof of sufficient funds, software checks, compliance checks, incorporation within the licensor’s jurisdiction, and server location.
The choice of jurisdiction depends on the operator’s needs and resources. The most common factors to keep in mind are the license cost, territory coverage, and application requirements.
Yana Khaidukova, Managing Director at Slotegrator, shares: “As we have helped our clients with license acquisition in different jurisdictions for many years, we know how complicated and overwhelming it can be, especially for those who open their first project. There are many pitfalls and small details you should pay attention to, and it can be difficult and time-consuming to keep them all in mind, even for a whole legal team. That is why we are very open to our clients for business consultations and advice regarding their platforms. Our aim is not just to offer software to our clients but also to make sure they have it certified so they comply with the regulations and operate successfully.”
Slotegrator offers a helping hand to operators to ease the burden of dealing with stacks of paperwork and numerous checks. The company helps you get your project certified in jurisdictions such as Curaçao, Anjouan, the Isle of Man, and Kahnawake.
To avoid wasting time and money, it’s a very common practice for potential operators to seek jurisdictional advice and assistance from a legal team with experience in the field of iGaming licensing. Learn more about the Slotegrator’s business advisory and licensing services via the link.