As more people go online and the use of mobile devices increases, the number of those looking for online casinos, slot machines, and betting such as pick7 competition will grow exponentially. More businesspersons want to open an online platform. The most important thing to consider before this can happen is licensing.
As you know, the world of iGaming is highly regulated due to various risks. This includes money laundering and fraud but numerous jurisdictions manage to attack a good balance between protecting yourself and the players and promoting the industry.
Governments all over the globe have begun updating, changing, and introducing new laws to regulate the business. In the long term, these changes are to be assessed positively, as mutual control must be guaranteed with an expected growth rate of 10% per year.
But why do you need a license at all?
99% of the time, operating without a license would mean you are operating illegally. It is therefore in your best interests to operate legally and to ensure that you comply with applicable laws. If you choose to operate in a jurisdiction where there are no regulatory requirements, it can affect your activities and your credibility.
Key reasons your iGaming industry should be licensed
- A license allows you to operate legally and without restrictions in a larger number of countries.
- Businesses licensed in some offshore controls can take advantage of low or even zero taxes.
- Owning a license encourages players to trust you and shows credibility.
- Your clients can see that you are reliable and that a dispute or complaint resolution system is readily available to them.
- In order to accept payments from your players online using credit cards and other trustworthy payment methods, a valid license is usually required.
- In order to work with reputable software and hardware vendors, you’ll need to show them your license or proof that you’re working legally.
Meeting licensing requirements is only half the job. You need to ensure that you are complying with the requirements through actual self-regulation. Responsible gaming, ethics, and a policy of zero tolerance to underage gambling should be at the heart of your ethos. Make sure you don’t miss anything when you have your online gambling license in hand.