The most popular betting licenses and their requirements
Every jurisdiction has its own requirements for applicants. Below are the general licensing conditions; for the most complete and up-to-date information please contact our managers (there is no need to visit our offices, the consultation is available via phone or online).
Obtaining a Curacao betting license
The Curacao license is one of the most common licenses in the gambling industry. As of today, more than 70% of all operators around the world work under the Curacao license. For the island state, selling licenses is an essential way of filling the treasury. If your company plans to accept bets over the Internet, this permit will be a great choice. Curacao-licensed betting sites enjoy a number of advantages:
- Simplified process of opening a Merchant Account for processing payments;
- Minimal documentation required. In order to get a Curacao betting license, you only have to submit the information about your company’s founders, its financial standing and revenue. Other requirements include storing backup information about clients and transactions on Curacao’s soil, getting your software certified by an audit company, and having specific website sections (Terms and Conditions, Refund Policy, etc.) and a clickable icon confirming licensing.
- Software providers happily cooperate with Curacao license holders. Moreover, the licensing commission is very tolerant to gambling companies, even to those who use beta versions of software.
- The corporate tax rate is only 2%. Compared to other jurisdictions, license fees in Curacao are among the lowest.
- And most importantly, only in Curacao you get one license for all types of gambling activities. The country does not divide its licenses into different categories, and after getting a permit for operating a betting platform, you can then open a poker room or a full-fledged online casino.
Curacao is located in the south of the Caribbean Sea near the coast of Venezuela. From a formal standpoint, the island belongs to the Netherlands, but in practice, it has its own legal jurisdiction. This offshore zone is considered a prestigious place to run a gambling business.
Obtaining a Malta betting license
Malta is a highly respected jurisdiction and getting its license can significantly enhance your reputation in the online gambling industry. In order to run a sports betting business in Malta, you have to apply for a Class 2 license. The licensing process takes about 4-6 months.
The requirements for this permit are more strict than for the Curacao one. However, the Maltese license carries more weight among bookmakers and always instills confidence in players. You will not have to fly to Malta to obtain a license, as we will take care of preparing and submitting the necessary documentation. According to the rules imposed by the Malta Gaming Authority, to get the B2C license, you must submit:
- An application in English;
- Copies of company’s beneficial owners’ personal documents;
- A certificate of no criminal record;
- A detailed business plan;
- A corporate charter;
- A description of your company’s activities.
The sports betting license is issued for a period of five years. Apart from paying for the registration of the company in Malta and the starting license fee, license holders are required to settle the so-called Gaming Tax set at 5% of the revenue. After receiving a registration fee and verifying the submitted documents, the MGA makes a decision on issuing a betting license. Generally, the whole process takes about 5-6 months.
The main advantages of the Maltese jurisdiction include:
- A great reputation among both operators and players;
- A favorable tax climate for businesses;
- Easy credit and debit cards payment processing;
- Betting businesses are well-protected by the state.
Conclusion
Hopefully, a future sportsbook operator now has no doubts about the necessity of obtaining a license and working within the law. As of 2022, the best and the most cost-efficient option is obtaining approval documents from Malta or Curacao. GamingLicensing will assist you in getting a reputable betting license without any delays or paperwork. To find out the exact cost, please contact our consultants.
Feel free to reach out and ask us any questions about obtaining a license for online casinos, betting shops and poker rooms!
