Online gambling is at its peak with the advancement in technology and of course, growth of the virtual world. Gambling is one short cut way to make easy and fast cash. But it can go the other way also if you are not careful about it. And gambling without profit is like a cake without the icing, just dry and pointless.
With the social world gaining pace gambling is more social or online gambling now. People no more go to the casinos for gambling and this brought in the trend of online gambling. However, there is a thin line between playing games and earning real money and gambling.
This is the stage where people often get confused. According to the Apex court which involves a substantial degree of skills and its application even it involves hard cash is not gambling. So here we are talking about legal online gambling. And you need to follow some procedures to make it legal.
Working in the shadows is always risky. And what is the point of taking all the risk and not to forget the legal charges, when you can actually avoid it?
Yes, you are right I am talking about online gambling license and how to get it. When it comes to gambling, those who are really into it do not give a thought about the risks or for that matter the win or loss.
Because they don’t have to actually pay for online gambling, there the real kick is only the thrill of playing it socially online. So, these online gamblers, without having to worry much about draining the cash prefer online gambling rather than walking in into traditional casinos.
Online gaming has not hit the doors recently. It has been in tradition since the 90s. But then the criteria were different, it was never free. The word GAMBLING itself means involving money into it. The players invest some amount into playing hoping to get back some profit or on the bad side lose it all. So it was always a risk.
But online gambling getting the face of social gambling changed things. Social gambling was not all about money, it was about meeting new people, making some friends, playing a few gambling games, and having fun.
If we talk about the numbers –
In short, with the increase in digitization of the world and online social interactions, the online gambling industry is showing growth in many regions around the globe.
And growth means opportunity. If you are looking forward to grabbing this opportunity, this is the time. Go for it. The first step to actually get into this industry is getting a license to avoid all the risks and legal processes later.
How to get the license? Keep reading and things will be sorted for you.
Time needed: 5 minutes.
As it goes, first things first. You will not get too far without an online gambling license if you are anyhow planning to do it. Skip the risk and go the right way. The online gambling license is actually your direct pass to the business.
And not to forget, a legal online gambling license will not only help you for effective marketing but also get you increased customer loyalty. What is a gambling license? If we go by the definition, “A gambling license is a certificate of authority issued by a licensing authority and is typically required by organizations that offer any type of game of chance or those that involve wagerings, such as roulette, poker, and slots. The requirements for the issuance of a gambling license vary from jurisdiction to jurisdiction.”
What all you need to do? Here are some basics:
1. Open a bank account
2. Open a merchant account
3. Engage with electronic payment system providers
4. Buying legal gaming content
Getting a license for online gambling is not all that that difficult, all you have to do is follow the rules. Basic requirements for applying for an online gambling license are:
1. Meeting the standards of integrity, good character, and honesty.
2. Detailed information about the gambling establishment’s finances and organization.
3. Complete information about the owner, associate partners, and other partners involved in the business.
4. Background check with no criminal history of the owner, partners, and certain employees.
Steps to apply for an online gaming license are as follows:
You might have sought out some needs and criteria before stepping into the online gambling business. According to those parameters, list down the countries that fit in. Next, do some research about the laws, terms and policies, cost, taxes, jurisdiction, application process and time required for each country. You can take the help of a lawyer to speed up the process.
Next in the line is preparing the required documentation in advance to avoid any problems later. Some of the important personal documents that you will require are a copy of your passport, address proof, police verification (no criminal background) and reference form your bank.
Meeting all the jurisdiction requirements is a vital rule you should not avoid at any cost. Ensure that your online gambling website meets all the jurisdiction requirements. In the documentation for the verification, including a detailed description of how the website/software functions and games, a certificate from the RNG (Random Number Generator), an agreement from the service/software providers.
Include the information required by the gambling jurisdiction in your website/software. This should have, detailed terms and conditions of the games/gambling, self-exclusion gambling, responsible gambling, withdrawal policy, etc.
These are the very basic steps required, however, the detailed process may differ from country to country. Every country has different rules and laws for online gambling. You will have to make sure you check each country’s requirements and abide by the rules carefully.
Though gambling and its laws usually fall strictly under the jurisdiction of the state legislature. However, there are very few or no state laws that say a game to be a game of skill and hence not categorizing under gambling.
If you are thinking of operating an online gaming website/software in India, you should be aware of the regulations posed by certain states. For instance, Nagaland has passed “Nagaland Prohibition of Gambling and Promotion of Online Games of Skill Act, 2015 (hereinafter referred to as “Nagaland Act”) and Rules, 2016 (hereinafter referred to as “Rules”).”
The license issued under the Nagaland Act says that a particular online game is not gambling and a game of skill. This license is valid throughout India except for Assam, Odhisa, Telangana, and Gujrat.
According to the Nagaland Act, if you want to apply for the online gambling license, as an applicant you need to fulfill certain requirements like:
Applying for an online gambling license and getting it approved can get difficult with half or incomplete knowledge. Therefore, it is best advised to take the help of an expert.
If you are also considering the option of entering the online gambling business and looking for an expert, visit AppsHunts. At AppsHunts you will get the solution for all your online gambling from creating the website/software to queries on getting the license. The experts at AppsHunts ensure to integrate the latest technology and trends, keeping in mind your requirements and delivering nothing but only the best and high-quality result.