Online casino gaming has become the preferred option for many because of how convenient it is. Now that the world is dealing with a pandemic, many land casinos were forced to temporarily close and people are choosing to stay home. This made online casino gaming gain more popularity in the last few months.
The rise of the popularity of online casino gaming is not just because of the pandemic. The online casino industry is now worth over 47 billion US dollars, and even before the pandemic, it is projected to grow with a CAGR of 10.28 percent which will make the global industry worth around 95 billion US dollars by 2025.
Now, if you’re one of the people who are interested in playing online casino games, it’s really simple to start. There are a few things that you should keep in mind even if you’re only aiming to play online slot games with real money, but one of the most important things is to check if the online casino is licensed.
Many jurisdictions from around the world issue online casino licenses like Malta, Gibraltar, and Curacao. Surely, all online casinos with any of these licenses are proven to be trustworthy. However, you should also know that each jurisdiction has its processes when it comes to issuing licenses.
Each jurisdiction has a different cost for fees, application processing time, terms, limitations, and other factors to require to keep an online casino running. Know that even if online casinos are licensed in certain jurisdictions, they can offer their services outside the countries where they are based. Them being licensed just means that they are following a standard and that they are online casinos that are safe to deal with.
When it comes to which jurisdictions are the best out there, here are some of them that many online casinos chose.
This island is located in the Caribbean Sea and many financial services hubs have chosen to be based here for many years now. It was in 1996 when Curacao issued the very first gambling license in the country and since then, many casinos have been applying for licenses here.
What gambling companies like about Curacao is that the cost of the license is more efficient compared to other jurisdictions. IN the first year, a casino would spend around 25,000 to 35,000 euros for licensing costs. Aside from that, a Curacao license is subject to zero percent tax. Curacao is also in line with the EU rules when it comes to tax compliance and fiscal practices.
Malta is an Island located off the coast of North Africa and in the Mediterranean Sea. It is found just below Sicily and it is a member of the British Commonwealth and the European Union. This is known as the first jurisdiction that is part of the EU to regulate online gambling activities within its territories.
Currently, Malta is one of the most popular choices for online casino licensing. It’s not only the most popular as its also one of the largest jurisdictions that issue gambling licenses for websites. What’s great about a Malta license is that it is part of the white list that the United Kingdom Gambling Commission or the UKGC has issued. This is why online casinos with a license from Malta can exclusively market their services in the UK.
The licensing process in Malta should cost operators around 20,000 euros. Casinos can apply for four kinds of licenses in Malta which are the following:
- Class 1 – covers casino-type and skill games, and also online lotteries
- Class 2 – covers fixed odds, pool, and spread betting
- Class 3 – covers peer gaming and betting exchanges
- Class 4 – this is the license that software developers or vendors should apply for
This place is located near the Southern Shore of the St. Lawrence River that’s found in Quebec, Canada. This is one of the first regional territories in the world that has recognized the potential of online gambling and the Kahnawake Gaming Commission or the KGC has been around since 1996.
When it comes to licensing fees, it is more expensive here in Kahnawake compared to Curacao. The licensing fee alone in this country costs 25,000 US dollars. However, this is also subject to zero gaming or income tax. The KGC also issues four main types of gambling licenses which are the Interactive Gaming License, Client Provider Authorization, Secondary Client Provider Authorization, and the Key Person License.
There are still many other jurisdictions that issue gambling licenses for websites. While these are the popular licenses that online casinos go for, you don’t need to prefer casinos with these licenses. What’s important is that an online casino carries a license to be sure that you are dealing with a legit operator.