There is no denying that online gambling has become a mainstream form of adult entertainment throughout the world. This has caught the attention of entrepreneurs who are looking for a robust entertainment industry into which they can invest and make money.
When an entrepreneur makes the decision to start an online sportsbook or casino, they have to start by making several very important decisions. It’s possible that the most important decision they will face involves picking a jurisdiction in which they will operate.
The jurisdiction matters. It’s going to determine who makes up the new online operator’s customer base. It’s also going to determine to which regulatory body the operator will be obligated to submit. Submission refers to securing a license and agreeing to follow a certain set of regulations.
The World’s Top Online Gambling Regulators
In the U.S., each state has its own online gambling regulatory body. If an online casino operator wants to offer online gambling services, they will need separate licenses in each state that gives them approval. They also have to abide by the regulations in each state, which can differ from one state to the next. That’s online gambling in America.
In other parts of the world where online gambling is legal, there is usually one or more regulators that cover one or more countries. Here’s a list of top iGaming licensing and regulatory bodies from around the world:
- UK Gambling Commission – UK
- Malta Gaming Authority – the UK and other parts of Europe
- Gibraltar Regulatory Authority – Europe
- Alderney Gambling Control Commission – UK and Europe
- Isle of Man Gambling Supervision Commission – UK and Europe
- Curaçao eGaming Commission – worldwide
While each of these regulatory bodies has its own licensing procedures and regulations, they differ based on the level of scrutiny they provide. For instance, the UK Gambling Commission is considered to be by far the most strict of all regulators. They are strict because they want to protect a growing number of online gamblers in the UK.
The Benefits of Using Curaçao for a Gaming License
From the above list, the Curaçao eGaming Commission would appear to be an outliner. While all the other regulatory bodies are located in Europe, Curaçao eGaming operates out of the small Caribbean Island that bears its name.
It’s noteworthy that Curaçao is a popular licensing destination for online gambling operators. While the regulator might not carry the same level of prestige as the UK Gambling Commission or Malta Gaming Authority, they are still respected within the worldwide online gambling community. Why? Here are three (3) viable reasons startup online gambling operators prefer Curaçao eGaming.
1. Globally Respected License
Curaçao eGaming is one of the very few regulators that will license online operators from all over the world. Even better, the regulator’s brand is respected among online gamblers, who like to win real money with no deposit required, and the countries that allow legalized online gambling.
Here’s the good news for startups that want a Curaçao eGaming license. As long as the operator only provides gambling services to online gamblers who live in countries where such activities are legal, it’s really easy to stay in good standing with this regulator.
2. Fewer Licensing Restrictions
Securing an online gambling operator’s license is difficult in most jurisdictions. The strictest regulators (UK Gambling Commission) require high capital reserves and perform in-depth background checks on all relevant owners/managers. They also require separate licensing for each type of online gambling product (casino, sportsbook, poker room, etc.)
Curaçao eGaming maintains a streamlined licensing process. They offer multi-use e-gaming licenses that cover all types of online gambling activities. They also maintain a reasonable capital reserve requirement that is suitable for startups that have not yet had the opportunity to build their businesses.
Note: To secure an online gambling license in the UK, startups are required to subscribe to the GamStop self-exclusion scheme. There is a cost attached to doing that, a cost that might be restrictive for a startup operator.
3. Short Licensing Approval Period
When an entrepreneur gets the urge to start an online gambling operation, they have usually thought it through and are ready to go. Many of the top regulators put a lot of time into the licensing approval process. Sometimes, it can take months for a startup to secure its license. Wasted time means wasted opportunities.
Understanding that startups are itching to go, Curaçao eGaming chooses to keep the licensing process short and sweet while still doing a fair amount of due diligence. In most cases, a license will be awarded in weeks not months.
Fewer licensing requirements, fewer regulations on day-to-day operations, and money savings are exactly why more startups are looking to Curaçao eGaming for licenses.