Gambling is one of the most exciting entertainments known since time immemorial. The first online gaming platforms appeared in the late 90s of the last century and gained enormous popularity as the Internet spread. Now, this is one of the most popular markets for online services; every year, many new platforms enter the market, and many achieve great success. If you are thinking about starting such a business, you should learn more about the online gaming license – what it is, why it is needed, and what punishment awaits those who refuse to obtain this document.
Benefits of obtaining a permit
The Internet was created as an independent network where people and companies could independently obtain information and services. For a long time, the online activities of various companies were not regulated in any way. Still, when their number began to overgrow, and they actively began to influence many people’s lives, governments of different countries started to create legislation to regulate online platforms, including digital casinos.
Some countries have banned online gambling, while others allow such companies to operate, provided they obtain a license and regularly pay taxes.
At first, many online platforms on the network succumbed to temptation and refused to obtain permission, but most were blocked, and their owners had huge problems with the law.
The main advantage of working legally is that your platform can operate without the fear that it may be blocked at any time by regulatory authorities.
But the benefits continue. The fact is that many scammers are operating on the market today – fly-by-night platforms. They take the players’ money, and their owners disappear in an unknown direction. Most users prefer licensed platforms, as they can be confident in security guarantees. Cooperation with licensed media guarantees that the player will receive his winnings in full on time, and controversial issues can be resolved within the legal framework. As a result, if you work legally, it will be much easier for you to attract new clients.
In addition, gaming providers and payment systems refuse to cooperate with unverified companies, and your business will be able to function with them. If you want your business to grow, you can only do it with the help of investors. They will also not cooperate with unlicensed firms.
Why is it dangerous to operate without permission?
As already mentioned, unlicensed gaming platforms will be blocked, but the problems will not end there. Government agencies have tools that allow them to assess where the platform is administered and who owns the illegal business. So, your activity will be recognized as fraudulent, and you must answer to the fullest extent of the law. Each country sets rules for regulating this industry; some are limited to a considerable fine, while others may face imprisonment.
If, in the future, you decide to open such a business again but now work legally, you will not be able to obtain permission. The fact is that reputation is essential here, and this will be very spoiled for you.
Thus, if you try to run an unlicensed business once, you will close your development opportunities forever.
How do I get permission?
Obtaining a work permit will be easy if you are willing to work honestly and openly. However, you will have to overcome many difficulties along this path. You have to go through the following stages:
- Select a suitable jurisdiction;
- Check how your organization meets the requirements;
- Register a company;
- Open a bank account;
- Hire qualified employees;
- Collect the necessary documents;
- Apply to the relevant authorities and undergo verification.
The choice of jurisdiction is fundamental because it will determine in what territory you can legally work, what requirements you must meet, and how much taxes you will be forced to pay regularly. It can be tough to understand all aspects on your own, so you can only do so with the help of professionals. Gofaizen-Sherle lawyers specialize in these issues. They will study your company’s activities and tell you which country suits you best and the easiest way to obtain a work permit there. They will also tell you what changes must be made to the company’s work and help you collect the necessary documents. With their help, obtaining a license becomes more accessible and faster.