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Types of online casino licences

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Image source: 1clickgames.com
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All the best casino sites have an online gambling license. The gaming commission license confirms online casinos’ legality and assures transparent and honest financial affairs. Licensed activity will allow establishing fruitful cooperation with game providers, open bank accounts, support operations with various payment systems, as well as increase the level of customers’ confidence. In addition, licensed online casinos receive various benefits, including tax relief.

General Rules for Obtaining Gaming Licenses

Special gaming commissions control the activity of an online casino. They put forward the same requirements both for gaming portals and companies doing banking:

  • experience of the entertainment establishment’s owner and staff in the financial sector, which will ensure the stability of business development;
  • impeccable reputation of the applicants;
  • information about the structure of finances, employees, and partners of the company;
  • business plan.

Some countries, such as Curacao, require a local server.

Internet Casino Licenses and Their Features

Best casino sites’ owners choose reliable jurisdictions, which licenses are recognized in various countries. Experts from fancasinos.com helped identify the most popular ones:

  1. Montenegro. You can get a license in this country in just two days. You need to buy a comprehensive package of services worth €25000. The package maintenance costs €15000 for each subsequent year. A distinctive feature of the license is a low tax rate of 9%.
  2. Curacao. You can get a general license for all types of games from the United Kingdom of the Netherlands within 6 weeks by paying a fee of €2000. Net income tax — 2%. The monthly payment amount is €1500. Lots of owners choose this type of license to increase the popularity of the best casino sites.
  3. Malta. The country offers two types of gambling licenses: B2B — for game platform developers, B2C — for gambling operators. Within 4 weeks, the applicant receives a temporary license for six months. Then it is extended for five years. The tax rate varies depending on the income of the internet casino: from 1.25% to 0.55%.
  4. Gibraltar. The cost of a license starts from €30000, depending on the type of gambling establishment. The validity period lasts for 5 years. The owner has to pay €2800 annually. Although the license’s cost is expensive, Gibraltar proposes a low tax rate of 1%. The minimum casino payout is £85000 per year.
  5. Antigua and Barbuda. The island state issues licenses within 2 months even to non-residents, regardless of the casino owner’s citizenship. Registration costs €15000, the cost of an annual license is €100000. Later on, you will have to pay €25000 per year.
  6. Alderney. You will get your license within 6 months from the date of application. The down payment is £17500. Renewal starts from £35000, depending on the income.
  7. Isle of Man. The license is issued within six months. The online casino owner must pay an initial fee of £5000 and £35000 annually. Applicants who have a company registered on the island, a local director and a bank account can count on the gambling license.

If you want to know more about gambling for real money read this article.

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PayPal Introduces New Software to Help Block Gambling Transactions

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PayPal Introduces New Software to Help Block Gambling Transactions
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PayPal, one of the largest and most popular online payments services, has recently adopted new software to help give customers better control over their gambling habits. The software, developed by Gamban, allows users to set up a block to prevent their accounts from being used for gambling transactions. This move comes not long after the UK banned gambling sites from accepting credit card payments.

PayPal is widely used around the world, processing over 3 billion transactions a year, with a value of $311 billion US dollars. While the majority of these are for online shopping and other online purchases, the service is also used on gambling platforms. PayPal has become a popular way of making deposits and withdrawals at online gambling sites, as it’s fast, safe and easy to use. Users can create an account, add funds from their bank or card and then make simple online payments.

Because of how popular it is all over the world, most online gambling services accept payments made using PayPal. It’s used international, so a wide range of the best online casinos and sports betting sites offer support for PayPal payments. Most iGaming platforms advertise this fact to their users, letting them know they can sign up and easily make a deposit to start playing.

Why Does PayPal Allow Users to Block Gambling Transactions?

Although gambling is fun for most people, it can become a habit and even an addiction. There has been a strong push lately for iGaming sites to encourage responsible gaming, as well as offering support for those with a problem. Most iGaming licence providers will only offer licences to sites that protect players and encourage them to gamble responsibly.

One of the most effective ways of encouraging responsible gambling is giving users the ability to block transactions. Most sites will offer deposit limits that allow players to set how much they’re allowed to deposit each week or month. In addition, the UK recently banned all gambling sites from accepting payments from credit cards.

In 2019, PayPal reviewed its services and found that a significant percentage of transactions were used for online gambling. While this wouldn’t normally be an issue, the review also found that a lot of these transactions were linked to problem gambling. As such, it partnered with Gamban, a software provider, to introduce an automatic blocking system.

PayPal users can now go into their settings and set the service to automatically block all payments made to an iGaming site. This allows anyone with a gambling problem to easily refrain from adding funds to a gambling site if they’re trying to recover. In a statement, Gamban announced that the move was a welcome one that, along with self-exclusion and support, would give players a better chance of recovery.

What Does This Mean for the Future of iGaming Payments?

With gambling authorities such as the UK Gambling Commission now paying close attention to responsible gambling, iGaming sites need to be more mindful of what payments they offer and how they treat players. Additionally, payment services themselves need to consider the impact of allowing unrestricted gambling payments.

As software solutions improve, payment providers have more options that allow them to give players control over their spending habits. This software can automatically detect if a payment is made at any kind of gambling site, including those that are gambling-related. Users can set it to block transactions at gambling tip sites or other sites involved in iGaming.

Other payment services may also follow suit over the coming months and years, with most payment providers also wary about being associated with problem gambling. The more payment services that get on board, the better, as problem gamblers will be able to control their habits more easily and avoid falling into debt. 

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OKTO joins bacta

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OKTO joins bacta
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OKTO, the award-winning fintech specialist, has strengthened further its relationship with the UK market by joining the domestic trade association bacta. The announcement follows the appointment of experienced gaming industry senior executive Rob Peché to the position of UK Country Manager.

Simon Dorsen, CCO of OKTO, believes joining bacta reflects OKTO’s commitment to the UK industry and is indicative of the brand’s strategy moving forward. He explained: “Rather than being an arms-length technology provider OKTO’s approach is to immerse itself in the markets where it is active. The UK is one of the most important jurisdictions internationally and one in which the brand has rapidly achieved considerable success partnering with leading brands.

“Being a member of bacta places OKTO where we want to be, which is at the centre of all of the key discussions and debates surrounding payments in the UK gaming industry, across AGC, Bingo, Casino, LBO, Pub and Bar sectors.”

Simon added: “This is another example of our company showcasing its ongoing commitment to work with the local industry in order to provide safe, secure, and responsible payment solutions in the gaming, leisure and entertainment sectors.”

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Bali Confirmed as Host of the 2022 World Esports Championships Finals

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Bali Confirmed as Host of the 2022 World Esports Championships Finals
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Indonesia looks to set new standard of Esports competition at the 14th WE Championships

 The International Esports Federation (IESF) has confirmed that Bali, Indonesia will be the host of the 2022 World Esports Championships Finals. Bali was handed over the honors during a special ceremony following the conclusion of the 13th World Esports Championships in Eilat, Israel.

The 14th edition of the WE Championships Finals is slated for 27 November to 8 December 2022 and will feature the world’s best Esports athletes competing across multiple games on the beautiful island of Bali. Over 120 countries are expected to compete in the regional and national qualifiers for a coveted spot in the Finals. 

IESF President Vlad Marinescu congratulated host city Bali and said: “Big thank you to the President of the Indonesian Olympic Committee and to the entire Indonesian team here with us. We appreciate your support and we look forward to seeing the biggest and most inclusive World Esports Championships in history! We are bringing the largest and freshest sport to this beautiful tropical destination for the first time.”

IESF has staged the WE Championships every year since 2009, and it remains the sole international Esports event where athletes represent their countries. After a successful 2021 edition, the World Esports community looks to come back even stronger and generate more international opportunities and media exposure for the sport in the lead-up-to and during Bali 2022. 

Indonesian Olympic Committee Commission Chairman Desra Firza Ghazfan said during the press conference: “Bali is the island of GOD, it’s always been the melting pot of rich traditional and modern culture. Now with the 14th World Esports Championships happening in Bali, Bali is the melting pot of the past, the present and the future. I would like to welcome you all to Bali 2022 and to meet with our 45 million players in Indonesia. Be prepared and let the best win!”

 

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