What makes gambling licenses issued by Gibraltar stand out from those issued by other countries? You should inquire as to how extensive your business plan is first. A Gibraltar license may be useful if you intend for your business to last for several years.
Overview of Legal Authority
To the south of Spain on the Iberian Peninsula sits the British Overseas Territory of Gibraltar. Over 32,000 people live in an area that is barely 2.6 square miles in size. In 1998, Gibraltar began awarding licenses to operate casinos, and in 2005, the Gambling Act was passed to govern the industry. The Gibraltar Licensing Department issues gaming licenses in accordance with this legislation, which includes all of the key regulations for doing so.
Gibraltar, like other British Overseas Territories and Crown Dependencies, has some of the best gaming licenses in the world and benefits from particular tax perks.
What kind of gambling licenses does Gibraltar offer?
The Gibraltar Licensing Department is responsible for issuing gambling licenses, while the Gambling Commission oversees all gambling operations run by licensed businesses.
Two of Gibraltar’s six gambling licenses are reserved exclusively for businesses with physical locations in the territory.
Here is a rundown of the licensing categories:
- Merchant-to-Consumer Provider of Online Gaming
- Business-to-Consumer Online Bookmaker
- Different Business-to-Consumer Gambling Options
- Services for the Gambling Industry
- Business-to-Consumer (B2C) Land-Based Casino Operator
- Land-Based Gambling Enterprise (a traditional bookie)
Gambling license advantages in Gibraltar
There are many positives associated with selecting Gibraltar as your casino licence jurisdiction.
- Simple monetary value. Easy-to-understand pricing
- Fame, Honor, and Reputation
- There is no rivalry. Fewer vendors to choose from
- Good administration
- Taxes that are both attractive and low
- Laws that grant permission in advance
The five-year validity of a Gibraltar gaming license, in contrast to the yearly renewal requirement of most other gambling licenses, helps earn the trust of players and software providers. The gambling industry is likewise afforded a very lenient tax policy, with an annual cap of £425,000 (or 1% of income).
Tips for Obtaining a Gambling License in Gibraltar
To be granted a gaming license in Gibraltar, one must meet a number of stringent standards. The largest challenge is the fact that the Licensing Authority will only examine organizations that have prior gambling expertise like icggaming.com casino providers, other licenses in respectable jurisdictions, strong financials, and a practical business model.
Other prerequisites include:
- Key personnel data, including information on shareholders, directors, and executive management
- Gibraltar is the ideal location for doing business operations.
- Products and services related to gambling must be approved by the government of Gibraltar and meet its standards for regulation and certification.
The Gibraltar Licensing Authority has recognized a subset of independent testing laboratories as suitable for doing software certification.
Keep in mind that the overarching goal of the Gibraltar license Authority is to “keep crime out of gambling” in making license decisions.
Therefore, those who would like to sell their wares in Gibraltar must have no record of illegal activity. Applicants for licenses must also demonstrate that they can comply with domestic and international anti-money laundering and countering the funding of terrorism regulations.
Candidates should be ready to undergo regulatory due diligence to verify the legitimacy and openness of the company’s ownership and management. In order to earn a gaming license in Gibraltar, you must earn the regulator’s trust.
The drawbacks of a gambling license issued in Gibraltar
Think about the following before submitting an application for a gambling license in Gibraltar:
The first is the rather high fee for a five-year license, which has already been brought up. Second, because each license only applies to a certain type of business, operators that want to offer multiple types of gambling (such as online gambling and sportsbook) will need to apply for and receive two licenses.
There is a lot of effort involved in getting a license, including coming up with a detailed business strategy, filling out a mountain of documentation, and being available for inspections and due diligence.
This license is only issued by Gibraltar to a select few companies that have proven themselves to be of a particularly high quality and professionalism. That’s why a gambling license issued by Gibraltar is considered among the highest in the industry.
A valid license from another lawful jurisdiction and the presence of a competent team of people to manage the project and see it through to a satisfying end are both crucial elements for success.
FAQs on the gambling license in Gibraltar
Why should you get a gambling license in Gibraltar?
The benefits of using Gibraltar as your license jurisdiction are extensive. The top-tier regulation, worldwide recognition, extended licensing, and open tax and fee systems.
Which license do I need, if any?
What kind of license you need to operate legally depends on the nature of your business. The type of business you run as an online casino operator will determine which of three licenses you need to offer your customers gambling: Remote Gaming B2C Operator, Remote Betting B2C Operator, or Other Remote B2C Gambling Products.
Just how long do permits from Gibraltar remain valid for?