According to economists, casino legalization of live casino online can bring considerable money to any state’s budget. Thus, legalization of gambling has brought billions of dollars to the Canadian state budget. At the same time, one should not expect a quick economic miracle from legalization of gambling, because there is a long and difficult road of legal regulation ahead.
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Rules and requirements for obtaining a gambling license of Casino legalization
The requirements for obtaining a gambling license are similar to those for those carrying out banking activities:
- company owners and staff must have some experience in the financial sector to ensure the stability of their own business;
- persons suspected of being involved in illegal activities will be refused even if the application is not processed;
- some commissions check applicants for good reputations;
- sometimes complete information on the financial structure and the company itself, its employees and partners is required.
Gambling licensing: how to choose a jurisdiction
We give a brief overview of the most commonly chosen jurisdictions and their conditions.
Antigua and Barbuda
In order to obtain a license, a number of documents need to be submitted according to the laws of Antigua and Barbuda. There is a one-time application fee as well as a small tax percentage on net gambling winnings.
Curacao
Considered one of the most secure countries for licensing, there is a single application form for bookmakers, slot machines, bingo, lotteries and Vulkan casino. You must register with the Chamber of Commerce of the Antilles in order to register a company.
Malta
The level of security is very high, but the procedure itself takes a little longer. There is a fairly large list of fees that are reviewed depending on the client’s line of business.
Alderney
Obtaining an overseas gaming license on this island allows the operator to accept wagers from gamers all over the planet. Before applying, a Software Vendor Certificate should be obtained. This can also be done with our help.
Kahnawake
The first state to have jurisdiction to grant gaming licenses. Representatives of its commission issue three different types of forms, which our lawyers can help you understand.
Economic benefits and risks for possible legalization
Experts support and note that the law must be balanced. Firstly, the law should determine who makes the rules, and secondly, who controls their observance.
For example, tax evasion and similar gross violations should be criminalized. Such crimes should be investigated by a special body of pre-trial investigation of financial crimes.
Also, the conditions for the zones in which casinos are allowed to operate should be clearly defined. Otherwise experts fear that any city may want to declare itself a resort area and set up gambling houses.
One has to understand that in a poor country, gambling addicts may be at risk. In order to minimize this risk, access to gambling establishments should be restricted. The experts also note that the gambling business will come out of the shadows only if the law enforcement agencies work transparently.
